Canadian insurer Manulife has launched a new travel plan which reduces the policy – from the usual 40 pages plus – to 14, and eliminates 37 exclusions in an effort to simplify coverage.
The new Manulife Premium Protection Plan has also removed pre-existing condition clauses and stability periods often associated with travel insurance, reduced 24 definitions traditionally needed to define and interpret coverage, and simplified pricing by eliminating complex rate tables.
The launch of the new plan comes as Canadian regulators say that travel insurers need to do more to inform consumers.
The Canadian Council of Insurance Regulators (CCIR) said in September that insurers need to help consumers better understand travel products, assist them with decisions, and meet their fair expectations of coverage.
Robert Lafrate, assistant vice president, Travel Insurance, Manulife, said the policy had reduced exclusions and clauses while providing more coverage.
“Our goal was to create a simple product that made it easy for Canadians to understand their coverage,” he added.
Manulife’s new plan is available to Canadian travellers aged 69 or younger with valid government health insurance coverage, and will insure trips of up to 23 days to the value of $30,000.
Coverage under the Premium Protection Plan also includes trip cancellation, trip interruption, emergency medical, baggage loss and delay.
Canadian regulators say insurers need to do more to educate consumers
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