Compare travel insurance policies available from NIB.
Just like you would insure your home the moment you purchase, it is necessary to buy travel insurance the moment you pay for your trip. Anything can happen while you are on a holiday or business trip and you should be prepared for any eventuality. Travel Insurance ensures that adequate financial protection is in place for unforeseen events.
The thought of losing your travel documents or suffering an accident while on a holiday or business trip can be frightening. When you have travel insurance, you and your loved ones can rest assured knowing that expenses will be covered. With so many different travel insurance policies available on the market, it can be difficult to find the right cover option. This is the reason you should check out the benefits and exclusions for the policy before signing on the dotted line.NIB is one of the fastest growing health insurance providers in Australia. It was the first health fund in Australia to demutualise and get listed on the Australian Securities Exchange. With this listing, the business transformed into a natural business that offers a wide range of products and services, including flexible travel insurance. This review will explore the different travel insurance options available from NIB.
NIB travel insurance is not currently available via finder. You can visit their website at www.nibtravelinsurance.com.au for more information or compare alternative options available below.
NIB travel insurance is underwritten by certain underwriters at Lloyd’s, managed by Cerberus Special Risks Pty Limited.
Who is NIB Travel Insurance?
NIB started out as Newcastle Industrial Benefits Hospital Fund in 1952. It was founded by the workers at BHP Steelworks located at Mayfield. Today, NIB not only offers affordable health cover to Australians, it has diversified to now offer life insurance and travel insurance.
In 2007, the health fund demutualised to become the first health fund in Australia to be listed on the Australian Securities Exchange. This listing changed the company and turned into a national business that began offering unique, innovative and affordable products and services.
The NIB Travel Insurance offers good value and also is designed in such a way to make claims easy and quick. NIB Travel Insurance offers comprehensive cover, including 24/7 emergency assistance, additional travel and accommodation expenses, overseas medical and dental expenses and some cancellation expenses.
NIB Travel Insurance Options
You have a wide selection of policies available when it comes to NIB Travel Insurance. You can choose the cover that best suits your travel needs.
Comprehensive (International Travel) – Plan A:
If you intend to travel overseas, be it on business or leisure, you can take advantage of this policy. It offers cover for personal liability, medical repatriation, luggage and cancellation. Amongst all the other NIB Travel Insurance policies, it offers one of the highest levels of cover. This policy offers cover up to 12 months, including one return journey to Australia.
Australia Only (Domestic Travel) – Plan B:
This NIB Travel Insurance policy offers cover up to 8 weeks of travel, including one return trip. When you intend to travel within Australia, this is the travel insurance option for you. While it does not offer medical cover, it provides cover for luggage loss, damage and theft as well as cancellation or disruption of your travel.
Budget (International and Domestic Travel) – Plan C:
If you are a budget traveller, you may want budget travel insurance. This is the policy for you, as it covers both international and domestic travel and offers cover up to 12 months of journey, including one return journey.
This policy covers medical, personal liability and repatriation costs. The personal liability cover is available only if you travel within Australia, since this insurance policy does not offer cover for medical costs that you incur during your travel within the country. This policy does not offer cover for cancellation fees and luggage loss, damage or theft.
Essentials (International and Domestic Travel) – Plan D:
If you are looking for basic cover, this NIB Travel Insurance is apt. It offers cover during overseas travel as well as travel within Australia. The cover is provided for 12 months and includes one return journey.
It offers cover for cancellation, medical expense, repatriation, personal liability and luggage theft, loss or damage. It does not offer medical cover while you are travelling within Australia.
Snow Cover (International and Domestic Travel) – Plan E:
In addition to offering snow cover, this NIB Travel Insurance policy also offers cover for medical expenses, repatriation, luggage loss, theft or damage, cancellation and personal liability. When you travel overseas, the policy provides cover for up to 12 months of travel. When you travel within Australia, the policy provides cover for up to 8 weeks.
This, perhaps, is the most comprehensive travel insurance policy from NIB as it offers all the benefits that you would be provided in the Comprehensive Insurance policy along with snow benefits. It covers both business and leisure trips.
Frequent Traveller (International and Domestic) – Plan F:
This travel insurance policy offers cover for up to 12 months for unlimited return journeys, making it an ideal option if you are a frequent traveller.
It can be used for business or leisure travel and offers the same benefits as Comprehensive Travel Insurance when you are travelling overseas. When you are travelling within Australia, it offers the same benefits that are offered by Australia Only Travel Insurance, as long as you are a minimum of 250 km from your home.
Restrictions applied to this type of cover include:
The maximum journey period for leisure travel should not exceed 37 days
The maximum journey period for business travel should not exceed 90 days
If you are travelling for business and leisure, the maximum travel period should not exceed 90 days in total
This NIB Travel Insurance is ideally suited for single travellers, but your spouse or dependant would be offered cover free of charge.
What about NIB Options?
If you're a NIB Options member, you are able to get cover for overseas elective medical. NIB has a network of surgeons and dentists that offer a range of cosmetic and dental treatments. You can get treatment for:
Breast augmentation (implants)
Breast lift with implants
Breast implant revision
Breast implant revision plus lift
Breast deformity correction
Breast asymmetry correction
Face and neck lift
Face and neck lift
Brow lift or rejuvenation
Upper and/or lower eyelid rejuvenation
Abdominoplasty including liposuction
NIB Travel Insurance Policy Benefits
Depending on the type of NIB Travel Insurance policy you purchase, you may have access to the following cover benefits:
Cancellation Fees and Lost Deposits: If you have paid for your travel and accommodation in advance and your journey is cancelled or shortened due to unforeseen circumstances, you can be covered for cancellation fees and lost deposit. The insurance will pay travel agent’s cancellation fees up to $1,500 for single cover; $1,500 per person for duo cover; and $3,000 for family cover. You may also receive a benefit payment if you lose your frequent flyer travel points if you used them to purchase your airline ticket and then cancel it.
Overseas Emergency Medical Assistance: NIB Travel Insurance policy allows you to receive attention from a medical adviser for emergency treatment while you are overseas. It also passes on messages to your family and/or employer in case of an emergency. The insurance will provide written guarantees for payment if you require emergency hospitalisation while you are overseas. If you pass away while you are overseas due to an accident or illness, the policy will provide cover up to $15,000 for repatriation.
Overseas Emergency Medical and Hospital Expenses: If you fall ill or sustain an injury while travelling overseas, the policy will reimburse you for medical and hospital expenses that you incur until you return to Australia. These expenses should be incurred on written advise of a medical adviser and cover will only be provided for expenses deemed necessary by NIB. It also covers emergency dental treatment to a maximum of $500 per person.
Additional Expenses: If you are unable to travel due to sickness or injury that requires immediate medical attention, you will be reimbursed for your accommodation and travel expenses. The maximum cover that you can get is $3,000 for single cover; $3,000 per person for duo cover; and $6,000 for family cover.
Hospital Cash Allowance: If you are hospitalised for more than 48 hours, you will receive $50 per day as an allowance during the period of your hospitalisation. The first 48 hours are not covered by the policy.
Accidental Death: If you pass away within 12 months of sustaining the injury or during your travel, your dependants who accompanied you during your journey would receive $5,000 per person.
Permanent Disability: If you become permanently disabled due to an injury sustained during your journey or within 12 months of your journey, the dependants who accompanied you would receive $5,000 per person.
Loss of Income: If you are injured and it leads to disability within 30 days of the injury and the disablement continues for 30 days after your return to Australia, you will receive $400 per week for a period of 26 weeks.
Other benefits that NIB Travel Insurance offers include:
Cost of replacing travel documents, credit cards and travellers cheques
Theft of cash
Luggage and personal effects
Travel delay expenses
Luggage and personal effects delay expenses
Alternative transport expenses
Rental vehicle excess
Own snow sport equipment
Snow sport equipment hire
Snow ski pack
Bad weather and avalanche closure
NIB Travel Insurance Additional Options
NIB Travel Insurance offers certain additional options that you can enjoy by paying extra. These include Specified Luggage and Personal Effects cover and Pre-existing Medical Conditions cover.
Specified Luggage and Personal Effects Cover:You can buy additional cover for certain specified items to a total amount of $5,000. This cover cannot be used for specified jewellery. It does not cover watercraft and bicycles. You can opt for this cover only if you purchase Plans A, B, D and E. It cannot be purchased with Plans C and F.
Pre-existing Medical Conditions: When you buy travel insurance, it only provides cover for unforeseen medical conditions. If you have a pre-existing medical condition, this additional option can prove to be extremely beneficial. Additional cover can be purchased for;
Ongoing medical or dental conditions
If you are taking prescription medication for a condition
If you have to see a specialist for a specific condition
If you are pregnant or you have had surgery
To take advantage of this cover, you will need to undergo a 4-step screening process and once approved, the cover will added to your travel insurance policy.
When opting for Pre-existing Medical Conditions Cover, make it a point to check the conditions for which you are automatically covered. If your condition falls under this category, you may be able to avoid purchasing additional cover.
Making an NIB Travel Insurance Claim
You must inform NIB through Allianz Global Assistance about your claim by completing the claim form. The form is available online and also via NIBs claims department. Fill out the form and post it to the address stated on the form. Ensure you fill it out completely or your claim will not be processed or you could receive reduce amount due to delay.
All necessary information to verify your claim should be provided, including;
Invoices and receipts to support your expenses
Proof of ownership and medical reports
If the documents are not in English, you may have to get them translated.
If you have dental, hospital or medical related claims, you should immediately get in touch with Allianz Global Assistance.
If your personal effects or luggage are lost or stolen, you should obtain a written police report. If your luggage and personal effects are misplaced or damaged by the airline, travel operator or accommodation provider, you should inform the relevant authority and get a obtain a written report.
Ensure you submit your claim in writing within 30 days of return from your journey.
NIB makes all claims in Australian dollars and the claim amount would be paid to you unless you inform NIB about paying someone else. When calculating the claim amount, NIB would take the currency exchange rate that was relevant on the day when you incurred the expense.
It is critical to remember that if any liability, loss or damage is covered by any other insurance policy that you have, make sure you inform NIB of the same. If you claim under one insurance policy, you cannot make the same claim under another policy; but you can make a claim under another policy if your other claim was denied or not paid in full. If this is the case, NIB would pay you the difference.
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