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Pros & Cons Of All-inclusive Vs. Standalone Travel Insurance

Travel Packages (Including Insurance)

PROS
  • Convenience
  • Travel packages offer a one-stop solution, bundling together accommodations, transportation, and sometimes insurance coverage, saving travelers time and effort in planning.

  • Cost savings
  • Bundling insurance with a travel package can often result in cost savings, as providers may offer discounted rates compared to purchasing insurance separately.

  • Group discounts
  • Travel packages are advantageous for group travel, as providers may offer group discounts on both the package itself and the included insurance coverage.

  • Pre-packaged options
  • Ideal for travelers who prefer pre-packaged options with predetermined itineraries and amenities, reducing the need for extensive research and planning.


CONS
  • Limited customization
  • Travel packages offer limited flexibility for customization, as insurance coverage is often predetermined and may not cater to individual preferences or specific needs.

  • Coverage limitations
  • Basic insurance coverage included in travel packages may have limitations or exclusions, leaving travelers underinsured for certain situations or activities.

  • Dependency on provider
  • Travelers relying on package inclusive insurance are dependent on the provider's chosen insurer, which may not offer the most comprehensive coverage or favorable terms.

Standalone Travel Insurance

PROS
  • Comprehensive protection
  • Standalone insurance policies typically offer a broader array of coverage options, including additional provisions for specialized needs such as adventure sports, pre-existing medical conditions, or high-value possessions.

  • Freedom of selection
  • Travelers have the liberty to select their preferred insurance provider, empowering them to choose from reputable insurers that offer comprehensive coverage and favorable terms.
    This type of insurance typically provides a more extensive range of coverage components, including options for specialized coverage like adventure sports or pre-existing medical conditions.

  • Greater add-on options
  • Allows for the inclusion of add-ons or riders for specific needs, such as coverage for high-value items, rental car insurance, or cancel-for-any-reason coverage.

  • Wider coverage for different travel types
  • Ideal for different types of travel, including business trips, solo adventures, or family vacations.

  • Variety in duration
  • Standalone insurance policies cater to various trip lengths, accommodating short-term vacations, extended travels, or frequent trips throughout the year.


CONS
  • Increased expenses
  • The acquisition of standalone travel insurance can contribute to the overall travel expenses, particularly if travelers opt for extensive coverage options with supplementary add-ons and riders.

  • Complexity
  • Understanding the terms, conditions, and coverage alternatives of standalone insurance policies can be more intricate compared to package inclusive insurance, necessitating comprehensive research and comparison.

  • Individual accountability
  • Travelers bear sole responsibility for arranging and procuring standalone insurance, demanding proactive decision-making and the potential for oversight or delay until closer to the travel date.

  • Risk of excessive Coverage
  • Without careful consideration, travelers may inadvertently acquire more coverage than required, leading to inflated premiums and unnecessary financial burdens

Affordable Travel Insurance Plans

MoneySmart Exclusive
$788 Giveaway | New Trip Cancellation Add-on
MoneySmart Exclusive
$788 Giveaway | New Trip Cancellation Add-on

FWD Premium

Med. Coverage (Overseas)
S$200,000
Trip Cancellation
S$7,500
Loss/Damage of Baggage
S$3,000
Total Premium
Total PremiumS$19.4735% Off
S$12.66

[Score a Rolex, Apple iPhone, MVST Luggage & More! | MoneySmart Exclusive]
       
• Enjoy up to 35% off your policy premium.
• Get S$20 iShopChangi e-voucher and Eskimo Global 1GB eSIM with every policy purchased. T&Cs apply.
       
BONUS: For a limited time only, there are over S$19,600 worth of gifts to be given away:
1x Rolex Oyster Perpetual - 124200 34mm Silver (worth S$9,000)
1x Apple iPhone 15 Pro 128GB (worth S$1,664.25)
5x MVST TREK Aluminium Large Suitcase (worth S$790)
1x Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth S$589) and many more!
Increase your chances of winning when you refer friends today. T&Cs apply
       
PLUS, score S$100 iShopChangi vouchers in our giveaway on top of existing rewards. T&Cs apply.

Valid until 30 Jun 2024
MoneySmart Exclusive
Most efficient claims for flight delay
MoneySmart Exclusive
Most efficient claims for flight delay

Tiq Savvy

Med. Coverage (Overseas)
S$500,000
Travel Cancelation
S$5,000
Loss/Damage of Baggage
S$2,000
Total Premium
Total PremiumS$3440% Off
S$20.40

[GIVEAWAY | MoneySmart Exclusive | FLASH SALE]
   
• Enjoy 40% off your Single Trip policy premium and 80% off Covid-19 add-on for Annual Plans. T&Cs apply
• Get S$10 iShopChangi e-vouchers with every policy purchased. T&Cs apply.
 
 PLUS, score S$100 iShopChangi vouchers in our giveaway on top of existing rewards. T&Cs apply.
     
New to Tiq? Get FREE Travel Insurance (worth S$30) from Tiq. T&Cs apply.
   
[Etiqa's 10th Year 2024 Grand Draw]
Stand a chance to win S$10,000 cash or a Singapore Mint Lunar Dragon 1 gram 999.9 fine gold medallion (worth S$173) with eligible Etiqa/Tiq by Etiqa plans purchased. T&Cs apply.

Valid until 30 Jun 2024
MoneySmart Exclusive
$788 Giveaway | Best Value Plan
MoneySmart Exclusive
$788 Giveaway | Best Value Plan

Starr TraveLead Essential Bronze

Med. Coverage (Overseas)
S$200,000
Trip Cancellation
N/A
Loss/Damage of Baggage
N/A
Total Premium
Total PremiumS$20.2850% Off
S$10.14

[Score a Rolex, Apple iPhone, MVST Luggage & More! | FLASH DEAL]
   
• Enjoy 50% off your policy premium
• Get an Eskimo Global 1GB eSIM with every policy purchased.
• Additionally, receive up to S$50 via PayNow OR 1 x Apple AirTag (worth S$45.40) and up to S$20 iShopChangi e-vouchers with eligible premiums spent. T&Cs apply.
   
BONUS: For a limited time only, there are over S$19,600 worth of gifts to be given away:
1x Rolex Oyster Perpetual - 124200 34mm Silver (worth S$9,000)
1x Apple iPhone 15 Pro 128GB (worth S$1,664.25)
5x MVST TREK Aluminium Large Suitcase (worth S$790)
1x Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth S$589) and many more!
Increase your chances of winning when you refer friends today. T&Cs apply
   
PLUS, score S$100 iShopChangi vouchers in our giveaway on top of existing rewards. T&Cs apply.

Valid until 26 Jun 2024
MoneySmart Exclusive
Best Medical Coverage
MoneySmart Exclusive
Best Medical Coverage

Allianz Travel Silver

Med. Coverage (Overseas)
S$500,000
Trip Cancellation
S$5,000
Loss/Damage of Baggage
S$3,000
Total Premium
Total PremiumS$4657% Off
S$19.78

[GIVEAWAY | Receive your cash as fast as 30 days*]
 
• Enjoy an exclusive 57% off your policy premium
• Get an Eskimo Global 1GB eSIM with every policy purchased.
• Additionally, receive up to S$40 via PayNow and up to S$20 iShopChangi e-vouchers with eligible premiums spent. T&Cs apply.
 
PLUS, score S$100 iShopChangi vouchers in our giveaway on top of existing rewards. T&Cs apply.

Valid until 30 Jun 2024
MoneySmart Exclusive
$788 Giveaway | Most Comprehensive
MoneySmart Exclusive
$788 Giveaway | Most Comprehensive

MSIG TravelEasy Standard

Med. Coverage (Overseas)
S$250,000
Trip Cancellation
S$5,000
Loss/Damage of Baggage
S$3,000
Total Premium
Total PremiumS$3840% Off
S$22.80

[Score a Rolex, Apple iPhone, MVST Luggage & More! | MoneySmart Exclusive]
     
• Enjoy up to 40% off your policy premium
• Get an Eskimo Global 1GB eSIM with every policy purchased.
• Additionally, receive up to S$45 via PayNow OR 1 x Apple AirTag (worth S$45.40) and up to S$20 iShopChangi e-voucher with eligible premiums spent. T&Cs apply.
    
BONUS: For a limited time only, there are over S$19,600 worth of gifts to be given away:
1x Rolex Oyster Perpetual - 124200 34mm Silver (worth S$9,000)
1x Apple iPhone 15 Pro 128GB (worth S$1,664.25)
5x MVST TREK Aluminium Large Suitcase (worth S$790)
1x Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth S$589) and many more!
Increase your chances of winning when you refer friends today. T&Cs apply
     
PLUS, score S$100 iShopChangi vouchers in our giveaway on top of existing rewards. T&Cs apply.

Valid until 26 Jun 2024
MoneySmart Exclusive
MoneySmart Exclusive

Singlife Travel Lite

Med. Coverage (Overseas)
S$250,000
Trip Cancellation
S$5,000
Loss/Damage of Baggage
S$3,000
Total Premium
Total PremiumS$28.5525% Off
S$21.41

[GIVEAWAY | Receive your cash as fast as 30 days*]
     
• Enjoy 25% off your policy premium
• Get an Eskimo Global 1GB eSIM with every policy purchased.
• Additionally, receive up to S$30 via PayNow and up to S$20 iShopChangi e-vouchers with eligible premiums spent. T&Cs apply.
     
PLUS, score S$100 iShopChangi vouchers in our giveaway on top of existing rewards. T&Cs apply.

Valid until 30 Jun 2024
MoneySmart Exclusive
Most fuss-free plan
MoneySmart Exclusive
Most fuss-free plan

Bubblegum Travel Insurance

Med. Coverage (Overseas)
S$150,000
Trip Cancellation
S$5,000
Loss/Damage of Personal Baggage
S$3,000
Total Premium
Total PremiumS$30.3210% Off
S$27.29

[GIVEAWAY | Receive your cash as fast as 30 days*]
 
• Enjoy 10% off your policy premium.
• Get an Eskimo Global 1GB eSIM with every policy purchased.
• Additionally, receive up to S$25 via PayNow and up to S$20 iShopChangi e-vouchers with eligible premiums spent. T&Cs apply.
 
PLUS, score S$100 iShopChangi vouchers in our giveaway on top of existing rewards. T&Cs apply.

Valid until 30 Jun 2024

Check Out The Best Travel Insurance in Singapore

How To Pick The Best Travel Package (With Or Without Insurance Coverage)?

Assess flexibility and cancellation policies

Scrutinize the flexibility and cancellation regulations associated with your chosen travel package, including any insurance coverage. Familiarize yourself with the terms and conditions governing alterations to your itinerary, penalties for cancellations, refund protocols, and alternatives for rescheduling or rebooking in unforeseen circumstances.

Research on discount opportunities

Hunt for discounted travel packages, special seasonal deals, and promotions provided by airlines, hotels, tour operators, and online travel agencies. Stay informed about exclusive offers and discounts by subscribing to newsletters, monitoring travel websites and social media channels, and enrolling in loyalty programs.

Assess cost and value of insurance coverage

Compare the overall cost of each travel package inclusive of insurance coverage against the benefits and value provided. Take into account factors such as initial expenses, potential savings, coverage constraints, and the level of protection offered to determine the most advantageous option.

Maintain flexibility with travel dates

Opt for flexibility in your travel dates to capitalize on potential cost savings. Consider traveling during off-peak periods or mid-week when prices for flights, accommodations, and activities are typically more affordable. Utilise fare or travel insurance comparison tools or travel aggregators, and flexible date search functions to uncover the most advantageous deals.

Consider additional options and upgrades

Evaluate any supplementary add-ons or upgrades available for the insurance coverage within the travel package. Assess whether these options cater to your specific needs or preferences and if they offer good value for money.

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Frequently Asked Questions

Should I get travel insurance for my travel package?

Yes and no. If the travel package you have purchased does not come with travel insurance coverage included in it, it is best to get a standalone insurance plan as it typically offers a broader array of coverage options, including additional provisions for specialized needs such as adventure sports, pre-existing medical conditions, or high-value possessions.

Can I get add-ons for my travel insurance coverage after I book my travel package?

Yes. Some travel agencies do allow the addition of any additional coverage benefits options that you may prefer for your existing travel package insurance coverage. For example, Contiki travel packages come with travel insurance which offers additional add-on coverage options for increased luggage item limit cover, adventure activities coverage, motorcycle riding coverage, snow sports coverage, and more.

Is it possible to claim for my travel package costs if my flight gets cancelled?

Yes. Many travel service providers who sell travel packages (including travel insurance/coverage) do provide coverage for flight delays or cancellations. This is similar to most standalone travel insurance plans which allows you to claim for flight ro trip cancellation when the reason is valid i.e. you are forced to cancel a part or the whole of your planned trip due to specified causes such as you suffering from a terminal condition, becoming ill or sustaining a bodily injury, so you are not allowed to travel, you or your family member is/are sick or has/have passed away, sustained a bodily injury, you encountered cancellation of scheduled public transportation services because of civil commotion, strike or riot, just to name a few examples.