
Taking an average of 5.2 trips a year1, Singaporeans love to travel and will take every opportunity they can to go abroad. However, with such frequent travel, are annual plans actually be the better option for travel insurance? With travel insurance imperative in ensuring that you enjoy a worry-free trip, we highlight the 3 factors to consider when deciding between annual and single trip travel insurance.
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What are annual travel insurance plans?
Annual travel insurance are also known as multiple trip insurance and provides year-long coverage. Instead of having to purchase multiple single-trip plans for each time you travel, annual plans only require a single purchase to enjoy coverage for unlimited travel throughout the year. Your coverage levels also "reset" after each trip thus ensuring that you enjoy consistent coverage for all your travels.
(See "Comparing Travel Insurance (Annual Plans)")
#1 Convenience
If you deem buying travel insurance as a hassle and often forget to purchase it until the very last minute, then you may wish to consider an annual plan. This is because while a single trip plan requires you to make a purchase each time you leave the country, annual plans do not. This allows you to travel whenever, wherever without needing to go through the trouble of finding the best or cheapest travel insurance each time you go overseas. Additionally, your weekend trips to JB or Batam will also be covered should you opt for an annual plan. This offers an added convenience and reassures knowing that you will receive consistent coverage in the event of any travel mishaps.
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#2 Frequency of travel
The next factor to consider is your frequency of travel. If you travel frequently for work and/or leisure, then an annual plan may be suitable for you.

Note: Prices shown are before discounts and are accurate as of 3 June 2019 with changes subjected to the insurer’s discretion.
Take for example an annual worldwide coverage travel insurance. At just $238 for a basic plan, those who travel frequently to the USA are likely to benefit from annual plans.
Additionally, annual plans offer the flexibility to purchase coverage for specific regions (e.g. ASEAN, Asia, Worldwide excluding USA and Worldwide including USA). This allows you to pay less premiums should you only require coverage in a specific category. However, do note that should you purchase coverage for Asia only but subsequently travel out to other regions, you would then be required to purchase a single trip plan for that trip.
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#3 Duration of each trip
Lastly, another point of consideration would be the duration of each trip taken. For example, single trip plans are good for long trips with most plans offering coverage for up to 180 days of consecutive travel overseas. Annual plans on the other hand, usually offer coverage for a shorter duration, up to a maximum of 90 days consecutive travel overseas. However, with most tourist visas only valid for up to 90 days of travel, an annual plan should suffice for your travels.

Note: Prices shown are before discounts and are accurate as of 3 June 2019 with changes subjected to the insurer’s discretion.
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Ongoing promotions:
FWD Travel Insurance |
Sompo TravelJoy |
Etiqa eProtect Travel |
Enjoy preferntial rates with promo code "IFAST".
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40% off single trip plans and 20% off annual plans. Valid till 30 December 2019. |
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Note: Promotions shown are accurate as of 30 December 2019 with changes subjected to the insurer's discretion.
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1Source: 1 https://www.todayonline.com/singapore/sporeans-took-average-52-trips-last-12-months-criteo
Interested to learn more? Check out these articles:
An Introduction To International Health Plans
I Already Have CPF Life, Do I Still Need Annuities?
Comparing Annuities (2019 Edition)
