While it’s reported that the U.S. employment market is slowly improving, those who’ve been able to retain their jobs or find new jobs still feel rather tenuous. Employees who are making plans to enjoy what precious vacation time they have this year are finding the travel insurance is a small price to pay to protect their travel dollars in a shaky economy and a weak job market.
Many travel insurance package plans provide trip cancellation coverage, which allows a traveler to cancel their trip before their departure date for a covered reason. Here’s how travel insurance covers job loss.
In addition, a number of plans provide ‘cancel for any reason’ and ‘cancel for work reasons’ coverage as well. Each of these upgrades has their place in travel protection.
Travel Insurance Upgrades for Work Reasons
‘Cancel for work reasons’ coverage allows a traveler to cancel their trip when work conflicts occur. Covered reasons for cancellation typically include being required to work as a result of changing business needs, direct involvement in a merger or bankruptcy, and more.
‘Cancel for any reason’ coverage allows a traveler to cancel their trip for any reason that is not specifically covered by trip cancellation coverage.
Each of these coverages provide reimbursement up to a covered amount for non refundable trip payments and pre-paid trip costs.Â Many travel protection plans provide coverage for kids without extra charge as well.
Use the Free Look Period to Understand your Policy
As summer vacation bargains begin to arrive on the scene, those hardest hit by the recession may find they feel comfortable pre-paying for their trips and backing their travel investment with a travel insurance plan. As always, it’s important to understand what’s covered and what is not in the policy you purchase, so spend a little time reviewing the plan details during the free look period.