Travel Insurance in Case You are Laid Off? Why You Don't Need to Buy the Extra Cover
ST. PETE BEACH, Fla.,
'Cancel for work reasons' insurance usually only covers you if you're called back to work suddenly, if the company merges, you have to relocate, or if work is affected by a fire, flood or other natural disaster, Harvey explains.
"If you didn't know," he warns, "you could end up paying extra for coverage that's already included in the standard policy."
Harvey also advises taking a good look at the fine print: some policies require you to be employed anywhere from one to five years to qualify for a refund under "layoff" provisions, while others restrict coverage to full-time employees. Squaremouth's comparison tools allow you to highlight and compare the Employment Layoff benefit wording across all policies.
Amid a global recession, travel insurance might seem like an unnecessary luxury. But experts agree it's never been a more important investment if you're planning a vacation this year. A good travel insurance policy will protect you if your tour operator, airline or hotel goes bankrupt.
Bottom line? In an uncertain economy, experts agree that trimming a vacation budget by scrimping on travel insurance could turn out to be an expensive mistake.
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