When planning to travel, your “to-do list” of things you need to get done before departure could be seemingly endless. We know that travel insurance isn’t the first thing you think of (or maybe you haven’t thought about it at all!), but we’re here to tell you it really should matter to you.
Without travel insurance, the expenses you saved up for months could be at risk. Most major medical insurance won’t cover you once you step outside of the U.S., even the state of your well being could be put in danger when traveling without travel insurance. It sounds serious and well…it kinda is!
Travel insurance companies usually advise purchasing a plan right after you’ve paid your trip’s first deposit or payment. Not only are you getting the most coverage out of your insurance by doing this, but you’ll be able to score some specific travel insurance benefits before it’s too late and you’re no longer eligible.
Travel Insurance coverages like these listed below could provider you enormous amounts of value –especially if you’re looking for more flexible coverage.
However, these benefits are only available for a certain number of days after you purchase your travel insurance policy. Usually, if you find out about them after the time limit, you’re out of luck. Here are some of the most common time sensitive travel insurance benefits and why you need to purchase them before time runs out.
Pre-Existing Conditions
Starting out with one of the most asked about travel insurance coverages, pre-existing conditions coverage can offer peace of mind for those with recent changes in their health. If this sounds familiar, there’s no reason to lose hope of travelling.
Pre-existing conditions are defined a little bit differently in the major medical health insurance world, than in the travel insurance industry. Typically, if you need to file a claim, travel insurance companies will only look back at your medical records a certain number of days from when you purchased your insurance policy. Pay attention to what your policy states as the “pre-existing look back period”. If you haven’t had any changes in your health within that time, you may not even need to look for travel insurance plan that covers pre-existing conditions.
To prevent you from ending travel forever or if extra assurance is what you’re looking for, opt for a travel insurance policy that includes what’s called a “pre-existing condition waiver”. This will allow your recent health changes to be be bypassed if you ever need to file a medical claim on your plan.
Before purchasing this specific travel insurance benefit as a golden ticket to an approved medical claim, you’ll need to be wary of the waiver requirements. Typically, these requirements are difficult to meet. For instance, for most providers, you’ll need to insure 100% of your total trip costs as well as be medically stable to travel. Of course, each provider is different, but generally, the waiver requirements must be met within 14-21 days of purchasing the travel insurance policy.
Cancel For Any Reason
Another frequently asked about benefit is Cancel For Any Reason. Sometimes this coverage can be confused with trip cancellation, but we’ll lay out the differences. Trip cancellation is usually included with most comprehensive travel insurance policies. With this type of coverage, you’ll receive 100% of the trip cost you insured if you have to cancel your trip. The catch is that the reason you’re cancelling has to have been unforeseen and unexpected. The covered reasons to claim for Trip Cancellation are listed in the policy documents.
If you’re looking for more flexible coverage when traveling, then Cancel For Any Reason might be what you need. With some providers, this specific travel insurance benefit is included in the plan and for others it’s an upgrade with an additional fee. Either way, this time sensitive travel insurance benefit allows you the flexibility to cancel your trip for literally any reason at all. Whether you don’t feel like going on your trip anymore or the weather isn’t looking good on the forecast at your destination, there are endless amounts of situations in which you could use this coverage. Just make sure you purchase this benefit within 14-21 days of your initial deposit (depending on the insurance company). Some require you to purchase it within 24 hours of paying your first trip deposit.
This plan is truly is a great option for many people. Something to keep in mind is that if you do need to cancel your trip, you must do so at least two days before your departure date to be eligible for reimbursement. In regards to how much you’ll receive back, with Cancel For Any Reason coverage, you’ll only receive up to 75% of your nonrefundable expenses. This is less than the normal trip cancellation coverage, but for the freedom to cut your trip for any reason, this is a great option.
Cancel For Work Reasons
When your job requires you to travel, you want to make sure you’ll be covered wherever you are. Traveling around the world for work might sound like a dream, but getting caught up in a medical or travel emergency probably isn’t on your bucket list. Your workplace might already have travel insurance in place for you, but it never hurts to double-check your insurance plan.
If you have a comprehensive travel insurance plan, you’ll know you have pretty good coverage in the first place. If you’re looking for even more flexibility in the cancellation coverage when it comes to work, try looking for a policy with the Cancel For Work Reasons upgrade. Things like a job transfer or being required to work during the time your vacation was planned are a couple things that this upgrade covers. Per some insurance companies, this type of travel insurance upgrade plan is not available if you are self-employed or a business entity owner like a partner of a partnership.
When facing some concerns about work cutting into your trip, getting extra coverage could be worth the peace of mind at the end of the day. Don’t wait to purchase this specific travel insurance benefit, though. For most insurance companies, you are required to purchase the upgrade to your plan within 20-21 days of your initial trip deposit date.
