Is Travel Insurance on Your Vacation Checklist?

You probably spent months planning your next big trip, ensuring that your passport, itinerary and reservations are all in order. But have you thought about the chance of a sudden trip cancellation due to unforeseen circumstances? If not, you may want to consider adding “purchase travel insurance” to your checklist of things to do.

A Comprehensive Travel Insurance Plan

Most people do not consider that their well-planned trip could be cancelled or delayed by something out of their control. But the financial burden of such an event could be quite costly. Travel insurance can provide financial relief in the wake of a wide-range of unforeseen situations that can result in trip delays or cancellations, including illness, death, severe weather or financial default of an airline or cruise line.

When purchasing travel insurance, you should make sure that your coverage is comprehensive and will provide personal assistance to help you with contingency plans. Comprehensive plans should cover claims resulting from a trip cancellation, stolen passport, bankruptcy of an airline/cruise line/tour operator or weather.

Check Your Health Insurance

Many people think that their health insurance provides coverage for all medical expenses. However, health insurance benefits for Americans traveling outside the U.S. can vary greatly. Here are some questions you may want to consider asking prior to embarking on a trip:

Health Insurance Provider

  • What is my potential coverage?
  • Do I have coverage for international medical air transportation?
  • What is the procedure in the event of an emergency?

Travel Insurance Provider

  • What kind of evacuation benefits does the policy offer?
  • Will somebody be available to help coordinate care?

Purchasing a Policy

With so many choices among providers and benefits, it is important to do your research to avoid purchasing an insufficient  policy. It is generally recommended that you do not book travel and purchase travel insurance from the same provider. Consider speaking with your auto/homeowner’s insurance agent, or contacting providers directly. Other options include*:

Third party providers have more generous benefits and specialize in this market. Insuremytrip.com, Squaremouth.com and TripInsurance.com are aggregator sites that provide comparisons from several insurers along with a wide range of insurance offerings.

Direct providers, include CSA Travel Protection, GeoBlue, and Global Rescue or MedjetAssist.

Depending on the location or cost of your next foreign trip, it may be worth booking a comprehensive travel insurance policy to provide you with assistance and protection in the event of a trip cancellation, trip interruption or medical emergency.

This article contains general information that is not suitable for everyone. This is not an endorsement of service providers and we assume no responsibility for any information, advice or services provided. Strategic Wealth Partners (‘SWP’) is an SEC registered investment advisor with its principal place of business in the State of Illinois. For additional information about SWP, including fees and services, send for our disclosure brochure as set forth on Form ADV from SWP using the contact information herein. Please read the disclosure brochure carefully before you invest or send money (http://www.stratwealth.com/legal).

Investments
Ignoring the Noise and Staying the Course:  A Recipe for Success
In today’s fast-paced world, it's easy to get caught up in the noise of predictions, forecasts, and market speculation. It's tempting to listen and react to predictions, but successful investing and sound financial planning involve tuning out the noise and taking a more disciplined, strategic approach.
Read More
Financial Planning
Nurturing Wealth Across Generations: A Guide to Multi-Generational Wealth Planning
Often referred to as the “Great Wealth Transfer,” studies show that roughly $84 trillion in assets amassed by baby boomers will change hands over the next 20 years. When examined more closely, a third of today’s high-net-worth individuals inherited their wealth.  According to the UBS Billionaire Ambitions Report, in 2023, more new billionaires were created by inherited wealth rather than entrepreneurship. This trend looks to continue in the years to come for many wealthy families (not just billionaires).
Read More
Financial Planning
The Benefits of Being a Co-Trustee on Your Parents or Loved Ones Accounts
As we watch our parents (or any other loved one) make that gradual shift from being totally independent to needing help, there are some steps that can be taken to facilitate family involvement.  Even for those of us who have parents who are 100% capable of managing their affairs, it doesn’t hurt to be prepared for an unexpected circumstance. The most common solution for being able to manage our parent’s accounts on their behalf is to have an attorney draft a Power of Attorney (“POA”).  A POA is a legal document that authorizes a person to act on another person’s behalf.  We highly recommend them for everyone 18 years and over, so they can have someone act on their behalf when they are no longer able to make financial or health care decisions.   It creates a fiduciary relationship between the Principal (person who created the document) and the Agent (person named to carry out the instructions).  This is my non-attorney understanding of how it works. 
Read More