Traveler, it's time to talk about the "I" word
So this week's article--I actually had as a topic later this year. But given the recent hot topic "C" word, I thought it should be discussed sooner than later. That "C" word is coronavirus, and the "I" word of the week is Insurance. I know it's not something we all wanting to be talking about, but it's definitely come at the forefront, as a few of you have expressed some concerns.
The main thing to remember in regards to an illness and insurance, is that FEAR of an illness is not a covered reason per insurance guidelines. If you've purchased an insurance policy that does NOT include a Cancel for Any Reason policy, you will still be covered if you get sick just before or while on your trip, but you will not be covered if you decide to cancel your trip for fear of sickness. Here's a few basic things to know about "Cancel for Any Reason":
DISCLAIMER--Some of this information has varied from when I first wrote this article. Please contact me when you're ready to purchase your policy and I can give you the most updated information.
1. It is an add-on- It is not included, nor available, to add on a basic insurance policy. Cancel for Any Reason (CFAR for short) is an additional investment on your base insurance policy, but you do need to purchase a premium policy in order to be able to add it on. The bonus is you have an increase in coverage and peace of mind.
2. Must purchase within two weeks of booking your trip- It is not something that can be added on at the spur of the moment. It is a decision that needs to be made in the initial booking and deposit process. If you have already booked an insurance policy, but did not purchase CFAR, you have to abide by the current terms of your policy.
3. Reimburses up to 50-75% of trip costs- CFAR can reimburse part or most of your travel investment...and I'd rather be able to get something back, than nothing, if I need to utilize my travel insurance.
4. Cancel a trip for literally any reason- Yep, just about every reason outside the norms of a base policy are covered in CFAR. Don't want to go on the trip anymore-- covered. Forgot you were going on a trip today and you missed your flight and now everything needs to be rebooked--covered (and actually happened to a fellow advisor's client!) On your next trip, I can send you the detailed information, so you can make an educated decision on what best policy is for you.
5. Must be invoked within 48 hours of trip departure- Just as it is serious to make the CFAR decision upon booking your trip, you also need to make your decision to invoke that policy at least 48 hours prior to your trip.
While I typically travel with a travel insurance policy, I must confess that I have never purchased one with CFAR. I am one of those travelers who is also very gung ho about going on my trips--and nothing will stop me lol! BUT this new virus has made me rethink that maybe I do need to add a CFAR policy to all my trips, because you simply do not know all the things that can pop up, not only in your personal life, but also in the world.
I cannot make the decision on what is best for you and your fellow travel party, but I can provide the resources to help you make a more educated decision on travel insurance for your next trip. As always, if you ever have any questions regarding this or other travel needs, please do not hesitate to reach out. And I certainly hope this article has been beneficial in helping with that decision.
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