TTT: Travel insurance to protect against layoffs

January 13, 2009 at 11:58 am 17 comments

A couple of friends of mine booked a cruise for later this year, but they’re afraid they might get laid off in the meantime (they work in the banking industry).  I know a bunch of other people who are also nervous about booking their vacations this year for fear of layoffs.  It’s a risk either way – if you book and get laid off, you could be looking at footing the bill for a vacation you don’t really want to take anymore in favor of being able to pay your mortgage and other bills for a few extra months; if you don’t book and don’t get laid off, you’ve lost the opportunity for a wonderful set of memories that would last for the rest of your life.  What should you do?  Get yourself over to one of those travel insurance companies that offers protection against layoffs!  That’s my advice this Travel Tip Tuesday.

I’ve identified several companies that offer travel insurance which includes the ability to cancel in the event of a layoff.  It’s not quite that straightforward though.  In each of the contracts I looked at, it’s required that the insured have been employed by the employer for at least a certain amount of time.  

Most of these policies cover layoffs/terminations of people you’re traveling with as well as your own layoffs/terminations.  That’s especially important if you’re not traveling alone.

It’s also important to keep in mind that these trip insurance policies are generally required to be purchased within a short period of time after making the initial deposit/first purchase for the trip, usually 14 days.   If you’ve only booked a cancellable portion of a trip, then you could potentially cancel it and re-book, purchasing the travel insurance based upon the date you re-booked.

What you should take away from this post: (1) If you’re afraid of losing your job, buy the appropriate travel insurance; (2) Don’t buy travel insurance without reading the policy.

Image from Worldwide Travel Insurance.

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Entry filed under: Travel Tips.

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17 Comments Add your own

  • 1. Cheap Trips and Tips in a Shaky Economy « Inclement Travel  |  January 30, 2009 at 10:53 am

    […] Nevertheless, when examining our trip we still purchased travel insurance.  After experiencing a couple of setbacks on our trip to London, and being able to avoid a few discomforts due to our insurance policy, I would highly recommend this.  Another travel blogger that I read frequently is The Feisty Tourist.  Recently, she had a post about this very thing (read here). […]

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  • […] 9, 2009 I posted a few months back about this issue after analyzing some policies in light of the Baltic cruise we’ll be taking […]

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