While many travel insurance policies offer coverage in the event of financial default or bankruptcy of a travel supplier, financial difficulties on the part of the traveler, an immediate family member, or traveling companion are not generally not covered. Purchasing a policy with a “cancel for any reason” benefit would provide coverage for any cancellation reason providing you meet all the required conditions which usually include purchasing with 14 - 21 days of first deposit or payment date, insuring the full prepaid non-refundable trip cost and you cancel 2 days or more prior to your departure date. The cancel for any reason benefit usually pays a reduced amount.