ST. PETE BEACH, FL Feb 25th 2009 – If you’re terminated or laid off, travel insurance lets you recover what you paid for a trip. Just don’t confuse layoff insurance with ‘cancel for work reasons’ coverage, a relatively recent optional extra on most policies. As illogical as it seems, the ‘cancel for work reasons’ benefit doesn’t apply if you lose your job, whereas standard trip cancellation language usually does, explains Chris Harvey, CEO of Squaremouth, America’s fastest growing comparison web site for travel insurance.
Cancel for work reasons insurance, usually only covers you if you’re called back to work suddenly, if the company merges, you have to relocate, or if work is affected by a fire, flood or other natural disaster, Harvey explains.
“If you didn’t know,” he warns, “you could end up paying extra for coverage that’s already included in the standard policy.”
Harvey also advises taking a good look at the fine print: some policies require you to be employed anywhere from one to five years to qualify for a refund under “layoff” provisions, while others restrict coverage to full-time employees. Squaremouth’s comparison tools allow you to highlight and compare the Employment Layoff benefit wording across all policies.
Amid a global recession, travel insurance might seem like an unnecessary luxury. But experts agree it’s never been a more important investment if you’re planning a vacation this year. A good travel insurance policy will protect you if your tour operator, airline or hotel goes bankrupt.
Bottom line? In an uncertain economy, experts agree that trimming a vacation budget by scrimping on travel insurance could turn out to be an expensive mistake.
Squaremouth is America’s fastest growing travel insurance comparison site, helping customers instantly quote, compare and buy policies from every major carrier. Squaremouth has web sites in the US and UK, and an extensive network of partner sites worldwide. The company is headquartered in St Pete Beach, FL., with offices in Fort Wayne, IN.
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