Why shouldn’t I wait until a time closer to departure to buy insurance?
Some suggest you purchase travel insurance when the cancellation penalties for your trip become effective. The theory is that you won’t have a loss because your pre-payment will be refunded and you shouldn’t spend more money than necessary. However, the longer you wait, the greater chance you (or an immediate family member or traveling companion) may develop a “pre-existing medical condition” or another foreseeable event, which wouldn’t be covered by the plan.