Travel "Layoff" Insurance

Discussion in 'General Discussion | Travel' started by high class, Nov 19, 2012.  |  Print Topic

  1. high class

    high class Silver Member

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    So I work in a very volatile industry where future employment is never guaranteed. Such an unpredictable work environment can make it nerve-wracking to spend large amounts of money. For example, I have extensive travel plans set up for next spring, but even with points and miles on my side, it involves a significant cash outlay -- a cash outlay that I won’t be comfortable spending should I get laid off. Does anybody have any experience or advice regarding, for lack of a better term, “travel layoff insurance?” Something that would reimburse me what I’ve already spent on flights, hotels and activities in the event I get laid off? Thanks.
     
  2. traveltoomuch

    traveltoomuch Silver Member

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    I expect employers to cover the non-refundable components of these even after you're laid off. If you have doubts about your employer's willingness, options might include 1) asking for travel advances, 2) refusing to book non-refundable fares, or 3) asking for reimbursement of the outlays as they occur rather than after travel. #1 and #2, in particular, are likely to lead to a conversation in which the employer makes a firm commitment to cover these costs.

    All of that assumes the employer is paying your actual travel cost rather than paying you a flat rate and leaving the travel to you. But even an employer leaving it to you understands that fully refundable fares will drive up costs and will work with you to find a happy medium.

    Which doesn't directly address the question, though I think some of the generic travel insurance policies the airlines push will cover layoff (but read the fine print).
     
  3. JoeCortez

    JoeCortez Silver Member

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    Travel insurance is something I know about – considering that I work in marketing for USI Affinity Travel Insurance Services.

    If you’re worried that you might get laid off in the midst of travel, or that you may need to cancel your travel plans, you want to make sure that your travel insurance offers that in their level of coverage. Many airline travel insurance policies only cover trip cancellation or trip interruption – but not necessarily if you cancel because of employment obligation (or unemployment). When purchasing travel insurance, make sure that you’re aware of their level of coverage, and the covered reasons for cancelling travel.

    A product that I might suggest you look at is our Travel Insurance Select – which offers trip cancellation benefits in the event you lose your job…subject to terms:

    If that might not work for you, you may want to also look at the Elite plan, which offers a Cancel for Any Reason benefit with early purchase.

    In the spirit of full disclosure – I get no compensation for the link; just trying to help out. Good luck! :)
     
  4. DJP_707
    Original Member

    DJP_707 Silver Member

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    Seems most policies due cover job loss, but as mentioned read the fine print before purchasing.

    One of the most common reasons that travelers cancel their trip is due to sickness or injury of themselves, their traveling companion, or a family member. Depending on the policy purchased, other reasons for trip cancellation coverage typically include financial default of a supplier, job loss, or a terrorist incident in their destination location, to name a few. For maximum flexibility in making changes to a trip, travelers may wish to consider adding Cancel for Any Reason coverage, which allows them to cancel a trip for any reason not otherwise covered in the travel insurance plan.
     
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  5. SC Flier
    Original Member

    SC Flier Gold Member

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    The following restriction varies, and it can certainly exclude a large number of people from even being eligible to make a claim:
    The insurance for Vail's ski passes are sort of like this with a minimum 1 year employment required to be eligible for that type of claim.
     
  6. deant
    Original Member

    deant Milepoint Guide

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    Check insuremytrip.com They offer a comparison of the various insurance policies. As others have said, read the ine print.
     
  7. JoeCortez

    JoeCortez Silver Member

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    Good point. I should clarify that this is just the official policy language from our Select policy. Depending on what you select to purchase and their policy language, benefits, and coverage, your coverage may vary.
     
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  8. sellthesedownfalls

    sellthesedownfalls Silver Member

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    I use TravelGuard when I buy trip insurance, and they have an option for 'cancel for any reason' insurance - you could check them out.
     
  9. high class

    high class Silver Member

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    Excellent. Thanks so much for the advice, guys.
     

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