Don't Leave The Country Without Travel Insurance
I’ve been having a lot of conversations with clients recently about an essential topic: travel insurance. Many of them, however, have shared that they don’t have any travel insurance, and this honestly concerns me. Whether you’re traveling internationally or domestically, having travel insurance should be a top priority, and in this post, I’ll explain why it’s so crucial and how you can go about getting it.
What Exactly is Travel Insurance?
Travel insurance is designed to cover a variety of unexpected situations that may arise while you’re on the road. From medical emergencies to trip cancellations, it’s there to provide financial protection when things don’t go as planned.
Medical Coverage Abroad
One of the primary reasons to have travel insurance is to protect yourself in case you get sick or injured while traveling outside of the U.S. If you’re traveling internationally, most U.S. health insurance policies won’t cover medical costs abroad. And if you’re on Medicare, you’re out of luck—Medicare doesn’t cover medical care outside the country either.
Without travel insurance, you’re left to cover potentially astronomical medical bills on your own. Even in countries where healthcare is less expensive than in the U.S., the cost can still be significant. That’s why travel insurance is a must for international travelers, as it ensures you have access to quality care without the burden of high out-of-pocket costs.
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Trip Cancellation Coverage
Life happens, and sometimes you can’t make it to your planned vacation. Whether it’s due to illness or another unforeseen event, travel insurance can reimburse you for prepaid costs like flights and hotel stays if you need to cancel your trip. This means you don’t have to worry about losing the money you’ve already spent on your travels.
Medical Emergencies and More
Travel insurance can also cover medical emergencies, even paying for the cost of evacuating you to a medical facility if necessary. If you're staying in a hotel or an Airbnb and need a doctor, many policies will reimburse you for the cost of an in-room visit. Additionally, travel insurance can help with travel delays, covering things like meals or hotel stays if you're stuck due to a delay or cancellation.
And if your luggage gets lost, travel insurance can offer a financial cushion to buy essential items like toiletries and clothes until your luggage arrives.
24/7 Assistance
A lot of travel insurance policies come with 24-hour helplines, offering support in case you need assistance—whether it’s translating something, booking an emergency flight, or arranging medical care. It’s a small but significant service that can provide peace of mind when traveling in unfamiliar places.
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Real-Life Scenarios Where Travel Insurance Was a Lifesaver
Let me share some examples of how travel insurance has helped people I know:
My Mom’s Health Scare: About five years ago, my mom was diagnosed with cancer just before a planned trip. She needed emergency surgery, so they couldn’t go on the trip. Thankfully, they were fully reimbursed for the cost of their flights and Airbnb, which was a huge relief in a stressful time and travel insurance made a difficult situation a little easier.
Broken Leg on a European River Cruise: A client of mine broke her leg while on a river cruise in Europe. Her travel insurance covered her medical expenses and even paid for a first-class flight home so she could travel with her leg elevated. Without travel insurance, that could have been an enormous out-of-pocket expense.
Doctor Visit While in an Airbnb: Another client was too sick to leave their Airbnb, and travel insurance covered the cost of having a doctor come to them. This kind of support is invaluable when you're in an unfamiliar location.
When to Buy Travel Insurance
Some people I’ve spoken with have hesitated to purchase travel insurance because they thought the trip was already expensive enough. But I always argue that the cost of travel insurance is a small price to pay for the protection it offers. And here’s the good news: you can actually purchase travel insurance even after booking your trip—up to just before you leave.
If you’re planning a single trip, many insurance providers, like Allianz, offer plans that are tailored to that specific journey. Allianz, for example, offers three different options for coverage, so you can choose what fits best for your needs. You can also shop around for the best coverage by using a website like InsureMyTrip.com, which provides options from various insurance providers.
Recommended Travel Insurance Providers
Over the years, I’ve had positive experiences with a few travel insurance companies. I personally used Allianz on trips, including the situation with my mom, and I’ve had good feedback from clients who’ve used them as well. Additionally, U.S. News & World Report recommends Seven Corners for comprehensive medical coverage, which I’ve found to be a solid choice for travelers.
Final Thoughts
Whether you're heading overseas or just going on an expensive trip, don’t overlook the importance of travel insurance. It offers financial protection and peace of mind that can make a huge difference if something goes wrong. As we all know, life is unpredictable, and travel insurance can ensure that an unexpected illness, injury, or travel disruption doesn’t turn into a financial disaster.
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As always, have a great day, a better week, and I look forward to talking with you on the next blog post, podcast, YouTube video, or wherever we have the pleasure of connecting!
Written by Ryan Morrissey
Founder & CEO of Morrissey Wealth Management
Host of the Retire with Ryan Podcast