Is travel insurance worth it?

At the beginning of his presidency, Joe Biden promised that the United States would administer 100 million COVID-19 vaccinations in 100 days. Well before meeting the 100-day deadline, the United States has blown past this goal, and as of April 6, 2021, more than 704 million shots have been given. 

This is great news for everyone who has been social distancing and is ready to get back to life as usual. Which means, many of us might be thinking about getting ready to travel again. 

Is travel insurance worth it?

If you are planning on traveling outside of the country soon after being vaccinated, you need to consider the trials of traveling during this time. Yes, you might be vaccinated and feel safe, but the world as a whole is recovering from the pandemic at a different pace. Flights may be canceled, delays can happen and you may even need health care in a foreign country.

All of this can be expensive and make traveling seem less appealing, but you can help cover these costs by purchasing a travel insurance policy. 

If you do not want the risks of traveling to keep you from enjoying the vacation you have been looking forward to for a long time now, you can use travel insurance. On average, travel insurance costs 4% to 8% of the expected costs of your trip, but it varies depending on the length of your trip, your age and the average cost of medical care at your destination.

Travel insurance providers offer different benefits that may make one a better fit for you than another, but in general, you can expect:

• Trip cancellation coverage, including flights, nonrefundable reservations and other bookings.
  
• Coverage for medical expenses that ranges depending on the plan you purchase.

If you are considering traveling soon, we recommend visiting Consumers Advocate to compare insurance providers and submit your travel details to receive a free quote for your insurance costs.

Talk to a ProVise CFP® professional about travel insurance

Most of us do not decide to go on a vacation spontaneously. Vacations, especially abroad, can be expensive and require a lot of saving. Factoring in saving for vacations and other leisure activities is an important part of your financial plan. If you want to be able to enjoy a vacation and other activities on a recurring basis, you should talk to a financial planner about how to work this into your financial plan.

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about whether travel insurance is worth it? Contact ProVise today to schedule a complimentary consultation.