Consumers shopping for 2010 vacations may suffer cold feet over midsummer news of poor economic growth, stagnant unemployment and declining consumer confidence. Travel Insured helps vacationers overcome job security worries with two travel insurance safety nets to protect their travel plans. One is Job Loss Protection, the other is a Cancel For Work Reasons Option.
East Hartford, CT (Vocus) July 27, 2010 -- Many U.S. workers have waited patiently for strong 2010 economic recovery signs that they hoped by now would permit their resumption of postponed, overdue vacation plans. Instead, they have read midsummer news headlines that sound worrisome enough to potentially keep them waiting on the travel sidelines.
“The Conference Board’s Consumer Confidence Index dropped to 52.9 in June from 62.7 in May, the lowest. level since March.” “The U.S. Labor Dept. said [July 2] the overall unemployment rate declined from 9.7% to 9.5%, as 652,000 workers gave up looking for work…” “The U.S. Labor Dept. said Initial jobless claims jumped by 37,000 to 464,000 in the week ended July 17.”
The good news from Travel Insured International for wary working consumers is that today they can protect themselves against much more than the bad weather events, unexpected illnesses, travel accidents and lost baggage episodes for which they have learned to rely on travel insurance to save their vacations. All four types of Travel Insured’s Worldwide Trip Protector travel insurance plans now include coverage that directly addresses working travelers’ fears about their job security and the possibility of involuntarily losing their employment before or during their prepaid vacation.
Job Loss Protection and Cancel For Work Reasons
Job Loss Protection is included in each of the four types of Worldwide Trip Protector plans, including Worldwide Trip Protector, Worldwide Trip Protector Gold, Trip Protector Lite, and Trip Protector Lite Expanded. The coverage says that if either you or your traveling companion is terminated or laid off from employment after working continuously for at least one year at the place of employment where the job is terminated, you have a covered reason for Trip Cancellation or Trip Interruption. You may either cancel your trip to receive up to the full, prepaid, non-refundable trip cost, or interrupt your trip during which the job termination occurs and receive reimbursement of the unused, non-refundable portion of the trip plus any extra return air expenses not covered by a credit from your existing return airline ticket.
A second Travel Insured safety net addressing the employed vacationer’s concerns about job security is the Cancel For Work Reasons Option, available as a $24 Upgrade in each of the four types of Worldwide Trip Protector plans. This option provides multiple covered reasons for the insured traveler to cancel and obtain coverage if an unforeseen mandatory job assignment conflicts with a prepaid, scheduled vacation.
Cancel For Work Reasons Coverage can apply if:
- You or your traveling companion is transferred by the same employer one of you had on the effective date of your policy, requiring a relocation of your or their primary home
- You or your traveling companion has an unforeseen requirement, documented by your employer, to work during the scheduled vacation
- You or your traveling companion’s company is involved in a merger or acquisition in which one of you is directly involved and an active employee or
- You or your traveling companion’s company operations are interrupted by fire, flood, bankruptcy or default, burglary, vandalism, or even a product recall
Travel Insured customers have between 14 and 30 days from their initial trip deposit to obtain the upgraded coverage, depending upon the type of insurance plan they select. They must purchase the Cancel For Work Reasons Option at the same time they purchase one of the four plans that offer the upgrade. Whether or not they add the option, however, the Job Loss Protection is still included in each of the plans starting from the plan’s effective date.
Why Wait for a Vacation?
Since the financial market collapse and onset of the recessionary economy in late 2008, U.S. workers have found many valid reasons to postpone their normal vacation activity. Many may still look at current economic news as a reason to delay travel. Travel Insured International reminds them that with Job Loss Protection and Cancel For Work Reasons there is more reason for taking advantage of ongoing travel discounts and incentives, than for falling back on economic excuses to stay home. Thanks to Travel Insured’s coverage that confronts Job Security issues, there is peace of mind knowing that even if employment disruptions should unexpectedly stand in the way of this vacation, a good travel insurance plan will preserve your financial opportunity to travel another day.