Sunday, February 13, 2011

Purchased our First Trip Insurance

In the past, my spouse and I have not purchased trip insurance. We took our chances on not being sick nor experiencing trip interruption. We have been lucky so far and have not missed a planned trip. However, for our next vacation, we have decided to purchase trip cancellation insurance for about 10% of the vacation's cost. Here are our reasons:
  1. Young child. As a former boss used to say, " Children can get sick at a drop of a hat," especially if they are in school or day care. My spouse and I are still pretty healthy. Typically, we'll make a trip even if we're not feeling well. However, we don't want to put that burden on a child.
  2. Older parents. The health situation of aging parents can change suddenly. For example, my mother is in a nursing home. While her condition is stable, a sudden change may require my attention or presence.

While a health related issue has not arisen yet prior to a vacation, I feel the probability has increased significantly for us. Going forward we want to flexibility to adjust to our child's or parents' health situation. Therefore, for vacations requiring up front payments, we will be buying trip cancellation insurance.

For more on New Beginnings, check back every Sunday for a new segment.

This is not financial or insurance advice. Please consult a professional advisor.

Copyright © 2011 Achievement Catalyst, LLC

No comments: