5 Reasons Why Travel Insurance Might Be a Good Investment

As travel becomes more affordable, many people are wondering about the necessity of travel insurance. According to the U.S. Travel Insurance Association, approximately 10% of Americans purchase travel insurance. But how do you determine whether it’s right for your trip? Here are a few things to consider before making the investment:

  1. It is often pretty affordable.

One compelling reason to purchase travel insurance is that it’s a pretty minor cost in comparison to the rest of your getaway. This relation is especially true if you’ll be traveling internationally and won’t be covered by your health insurer in the event of an accident or illness. Though the likelihood of losing your passport and luggage is relatively small, it’s better to have peace of mind than to end up in a foreign country with no official ID or clothes.

  1. It might be covered by your credit card.

If you’re booking in advance on your credit card, there’s a good chance that your travel is already insured. Check your card’s travel protection policy to be positive, and make sure to purchase any additional insurance you may need.

  1. It could be as easy as downloading an app to your phone.

It’s good to have your travel insurance policy on hand in the event of an emergency, but it can be difficult to keep track of forms while traveling. Thankfully, more travel insurance companies are developing apps that allow customers to access their policies directly from their smartphones. If you want to check and see if something’s covered or to extend your policy, insurers like Travel Guard and Allianz have easy apps for you to use.

  1. It is useful for both international and domestic travel.

Although vacationers more commonly purchase travel insurance for extended trips or international travel, it can also help when traveling domestically, especially when you’re booking far in advance. While it’s probably not necessary for budget flights, it might be a good idea if you’re traveling during harsh winter months when your flight could potentially get canceled. Also, misplaced baggage can derail even a short trip, and travel insurance can help you quickly replace items. In addition, traveling while sick is not only a hazard to other passengers, but the air pressure inside the cabin can exacerbate sinus issues. Travel insurance allows you the option to postpone your trip so that you can travel when you’re feeling your best.

  1. It will give you peace of mind.

There’s no denying that travel has become a more high-risk activity in recent years, especially with many of the world’s famous cities experiencing terror attacks. In addition, even the most beautiful locales experience inclement weather from time to time, including devastating hurricanes. Travel insurance not only provides a safe exit to those caught in the midst of a disaster, but it also gives the option of changing travel dates without incurring additional costs.

We never plan for our trips to go off the rails, but travel insurance can allow us to recover quickly and ensure a stress-free vacation!

5 Reasons Why Life Insurance Is a Lifesaver Around the World

Life insurance can seem like a superfluous cost, especially when you’re young and healthy, but the future is uncertain and life insurance can provide a cost-effective safety net to give you peace of mind. For those in developing countries, acquiring life insurance can help families accumulate wealth for future generations and boost the overall economy. While we hate to sound morbid, here are a few more reasons why we think life insurance is an investment worth making:

  1. Protect family and loved ones

Many people living in developing countries are working their way towards the middle class, but unexpected death can quickly deter those plans. Life insurance can provide stability so these families can successfully ascend from poverty.

Life insurance is crucial if you’re the breadwinner, as it will allow your family members to maintain their standard of living instead of struggling in the midst of unexpected circumstances. In the event of your passing, the money you have contributed to your insurance plan could go towards the costs of a nanny or housekeeper so that your remaining relatives aren’t forced to bear an undue burden.

  1. Provide more financial security

Life insurance can provide beyond the basics. For example, if the policyholder passes away, the funds could be used by the beneficiaries to start a new family business or to fund a college education. Given the unpredictable nature of life, every parent still raising children may want to consider preparing with additional coverage.

  1. Pay off debts

Life insurance not only can help with day-to-day costs, but it could also cover existing debts and recurring payments you might have, like a mortgage or car loan. It can reduce stress during the mourning process as your family makes burial and funeral arrangements, which easily can amount to thousands of dollars.

  1. Saving tool

Life insurance and annuity plans can help fund your post-retirement dreams, such as purchasing that dream home or travel in your later years. They can also help you save money on your annual taxes, with various plans offering different tax benefits. But do your homework since different plans may have vastly different implications. For example, a permanent life insurance plan covers you forever, whereas term life insurance expires after a certain period even if you’re still living.

  1. Smart investment

The financial gains of an investment towards life insurance are easy to configure with simple math. Simply deduct your eventual pay out from your current costs whenever you need to validate your decision to think ahead. While some plans can have considerable monetary costs, it’s important to weigh them against the long-term value to your loved ones.

To assist Meed members in planning for the future, we are partnering with insurance companies to provide coverage to the global Meed community as part of their financial services package. From life insurance to personal accident insurance, we believe insurance is essential for achieving financial security and piece of mind!



Disclaimer

The information in this article and the links provided are for general information only and should not be taken as constituting professional advice from the website owner – Meed. Meed is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the article information relates to your unique circumstances. Meed is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this article.