Travel Insurance: Protecting the Adventure (and Your Peace of Mind)

By Marc C. Shaffer

When you’ve invested in a special experience, like a river cruise through Europe or a dream trip across the globe, the last thing you want to think about is what could go wrong. But planning for the unexpected is one of the smartest things you can do. That’s why we strongly recommend considering travel insurance to anyone booking a major trip.

I’ve personally purchased travel insurance for all of my international travel – hikes in Patagonia, adventures in Africa, treks through Asia. And I’ve never had to file a claim. But that doesn’t mean I regret buying it. Far from it. Just like I carry disability insurance and term life insurance, I don’t buy coverage because I expect the worst. I buy it to ensure that if something does happen, my family, my finances, and my experiences are protected.

The hope of insurance is not to use it, but to enjoy the peace of mind it brings.

Most people understand this when it comes to health, life, home, or auto insurance, but for some reason, travel insurance still feels optional. In anecdotal conversations, it seems this feeling is due to adding money onto already pricey trips and feeling like you’re throwing it away. Yet the list of “very possible” scenarios is long: a medical issue before departure, a family emergency mid-trip, lost luggage, missed flights, or even an evacuation from a remote area.

Our trusted travel partner, Kim Gibbons, has been in the industry for 38 years with her Cruise Dreams company and has countless stories of clients who were either grateful they had insurance, or wished they had. She now recommends Faye Travel Insurance, which generally offers better coverage and lower pricing than older carriers.

To give you an idea of what traveler’s insurance coverage could look like, here’s what Faye Travel Insurance currently includes (per person):

  • Coverage for all pre-existing medical conditions (if purchased with deposit)
  • Emergency medical expenses (up to $250,000)
  • Emergency evacuation or life flight (up to $500,000)
  • COVID-19 treatment like any other illness
  • Trip cancellation (up to 100% of non-refundable costs)
  • Trip interruption (up to 150% of non-refundable costs)
  • Trip delays, missed connections, and inconveniences
  • Lost or damaged belongings (up to $2,000)
  • 24/7 global assistance

Kim’s own policy stepped in when a cancer diagnosis prevented her from leading a group trip to Tahiti, covering her costs and allowing her colleague to step in so the trip could still go on. She also noted a little-known but valuable feature: if you’re traveling with friends or family and one couple has to cancel, the others can also cancel and recover their investment – everyone can be protected.

Whether it’s life insurance, disability coverage, or travel insurance, these policies are about protecting your future self so you can stay focused on what matters today.

When you’re planning a big trip, especially one you’ve been dreaming of, travel insurance isn’t a luxury. It’s a smart way to protect your time, money, and memories.

Have questions about insurance for an upcoming trip? We’re happy to connect you with trusted resources and walk through what’s worth protecting.

 

The opinions expressed herein are those of certain Searcy Financial Services, Inc. personnel and are subject to change without notice. The opinions expressed are as of the date of publication and are subject to revision due to changes in the market or economic conditions, which may not necessarily come to pass. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by others in the firm, and are meant for general informational purposes as of the date indicated. Searcy Financial Services, Inc. is not compensated by this vendor, nor are there material conflicts of interest that would affect the given statement.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on May 5, 2025 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.