• July 2010

Do you really need travel insurance?

By Jack Cohen
Chief Operating Officer
Golden & Cohen

With summer travel upon us, I’m frequently asked this question: Is travel insurance worth the investment? The answer is simple: Yes.

It is most definitely worth purchasing, mostly because domestic health insurance plans only provide emergency coverage, such as an unexpected trip to the hospital. That is also only the case if you have the type of insurance that covers you for out-of-state medical care.

Better safe than sorry

I realize this isn’t what you’d like to be thinking about while you are planning your summer respite. Nonetheless, travel insurance gives you additional protection and usually covers hospital stays, doctor visits, emergency care, trip interruption due to unforeseen circumstances, lost luggage — and in the worst case scenario, it covers the return of mortal remains or the return of minor children in the case of a political or emergency evacuation.

Exclusions from some or all travel insurance include pre-exisiting conditions that existed three years prior to the effective travel date, elective treatments, or surgeries. Most policies will also not pay for immunizations, routine physical exams, AIDS treatments, or a political evacuation if there was a travel advisory.

What type of travel insurance should you buy if you are traveling abroad?

If you are traveling abroad, at the very least consider buying coverage that provides medical care while traveling abroad — doctor’s office visits, sick visits, and hospital care. If you are traveling to an unstable spot, consider buying protection that covers you in the case of an emergency evacuation.

Three things to remember

1. Speak to a knowledgeable insurance broker when in need of specialty insurance products.
2. Make sure the carrier is a highly rated one.
3. Read the entire policy so you know what you are buying before leaving for the trip.

About Jack Cohen

Jack Cohen graduated from the University of Maryland in 1991 with a degree in consumer economics. Soon after, he founded Nu Image construction, which quickly grew into a 50-employee firm that generated $3 million in annual sales.

Jack joined Golden & Cohen in 1997 as its Chief Operating Officer, and has instituted new technologies and efficiencies that have helped the company increase revenue by more than 20 percent a year. Jack is married and has 3 children.

For more information visit www.golden-cohen.com or contact Jack by email at Jack@golden-cohen.com.