As you start to plan some trips again, you need to think about travel insurance early. The reason is simple: Some important coverages require that you buy it within a week or two of the time you make your first payment of any kind. So you need to decide, from the get-go, whether you need insurance and, if so, what kind and how much you need to cover your risks.
Deciding whether you need special travel insurance is deceptively simple:
• Many big-ticket travel expenses require that you prepay, in part or in full, months before you leave home, and those prepayments often entail cancellation fees or penalties. If you have more at risk in potential cancellation fees and penalties than you can comfortably walk away from should you have to cancel, you need cancellation insurance (TCI). If you don’t have a big-dollar risk, you don’t need TCI.
• Many big-ticket travel expenses lock you into a destination situation for days or even weeks. If you risk heavy payments to leave your trip and return home early, you need, interruption insurance (TII). If you could get back without paying more than a few minor fees, you don’t need TII.
• Many of you have health/medical insurance or plans that cover you anywhere you go, including a foreign trip. If not, you need travel medical insurance (TMI). Medicare doesn’t cover you outside the US, so if you’re a senior traveler on a foreign trip, you need some extra coverage. If you’re already covered, you don’t need anything more.
You can easily avoid the need for TCI and TII by doing as I’ve been recommending: Don’t prepay until you’re virtually certain you’ll be able to travel, and don’t sign up for any kind of trip that locks you in for an extended period time. Even if you normally need to prepay or make a change, in these uncertain days, many suppliers are waiving their usual cancellation and rebooking penalties.
The basic rule of most insurance is that it covers specific contingencies that you can’t foresee at the time you buy. That’s why travel insurance is called “named peril” insurance: it covers only the contingencies specifically enumerated as “covered reasons” in each policy. And that’s why most insurance does not cover any situation or circumstance, even if named, that is foreseeable at the time you buy your insurance.
Some insurers offer an extra-cost TCI feature that allows you to cancel a trip for any reason, named or foreseen or not. But it usually covers only 50 percent to 75 percent of your trip cost, it does not cover cancellation within 48 hours or less of departure, and it adds cost.
The reason you need to buy travel insurance early is that most TCI, TII, and TMI exclude claims based on a pre-existing medical condition, and many — perhaps most — of you probably have enough of a pre-existing condition to disqualify a claim. But many insurers waive that exclusion if you buy the insurance within a week or two before you make your first payment. Similarly, a cancel-for-any-reason add-on typically requires early purchase.
Video: 5 Reasons You Should Retire Sooner, Not Later (Money Talks News)
Johnson & Johnson’s COVID-19 Vaccine Is 66% Effective in Global Trial
Johnson & Johnson’s COVID-19 Vaccine Is 66% Effective in Global Trial. The single-shot vaccine was found to be 66% effective against moderate to severe illness in a global phase 3 trial. Against severe disease, the vaccine was 85% effective globally in adults of all ages and racial groups. In the United States, the vaccine was 72% effective against moderate and severe disease. Despite other vaccines being around 95% effective, experts say the Johnson & Johnson vaccine will still be useful. A vaccine that’s inexpensive, that’s a single dose, and that has no cold chain requirements — that’s pretty good. , Dr. Anthony Fauci, via CNN. Johnson & Johnson is set to apply for emergency use authorization through the U.S. Food and Drug Administration next week, hoping for a late February rollout
Money Talks News
Toyota Overtakes Volkswagen as World’s Biggest Automaker
Toyota Overtakes Volkswagen as World’s Biggest Automaker. According to figures released on Thursday, Toyota sold 9.5 million vehicles globally in 2020. Volkswagen unloaded 9.3 million vehicles. The last time Toyota was on top as world’s biggest automaker was in 2013 when it surpassed General Motors. Volkswagen officially stole the title from the Japanese company in 2017. Even though Toyota has reclaimed its title, the pandemic has caused problems for the automaker. 2020 deliveries dropped 11.3% compared to 2019. . Despite declining sales and supply issues, the biggest carmakers continue to make money. While Toyota has yet to release its 2020 financial info, Volkswagen’s 2020 profits exceeded $12 billion
Money Talks News
How to Care for Yourself if You Have COVID-19
How to Care for Yourself if You Have COVID-19. COVID-19 spreads rapidly, meaning there’s a real chance that you may catch the virus at some point if you haven’t already. . Here are eight expert tips on how to take care of yourself if you test positive for coronavirus. 1. Physically isolate yourself from others as soon as possible and only leave your designated quarantine zone when absolutely necessary. . 2. If there are other people in your isolation bubble or home, ask them to quarantine too, as they may have been exposed to COVID-19. . 3. Consider asking one person to act as your caregiver while you deal with the virus. . 4. Inform any family or friends you recently saw of your positive test and contact your primary care doctor for more personalized medical guidance. . 5. Purchase a pulse oximeter and thermometer to keep track of your symptoms. . 6. The amount of time people need to remain in isolation varies, so be prepared to properly follow guidelines and stay home for as long as needed. . 7. Utilize over-the-counter medication such as a fever-reducer to manage your mild to moderate symptoms. 8. Keep track of your symptoms and know when it’s time to seek medical help. It’s better to err on the side of caution
Money Talks News
The basic rule of travel (or any other) insurance is to buy the minimum amount you need and the least expensive policy that meets those needs. And the best way to find the right policy is through one of the several specialized online travel insurance agencies’ comparison sites, including:
• G1G [g1g.com/]
• Insure My Trip [https://www.insuremytrip.com/]
• QuoteWright [www.quotewright.com
• Squaremouth [www.squaremouth.com]
• TravelersMed [www.travelersmed.com]
These independent agencies sell policies written by all the major insurance underwriters. Price and coverage comparisons and policy selection is a snap: You enter your personal data, trip particulars, and what kind of insurance you want, and the site returns a long list of policies that meet your needs, along with detailed terms and prices. Most agencies sell extended policies as well as by-the-trip.
Several other agencies specialize in worldwide TMI policies, including:
• General Global Assistance [us.generaliglobalassistance.com/]
• International SOS [internationalsos.com/en ]
• MedjetAssist [medjetassistance.com]