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Carrie Strasser
Carrie Strasser
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More Travelers Seeking Layoff Insurance

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A recent CNN report discussed the increased interest in "layoff insurance" by travelers attempting to make vacation plans in an uncertain economy. These plans allow people to get refunds for their trips if they were laid off before a scheduled vacation. Depending on risk factors, these policies cost a small percentage of the overall trip price. However, you must read these policies carefully because some may be vaguely worded and confusing.

Layoff insurance is included in many basic travel policies, but the feature often is restricted to employees who have been with their companies for a certain amount of time — usually one to three years. Travel experts said you should read the fine print carefully.

Then there’s a confusingly named add-on: "cancel for work reasons."

Those policies typically allow people to get refunds if they cancel their trip because of a changed job assignment or a company move — but not because of a layoff, said Chris Harvey, CEO of Squaremouth.com, a site where travelers can compare travel insurance policies.

It’s best to do some research to find a policy that is right for your age group. Some sites to look into are Squaremouth.com and InsureMyTrip.com.

Chris Harvey, of Squaremouth.com, said that this February his site has sold about double the amount of insurance policies than last February. Even though fewer people may be traveling, more of those who are traveling are buying insurance. To read up on some vacation safety tips, click here.

If you, like so many people out there, have no use for layoff insurance because you were recently laid off from your job, CNN also did a report today discussing some helpful job searching advice. Basically, what it boils down to is be flexible, be willing to change industries and don’t give up.