Timing of Travel Insurance Purchase

[Fairwinds789]

We just booked cruises in Europe for summer 2024 and paid deposits which are 100% refundable until spring 2024.

We will buy travel insurance to cover medical care and evacuation, as well as the trip (interruption, etc.)

What is the required timeframe for buying the insurance to cover pre-existing illness?

Is this timeframe affected by the fact that monies paid to date are 100% refundable (no liability for the insurance company for 1 year)?

 

Thank you.

 

[Babr]

IMT has not been back since the first day. In the meantime, I am confident in telling you that there are policies which allow the pre-existing conditions waiver at final payment when your funds are at risk. If you want other time-sensitive benefits such as Cancel For Any Reason, you must purchase coverage within 14-21 days of the initial deposit. The window depends on which policy you are considering.

 

The first money applied to the trip determines the initial deposit date regardless of whether it is refundable.

[klfrodo]

What many policies allow you to do is to purchase the initial coverage and only use the deposit as the initial cost. Then as you pay more in the future, you just call and inform them of those costs and pay for the additional coverage.

Example:

Deposit is today and $1000. You initiate the travel insurance within the timeline and pay for coverage for the initial $1000. Then later down the road as you pay for more of the cruise, or add air, or add hotels, etc, you just call and up the amounts paid and pay for the additional coverage.

 

This plan of attack can work very well, however, since each individual State has it's own regulations, this can vary as to what coverage is required and which coverage is not a requirement. That's one reason why it's good to work with a broker.

[Fairwinds789]

Thanks to all of you for your input. Just purchased a policy directly with Berkshire Hathaway within 15 days of booking cruises in summer of 2024 and paying deposits that are fully refundable until April 2024. I told the agent all of this and we were able to purchase trip insurance covering pre-existing medical conditions at this time with a declared value for the trip of $0.00. We paid only a minor premium amount of less than $150.00 at this time to cover administrative costs. Agent informed me that we would only have to advise insurance company within 15 days of amounts paid becoming nonrefundable (which for the cruises would be April 2024) and increase covered amount of trip and pay additional premiums then. We paid the agent the premium on the telephone and have received the policy by email. It states $0.00 as the covered amount at this time.

[iamtrustworthy]

7 hours ago, Fairwinds789 said:

Thanks to all of you for your input. Just purchased a policy directly with Berkshire Hathaway within 15 days of booking cruises in summer of 2024 and paying deposits that are fully refundable until April 2024. I told the agent all of this and we were able to purchase trip insurance covering pre-existing medical conditions at this time with a declared value for the trip of $0.00. We paid only a minor premium amount of less than $150.00 at this time to cover administrative costs. Agent informed me that we would only have to advise insurance company within 15 days of amounts paid becoming nonrefundable (which for the cruises would be April 2024) and increase covered amount of trip and pay additional premiums then. We paid the agent the premium on the telephone and have received the policy by email. It states $0.00 as the covered amount at this time.

Hi Fairwinds789,

 

Do you have the name of the person at Berkshire Hathaway, the time and date of the call who told you this? You will need it if you decide to followup with Berkshire Hathaway.

 

He or she gave you the wrong advice and you won't have the waiver of the pre-existing condition exclusion.

 

Berkshire Hathaway's policy wording says:
“Trip Cost” means the dollar amount of Trip payments or deposits paid by the Insured prior the Insured’s Trip Departure Date and shown on any required application which is subject to cancellation penalties or restrictions. Trip cost will also include the cost of any subsequent pre-paid payments or deposits paid by the Insured for the same Trip, after application for coverage under this plan provided the Insured amends the Application to add such subsequent payments or deposits and pays any required additional plan cost prior to the Insured’s Departure Date.

 

The key wording "which is subject to cancellation penalties or restrictions" means you cannot insure a $0 trip cost and have the waiver of the pre-existing condition exclusion.

 

I hope this helps you.

 

Steve Dasseos

[Fairwinds789]

Hi Steve:

 

Thank you for spending time on this matter. 

 

I just spoke to the same person at Berkshire Hathaway (name- Brad) who advised me that we do have the pre-existing medical condition waiver and it will stay in place as long as we pay additional premiums within 15 days of the deposit money (and any additional payments) becoming non-refundable in April of 2024. 

 

He was clear that their policies could be purchased for $0.00 coverage when all payments are refundable at the time of purchase and it was not unique to our transaction. It is the practice at their company to operate this way.

 

His telephone number is 844-411-2487, Option 2 and then select existing policy. 

 

Hope this information is helpful.

 

Joel

 

 

Edited February 28, 2023 by Fairwinds789
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[iamtrustworthy]

2 hours ago, Fairwinds789 said:

Hi Steve:

 

Thank you for spending time on this matter. 

 

I just spoke to the same person at Berkshire Hathaway (name- Brad) who advised me that we do have the pre-existing medical condition waiver and it will stay in place as long as we pay additional premiums within 15 days of the deposit money (and any additional payments) becoming non-refundable in April of 2024. 

 

He was clear that their policies could be purchased for $0.00 coverage when all payments are refundable at the time of purchase and it was not unique to our transaction. It is the practice at their company to operate this way.

 

His telephone number is 844-411-2487, Option 2 and then select existing policy. 

 

Hope this information is helpful.

 

Joel

 

 

Hi Joel,

 

Thanks for the update. It's best to verify it with the source.

 

Steve Dasseos