I just finished a call with clients who were concerned about the cost of insuring their expensive three-week cruise. They, like many clients, are convinced that nothing will happen to them. They are in their 60s and in great health. They wanted to know why they should spend the money on trip insurance.

So, I started with the primary reason for purchasing any insurance: to protect the policyholders from the financial impact of unforeseen events. Insurance would most likely cover them if they had to cancel for covered reasons prior to the cruise and would provide them with medical coverage while they were traveling.

I then shared stories from other clients—some who declined insurance as well as those who had it.

Pre-Cruise Accident

I booked a last-minute cruise for clients who declined insurance because the cruise departed 10 days after we made the booking. The couple visited family in Florida before embarking on the cruise, and one of them tripped and fell, breaking her leg. She was hospitalized and required surgery. I tried my best to get a refund for them and moved up the leadership chain at the cruise line, but my clients were out of luck.

Paying Out of Pocket

Another client, a medical professional, declined insurance because he had never needed it and was tired of spending money on it. He had a mild heart attack in Europe and had to pay the hospital out of pocket; he also lost money on hotel reservations, tours and airline change fees when he was well enough to come home.

Another client booked his honeymoon to Hawaii with me. I suggested the travel protection/ insurance offered by the tour company. He was on the fence, so I insisted he get it. It provided medical and cancellation/change coverage while traveling and a full refund for any reason before the date of departure. He was happy I insisted, as the bride-to-be ran off with someone else after the rehearsal.

Unforeseen Events

A repeat client who had three trips booked was diagnosed with cancer after a routine check-up. She always bought insurance, and her claims were paid promptly and in full.

I always obtain insurance to cover the trips that I take and inform my clients that I do not travel without it. Part of doing the best for clients is recommending they insure their trips. And if they choose not to, always make sure they sign a form declining insurance.