Types

• There are three main types of travel insurance: single trip insurance, annual coverage and extended stay coverage. Annual coverage will cover any trips that your family takes throughout the year, while single trip insurance will only cover your family for one trip. Extended stay coverage is for trips that last for at least three months.
  
  

Features

• As an add-on to some insurance policies, you can choose a "cancel for any reason" option. This will make your premium higher, but you can also receive a refund on your travel expenses if you cancel -- no matter the reason.
  
  

Potential

• You need to consider what each plan covers. Some plans cover cancellations or interruptions in the event of a disaster, death or illness; some plans cover medical expenses that may occur while you are on a trip; and other plans cover both. Your plan may also cover any lost or stolen baggage. In general, the more features and coverage, the higher the cost. Pick the plan that best fits your circumstances and budget.