Are You Covered for Travel Abroad?
World travel, both for business and pleasure, is on the rise again. This time at home has given us plenty of time to plan the trips we’ve been putting off.
Along with the increased tourism is the risk exposure for travelers. Liabilities and risks that most people typically cover with a typical homeowner’s policy or travel benefits from their credit card companies are multiplied when traveling the globe. Everything from personal liabilities to auto coverage to medical coverage suddenly becomes more complicated and traditional insurance solutions can fall short of providing the needed protection. Here are a few things to keep in mind if you’re setting sail this summer.
Driving a car in a foreign country is difficult enough when you aren’t familiar with the geography, but it can be a nightmare if you don’t have the right kind of insurance coverage. Relying on the pay-as-you-go coverage provided by car rental companies or other local insurers can be costly especially if it doesn’t provide the liability limits you might need.
If you travel extensively overseas, look into having auto insurance that provides maximum coverage for the vehicles you drive anywhere in the world. Most luxury car insurance plans include this kind of coverage in their policy. Check your personal umbrella policy to ensure that it covers you worldwide.
Your Health Comes First
With most health insurance plans, your full coverage stops at the shores of the United States. The good news is that most developed countries will provide medical care should you need it.
If you are a frequent global traveler, you multiply the risk of becoming ill or injured overseas. The only type of medical coverage that can ensure quick and quality medical care is an extended travel insurance policy which provides excess medical coverage for co-pays, deductibles and hospital charges that are not likely to be covered by your personal health insurance plan. Comprehensive travel insurance plans will also cover the expense of emergency transportation to quality medical facilities.
Secure your Phone Plan
You’ll likely want access to your cell phone to stay in contact with loved ones at home or navigate a new city. There are a few options to avoid racking up a sky-high cell phone bill while you’re abroad. Reach out to your carrier to ask about international plans. You can also download messaging apps like WhatsApp, Skype, or Google Voice. If you prefer to keep it simple, you can stick to Wi-Fi but make sure to research that your lodging accommodations offer that service.
Prepare for the Unexpected
Make sure you have access to all of your important documents if you become separated from your belongings. Keep in mind that your wealthview vault is a secure place to store copies of your passport, travel visa, and travel insurance policy.
Remember, travel doesn’t have to be stressful. All you need is a plan, a little organization, and an appetite for adventure. Let us know if you’re planning a trip abroad. We’d love to hear about it.
Your Eagle Wealth Team
It’s true: America loves dogs. Besides our four-legged best friends being cute, friendly, and always glad to see us, they offer a whole host of health benefits to keep our spirits up, help to combat loneliness, and have an excuse to get outside for some fresh air and exercise. Here are a few added benefits of canine ownership:
- Pet your dog for stress relief. Petting a dog reduces stress. It triggers your brain to release oxytocin (known as the “love hormone”) and reduces the release of cortisol (a stress hormone).
- Unconditional love. No pressure—your dog loves you no matter what. Sometimes it’s just what the doctor ordered.
- Never lonely. The companionship of a dog can alleviate feelings of loneliness and give meaning because a dog needs consistent care. Dogs are also good for those who have trouble connecting with other people, such as those diagnosed with PTSD or dementia.
- Better than blood pressure pills. Studies have shown that in some cases, dog ownership may help lower cortisol levels, which in turn, could result in lower blood pressure.
Tip adapted from Canine Weekly
The Week on Wall Street
Stocks rallied last week as investor spirits lifted thanks to a better-than-expected start to the second-quarter earnings season.
The Dow Jones Industrial Average gained 1.95%, while the Standard & Poor’s 500 added 2.55%. The Nasdaq Composite index jumped 3.33% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, advanced 3.54%.1,2,3
Earnings Propel Stocks
Earnings season kicked off last week, with major banks reporting second-quarter results. While their results were mixed, they appeared to indicate that consumers and businesses remained reasonably healthy–a perspective that helped erase some negative sentiment overhanging the market.
As the week progressed, stocks gained momentum as earnings results poured in from different sectors of the economy, showing that businesses were navigating higher inflation and slowing growth better than investors feared. Technology and other gloomier sectors were among the market’s best performers for the week. A few disappointing corporate reports and a weak economic report sent stocks lower to close out a solid week.
Cracks in the Foundation
Data released last week indicated more trouble in the housing market. The latest monthly homebuilder sentiment survey showed the single largest monthly drop in its 37-year history, except for April 2020. The sentiment report preceded a drop in June housing starts and issued building permits. Housing starts declined for the second month, falling 2.0% and surprising economists who had expected an increase.4,5
Housing weakness made itself known through a 5.4% month-over-month decline in June's existing home sales, representing the slowest pace since June 2020. Increasing prices and higher mortgage rates demonstrated drags on buyer demand.6