How Does ValuePenguin Get Paid?

Travelers Can Now Get Money Instantly After Missing a Flight

Travelers Can Now Get Money Instantly After Missing a Flight

One company is giving policyholders money within 24 hours of travel disasters.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Terms apply to American Express benefits and offers. Visit to learn more. Citi is an advertising partner.

People wait for a delayed airplane

There are plenty of things in life that seem great in theory but manage to disappoint in reality—Netflix original movies, most cupcakes, surprise birthday parties—and, often, travel insurance. If there's one silver lining to having a hurricane or earthquake ruin your vacation, it's the thought of getting reimbursed for your non-refundable payments that you insured with a top-of-the-line plan. But while you may expect insurance companies to quickly deliver your well-deserved (andy maybe well-needed) funds, it can often take more than a week for you to receive a check in the mail. Some forward-thinking companies have now taken steps to speed things up, most notably Allianz Travel Insurance, which promises to get cash in the hands of policyholders within minutes, not days.

What makes Allianz's promises to policyholders possible is its launch of the SmartBenefits program earlier this fall. Customers who opt into SmartBenefits when signing up for a policy can rest assured that if their plane is delayed for a reason covered by the plan or if their luggage goes missing, they’ll get an immediate payout. Instead of filing the claim and waiting days for it to clear, SmartBenefits will deposit cash (up to $100 per day for each person covered on the policy) into the bank account provided by the policyholder within 24 hours. That means if you find yourself stranded for a few hours in Atlanta's Hartsfield-Jackson airport, you have some extra cash to buy a Cinnabon and a Paula Hawkins paperback.

Of course, to take advantage of any travel insurance policy—through Allianz or any other provider—the reason for your trip cancellation must be covered by the policy. With most travel insurance policies, you can usually count on the following events to be covered:

  • An unexpected illness (not part of a pre-existing medical condition) striking you or your travel partner, making you unfit for travel, as determined by a licensed physician
  • The hospitalization or death of a family member
  • A natural disaster making your destination uninhabitable or inaccessible
  • Your passport is lost or stolen

These examples are just that—examples, and not definitive rules of what's covered. Before purchasing travel insurance, you should be able to recite from memory what's covered by the policy.

If you want to make sure your travel plans are insured for any reason whatsoever—whether a traffic jam on the highway delays your arrival to the airport and you miss your flight or you just took a little longer than expected in the bathroom that morning—then you need to purchase a plan with a rider, which allows you to cancel for any reason. Because these "cancel anytime" policies cover literally anything that could cause you to miss your flight, they typically cost 30% to 40% more than a basic policy.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).