Last year I wrote if I could bet that a major airline would go out of business I'd take the bet.  At that time crude oil speculation was out of control and, frankly, until our lawmakers get off their seats and reel in crude oil speculation (and as long as the middle east is in turmoil which I wouldn't count on changing anytime soon) we can count on prices going through dramatic swings with the potential for intense pressure on airlines profitability.
 
Any of us could be stuck with a worthless ticket or worthless frequent flier miles in a blink of an eye.  So, what about that travel insurance some airlines offer when you buy your ticket?  That will cover you, right?

As reported on AirFareWatchdog.com, most of these policies will not protect you if an airline goes out of business.  This exclusion can be found in the fine print of any airline-peddled insurance policy.  However, by purchasing from a travel insurance company, it is possible to be protected.  In other words, the same insurance company policy sold to you by the airline doesn't protect you as thoroughly as when you buy that policy directly from the insurance company itself.  Who knew?!  In this age of "anything goes" in the airline industry, the insurance might just be worth the investment.  Check out www.TravelGuard.com, an insurance company mentioned on AirFareWatchdog.com.

Remember, credit cards still offer a line of defense.  You can always dispute a charge within 60 days of it appearing on your statement.  Happy flying (if your flight gets off the ground with you in it)!