Travel health insurance covers medical expenses of the traveler in one’s home country or travelling outside the country. It secure you from various risk associated with traveling. It’s a temporary health insurance intended to serve only for period of a trip or certain time frame. Every passenger have different coverage depending on the value of the luggage, how much amount spent on buying a ticket, time period of the trip, health status of the passenger traveling and the medium you are using to travel. Sometimes it also depends upon the reputation of the company, value of the company and their service. This is the better option to avoid extra expenses during the trip. There are various risks covered under travel insurance like:
- Accident or medical emergency
· Loss of baggage and documents
· Trip delay or cancellation
· Terrorism or theft
· Natural disaster
Based on these risks you can choose various packages offered by different insurance providers according to your needs and travel plans. Nowadays, insurance companies provide additional features with the primary function of the travel health insurance plans making it more lucrative to the travelers. Due to huge benefits and safety, market is very big for taking the insurance plans which gives you an opportunity to earn from this business.
How To Make Money
Travel insurance industry has huge potential in current market and in the coming future. Every day millions of travelers commute from one place to another through airways, waterways or railways. Insurance companies sell their travel insurance packages through insurance agents employed full time or part time. They are paid a certain amount of commission on selling travel insurance to travelers based on amount of coverage they demand. With increase in the number of travelers, for business purpose or holidays, insurance agents have an opportunity to earn a respectable income by selling this kind of temporary insurance. There are various types of travel insurance targeting different segment.
Types of travel insurance targeting different segments are:
- Student Travel Insurance
Students worked hard to find best opportunity to study in world’s best universities. This insurance targets the student section going abroad for their higher studies. Student Travel insurance provides coverage for health and medical risk, accidental loss. Apart from this student gets additional features like: Reimbursement in the case of interruption in study due to medical illness or accident. Tuition fees for the illness period will be reimbursed saving a lot. In case of sudden death or medical emergency of parents spouse residing in home country, reimbursement is given in the way of return travel ticket and expenses. - Overseas Travel Insurance
This type of insurance is designed especially for international travelers going for business purposes or having a good time with family. This covers the risk of falling ill and medical emergency, loss of passport and documents, delayed or cancelled flight etc. Overseas travel insurance has various features like it provides medical expenses incurred during the trip due to illness, compensation in case of loss and delay of baggage, personal liability in case of sudden death. - Domestic Travel Insurance
This plan targets the domestic travelers within the country. This covers all the medical expense, damage and loss of documents and baggage, accidental coverage, delayed or cancelled trip.
All these insurance plans target the desired market segment and customers to make their travel trip more enjoyable and safe. They differ in terms of features and benefits provided to insurance holders. Insurance agents can target these segments and sell insurance plans according to the requirement of the customers. According to amount of coverage taken, they are paid commission which generally varies from 5% to 20% of the coverage amount. You can earn as much as you sell the insurance plans. So there is no limit to earn your income and this makes favorable choice for money making.
Who are eligible for Travel Insurance?
Any infants above 90 days and adult with age no more than 70 years can get insurance benefits traveling within home country or outside for business purposes, study, or holiday with family other than immigration. Age is the biggest factor in valuation of coverage apart from the medical conditions, trip duration and value of luggage carried along.
Duration Of The Cover
There are two plans available on the basis of duration of the trip:
- Single Trip
This plan provides coverage from the point of you beginning your trip and ends with the return from the trip or the maturity period of insurance whichever one is early. This plan has e certain time limit or maximum time period for which you get coverage generally not more than 180 days. - Multiple Trips
This plan is applicable for 365 days covering multiple trips abroad or within the country. There are various other conditions applicable like duration of every trip and time for abroad trip. Travelers get insurance cover for all the preplanned trips with coverage amount based on the duration of trip.
Types of Coverage
There are different coverage options available to suit the needs of the travelers. Different companies have different policies with varied features and benefits. You must choose the best possible option according to your needs. You can purchase the insurance for individual or for whole of the family calculating the risk factors involved in it. - Trip Cancellation Or Delaying Coverage
This is the most commonly used and worthwhile from other coverage plans available to the travelers. There are chances of delaying or cancellation of any prepaid travel which gives a loss of your valuable money. So it is safe to get trip cancellation or delaying coverage to avoid these financial losses. Insurance agents have a lot of opportunity in this category to target the travelers. Travelers get this coverage instantly before the start of journey. Agents can track the travelers and get the coverage done in few minutes and get commission accordingly. Company provides the reimbursement in case of prepaid trip which get cancelled due to various reasons such as:
- You or your family member got sick or ill or due to acceptable reasons list.
2. Airline or travel companies got non operational due to various reasons.
3. You miss the flight due to acceptable reasons.
This type of insurance can be used for tour packages or cruise packages also. You have to contact the tour and travel company to give you business of insuring all their tour packages. This insurance package is available for prepaid reservations of the tour packages. You really get good business with tour organizers as they are continuously arranging the holiday packages covering every segment of travelers. It is always a smart thing to buy a travel insurance plan where the risk factor is high.
- Medical Coverage
Medical coverage provides the coverage on the risk factors involving the medical emergency, illness, or accident. Reimbursement will be given to the travelers that come under the influence of such event. Before buying a medical coverage you need to check with your existing medical plan that whether you get coverage for travelling also and will it be applicable internationally if you are going abroad. Insurance agents has good scope to get good business from this category because most people don’t have existing medical coverage at all or their existing medical policy don’t give coverage for traveling purposes. Agents have various options to give to their customers with additional features to attract a good business. This process needs some time to evaluate the terms and conditions. Insurance holders need to have a medical report to evaluate the coverage amount. This insurance is not applicable to adults over the age of 70 years. Some hospitals are associated with insurance providers to make reimbursement process quick and easy care for the policy holders. For non-emergency cases, the hospitals give coverage benefits by not charging anything from the insurance holders. Some insurance plans are expensive this is where insurance advisors comes into play. They guide you to take the appropriate insurance coverage suited to your pocket. - Evacuation Insurance
This insurance gives cover on the expenses incurred to get to the hospital or doctors in an event of emergency. This is not been covered in general medical coverage but it is requested or added in the plan before getting the medical coverage. Insurance agents need to offer these features to the customers accordingly if they demand to get this one in existing medical coverage. - Baggage Insurance
In this type of coverage the travelers get the risk coverage for the loss or damage of their valuables, luggage and documents while travelling. This is also most commonly used plan by the customers and has huge potential for the agents to track the customers. Coverage amount can be calculated by evaluating the value of items, luggage, accessories and documents that you are carrying along. After calculating the amount of all the items a claim value is generated which is payable to the customers in case of damage or loss of these items. Most of the airline service providers give baggage insurance in trip package including the ticket and insurance cover. So it is better to check with the airline service provider the option available before taking baggage coverage. - Accident Coverage
Accident coverage is needed to compensate the risk associated with the crashing of the plane or ship that you are using during travel. This is least useable plan taken by the traveler to ensure their safety but this is the best option to take while travelling to sensitive destination where risk of crashing is high.
How to start earning with Travel Insurance
Anyone who knows how to sell travel insurance plan to travelers can start earning with this business. You just need to understand various types of travel insurance plans existing in the market. Insurance companies usually sell insurance plans through agents and advisors who work with the companies on commission basis. You need to apply to become the agent and insurance advisor to sell insurance products. You can become agent for multiple insurance companies at a time. There is no limit to sell the insurance products rather the more you sell the more you earn the money. You don’t need to invest anything in this business, you can earn the day you start selling the travel insurance coverage. Companies provide instant travel insurance service to customers to make it more convenient and faster. You can target the customers of every segment and every market. You get commission on the basis of coverage amount and number of policies sold. Some companies set the target for the agents like monthly or yearly targets to cover maximum market as much as possible in limited timeframe. Timely completion of the targets will give you huge incentives and bonus. Insurance companies can also provide training regarding the products and services with the selling and marketing technique to get more sales figure.
With the increase in the frequency of travelers throughout the world, it’s a great opportunity to earn by selling travel insurance coverage. Millions of people travel abroad every year and there is always a risk of medical emergency and loss of luggage in transit. So it is beneficial to travelers also to take the coverage for their foreign trip. With various options available in choosing insurance coverage, consumers have a choice to select the best possible option to suit their needs. Today, this is the best option to earn maximum while working part time. You can generate huge money by guiding the customers in selecting the best possible deal to help making their holiday and foreign trip enjoyable. Even housewives and students can earn extra income from travel health insurance business. Today many companies are entering into travel insurance categories because of its huge untapped market and earning potential. It’s the best time to spend your valuable time to make money with travel health insurance plans. It’s a safe and reliable business helping travelers to lower their risk of medical emergency expenses and loss of baggage and important documents. So don’t waste your time searching for other options for extra income as this business don’t require any investment and you get maximum return from it. Why leave an opportunity to earn maximum by working part time or working from home making money with travel health insurance plans.
