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Canadians Travel! Why You Should Sell Travel Insurance

Oct 05, 2015 (0) comment , , ,

Canadians Travel! Why You Should Sell Travel Insurance

Tax returns, annual work bonuses, successful investments… How will your clients spend their extra income?

Many of your clients may use their extra income towards travel for themselves or a family member.

Whether your clients are travelling outside of their home province/territory or welcoming visitors to Canada for an extended stay, purchasing travel insurance is a wise financial decision!  

Don’t let your clients waste time and energy wading through websites, brochures, policy wordings, and pricing. When making this important decision, your client will want to work with a reputable advisor that they know and trust. You are perfectly positioned to explain the benefits of comprehensive travel insurance coverage because your knowledge of your client’s needs will help to save them from frustration, time, and money!

Why Should Brokers Sell Travel Insurance?

Some brokers believe that selling travel insurance is time consuming and offers little return. In fact, new selling tools and the simplification of policies and procedures have sped up the process of comparing and writing policies. Additionally:

  • Travel insurance is a great way to build and nurture relationships with your clients. Explain to your clients how travel insurance products can offer financial protection in the event of a sudden or unforeseen medical emergency during their trip.
    • Without the right protection, your client may be forced to use savings or investments to pay for medical bills or, worse, lose their retirement savings, go into to debt or lose their homes. As a trusted advisor and industry expert, you can help your clients see what’s at stake. Your care and attention in this area will help strengthen the bond with your client.
  • Travel insurance can help you to grow your business
    • Offer your clients specialized attention and a convenient “one-stop-shop” experience. Since you understand your clients best, they will appreciate the care you’ve put into selecting the right product to suit their needs.
      • Show them how unique your products are with a thorough understanding of the travel insurance plans you sell.
  • Many travel insurance policies are quick and easy to write
    • Most travel insurance policies can be completed over the phone or online in minutes!

Some Food For Thought

Emergency medical expenses can be financially crippling. This is true for both Visitors to Canada and travelling Canadians. Some recent examples*:

  • A 70 year old visiting Toronto was diagnosed with pancreatitis and gallstones. Emergency treatment was required

                         Approximate cost: $25,000

  • A 75 year old visiting British Columbia came down with pneumonia and was hospitalized.

                         Approximate cost: $27,000

  • A 74 year old visiting Florida suffered a heart attack

                         Approximate cost: $109,000

  • A 60 year old visiting Texas experienced syncope (fainting) and required hospital testing and admission

                         Approximate cost:  $32,000

*These are generic examples provided for reference only to show travellers typical costs associated with emergency medical care. Typically, claims are paid in Canadian currency “based on a) the rate of the exchange set by any chartered bank in Canada on the last date of service b) on the date the payment is issued to the provider of service.”

In a 2014 survey, Canadians reported that a medical bill of only $1,000 – $5,000 would create financial hardship. How would your clients cope with an unexpected medical bill in the tens of thousands of dollars?

Have a thorough and honest discussion with your clients. Make sure they understand the costs associated with travelling without the right insurance. Protect their financial health and help them find a travel insurance plan that meets their needs!

Travelance offers a range of flexible and affordable products for travelling Canadians and visitors to Canada. Get to know Travelance and learn whether we are the right distributor for you! Learn about our comprehensive range of travel insurance products and the services we provide.

To learn more about partnering with Travelance, visit our Partner with Us resource webpage or call 1-855-566-8555 to learn more!

Last updated: July 12, 2017

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