Even when the economy is running at its slowest, the travel industry still propsers. As currencies slide, foreign currency coming into a country can be even more valuable. This means that tourists often begin planning travel abroad and trips when they know their money will be most valued. For insurance agents, vacation sales can be a great option.
\"Why sell insurance for vacations?\" you're probably asking - and yes, it might seem a bit of a weird idea. Why not go after more traditional things - insurance for cars, or insurance for homes? But hold on - let's think about this for a couple of minutes. Car insurance and home insurance might seem profitable at first, but that's only if you're the insurance company. Insurance agents who are selling these types of policies don't make much money compared to the insurance company they are selling them for; agents are making the sales, but can only take a limited profit from this sort of business.
Insurance for homes is the same. We're seeing more and more natural events causing huge amounts of damage - tornadoes tearing up the mid western states, hurricanes lashing the coasts. More and more it is becoming difficult to make money with home insurance. How many people have you heard of living on the gulf coast who simply can't get flood insurance? Exactly - and the reason is that it simply costs the insurance companies too much in the end. For an insurance agent looking to make more money, vacation sales is a great choice.
The travel industry is going through a major growth period just now, with bigger profits than many other industries - and profits that are growing faster, too. There's one big reason for this; the baby boomers are hitting retirement age.
A lot of this generation has money, and plenty of it. They've worked hard for many years, and now they are reaping the rewards in their retirement. They've dreamed of travelling the world for many years, and now they have the time and the money to do it. They want to reward themselves, and indulge their desire for travel to far flung and exotic places.
This is the main reason why vacation sales is the best option for insurance agent. For all those people who take trips that have to suddenly be cancelled, there is high risk of losing their money because many trips do not refund. If travelers purchases insurance for their trip, they can receive full reimbursement for whatever the cancellation problem is. This can be due to hurricanes, sudden health issues, or any other event that prevents you from taking the trip.
This is a powerful reason why vacation sales is a fantastic opportunity for an insurance agent. Insurance can be sold on any trip, anywhere in the world. It is up to the traveler to buy insurance and most of them know that it is a pretty good option, and affordable when viewed against the risk of cancellation. As more and more people reach retirement and more people travel for pleasure there will be even more demand for this sort of insurance. Travelers want the assurance that their money is returned if something happens that mean they have to cancel their trip. The reality of the situation is that not many vacations have to be cancelled, though.
There's another advantage here for the insurance agent; making money from an affiliate opportunity. An insurance agent can team up with a travel company such as MOR vacations - or several companies - and become the person travelers are referred to if they want to purchase insurance for their trip. This means the insurance agent no longer has to search for clients to sell insurance and instead the business comes straight to them, recommended by travel companies who then also make money off an insurance sale. It isn't for nothing that this sort of business affiliation is known as a win-win situation!
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