New travel insurance product lands down under

Professionals Travel Cover, a direct annual travel insurance product, is launching in Australia next week.

Professionals Travel Cover has been developed to meet the work and leisure travel needs of professionals, small businesses and self-managed super funds.

An individual within these groups can purchase a single annual travel insurance policy that covers up to ten colleagues in the same practice, office or small business for multiple trips throughout the year for both domestic and international travel.

Professionals Travel Cover managing director, Ian Jackson, said it is the most cost effective travel insurance currently available on the market for multi-trip travel.

“From $167 per person for a single annual policy that covers up to 10 travellers, businesses can save more than 70 percent compared to other retail travel insurance products on the market,” he said.

The policy is tax deductible, pre-existing medical conditions do not need to be declared nor do premiums increase for older travelers.  Maximum age is under 65 years.

“Family members are also covered free when travelling with the policy holder,” added Jackson.

This includes spouses, life partners and dependant children.

Also included under the Professionals Travel Cover policy, for no extra premium, is family cover for skiing and cruises.

Jackson said professionals generally take out a stand-alone individual cover or source through insurance brokers. These policies are typically expensive and designed for larger corporates.

“Our vision was to fill this void with a less complex, easy to purchase product that could be applied for quickly online specifically for professionals,” said Jackson.

Jackson warned that professionals often rely on travel insurance provided as part of their annual credit card fees, without fully understanding the policy wording.

“Depending on the card, there may be a series of limitations including no cover for skiing, cruises or pre-existing conditions. High claim excesses, capped emergency medical reimbursements and no cover for domestic travel.

“Credit card insurance is usually conditional on spending a defined percentage of the trip on the card also.”

Conditions do apply for the safety of the travellers, including those who have a terminal prognosis, chronic renal failure, AIDS, those who are waiting for organ transplant, are pregnant over 19 weeks, metastatic or secondary cancer and mental illness.