After we have enjoyed a beautiful season here in Britain, you may be getting the post Summer blues. As the days are getting shorter and chillier, the desire to head to sunnier climes is among us. As an older traveller, there are many great deals and reduced priced fares that you can enjoy. However, there are some disadvantages that over 60s experience, in particular, high price fares for travel insurance.
Many insurance providers will not offer cover to those who are aged over 65 and when you do find one that will, the cost is much higher than you would have experienced before. The rate once you hit 65 often doubles and the premium continues to increase as you age. However, some premiums have different rates of increase, different age bands and different maximum ages. It’s important to shop around to find the best deal. Here are the points you should be aware of to be fully informed when booking your policy.
1. The Expense
The reason that many insurers charge a high price for older people, and why some firms will not insure you at all is because of risk of medical claims. Put bluntly, older people fall ill more often and can be more prone to accidents which are expensive to cover. While this is an unfair generalisation, and many over 60s are fitter than some 40 year olds, insurance companies work on averages. For this reason, looking for the best policy and finding an insurer that values the older customer can really pay off.
2. Level of Cover Needed
Many of us assume that the cheapest cover is the best. However, it’s important to look at the details of insurance policies. Companies will offer a huge range of covers and have various terms and conditions. The best policy for you will be the one that provides you with all the cover you need at the best price possible. If you feel unhappy with the level of risk, then you may have to spend more. You can’t really put a price on peace of mind.
3. The Type of Policy
You should consider whether a single or multi trip cover would suit you best. If you travel a lot, you should take out an annual policy, which will cover you for the entire year. This is one thing you can tick off your list every time you book a new holiday. It takes effect as soon as you make a new booking. However, remember the terms and conditions for where you can travel as premiums are much higher for anywhere outside of Europe. If you have a multi trip pass for travel insurance within Europe, you will not be covered for anywhere further afield.
4. Cover for Existing Medical Conditions
When you are organising your insurance, make sure you declare all existing medical conditions. If you fall ill because of that condition and you have not informed the insurance firm before you took out your cover, you will not receive any compensation. If you have an annual policy, make sure you let the insurer know if you develop a medical condition during that annual period. Typical conditions include high blood pressure and diabetes.
5. Insurer that we Recommend
The travel insurer that we recommend is Age UK. Age UK specialises in travel insurance for the over 65s. Age is not a barrier as there is no upper age limit. They also offer single and multi-trip policies to suit your needs. They provide insurance for pre-existing medical conditions wherever possible and cover for medical equipment against loss, theft or damage. There is also a fantastic Pre-Travel Advice Line for information on passports, time zones, visas, etc. Visit the website to get a travel insurance quote.
Retirement is a fantastic time to travel and there are many benefits of being an older traveller. However, you can never be too careful. Travel insurance helps to keep your mind at ease. Ensure you are aware of how to get the best policy for you.