Travel Insurance – insurance for the over 65's

Summary
If you're over 65 you are going to pay highly for you travel insurance. This article explains why, indicates the level of cost and tells you some of the aspects to look out for.

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Life Insurance News

For many, retirement is a time to relax and enjoy a slower pace of life. But retirement is taking a new twist. Less of the slower pace of life and more of the jetting and cruising around the world! Travel for the over 65's is experiencing a boom.

This is a result of increased wealth combined with a heightened sense of adventure. The historically low cost of travel also helps. Exotic destinations are no longer the preserve the newly weds.

Then a fly arrives in the ointment. Finding economical travel insurance when you're over 65 can be a real problem. Insurers are recognising that people have healthier lives and are living longer, and in many areas they are designing financial products for the older market. But when it comes to travel insurance, older people are still faced with very significant premiums. Prices start to spiral and it no longer becomes a matter of finding the cheapest price especially if you want to take an extended holiday or take several holidays each year.

The root of the problem is the insurers experience of claims for medical costs. The likelihood of the over 65's traveller claiming is significantly higher and so too is the size of the average medical claim. On the other hand, older travellers seem to take greater care of their luggage - but again the savings to the insurer are offset by the fact that their belongings are liable to be more valuable, so there are no significant savings here.

The result is that even if the over 65 traveller has no medical problems, the cheapest annual policy could easily cost £1,000 per person – often more than the cost if the holiday itself. Faced with this level of cost, the only solution is to buy insurance separately to cover each trip. But even here a premium for a holiday on the Costa Brava for 3 weeks could start around £65 and will rise considerably for long haul destinations.

The only solution is to shop around and get a number of quotations. Your travel agent will be keen to provide a quotation but don't accept it until you've got competitive figures. The odds are that you'll save money by searching the Internet and buying online.

When you're buying insurance you always need to look at the small print – and this especially applies to travel insurance. For example, some policies only provide cover only if you are staying in booked accommodation rather than staying with friends. Some policies will cover you for a trip up to 21 days, others up to 31 days or 45 days. You then need to ensure that the maximum cover for medical and hospital expenses is generous and that the insurer will fly you back to the UK if your medical condition requires. Then compare the excesses you would have to pay and whether the policy will pay your medical costs direct to the hospital or whether you are required to pay and reclaim.

Michael writes for Brokers Online who offer most UK financial services including travel insurance

Travel Insurance Topics

Readers please note : You should undertake your own background checks before taking any action on any aspect mentioned in this article. Where the author has mentioned specific product details or given examples of how companies have reacted to specific situations, these should be correct as far as the author is aware when this article was written. In some cases additional background information not mentioned in the article has been used in obtaining the examples. Some examples or quotes may have been taken from information available in the public domain where all the background details may not be available. Insurers do change policy conditions and underwriting approach. They will view each situation on its own merits.

You should be aware that details of the topics written about within the articles can change. Therefore, always check out the current position before taking any action. You should also check that any action you are considering, or any proposed purchase, is suitable for your personal circumstances.