Travel Insurance few bargains for the over 65 s
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Travel Insurance: Few Bargains for Those Over 65
Summary
Planning a holiday abroad? If you’re over 65, be prepared for steep travel insurance costs. This article explains why, outlines potential expenses, and highlights key details to watch for.---
After retirement, it’s time to unwind and enjoy life at a leisurely pace?"perhaps even indulge in some gardening. However, many modern retirees have different plans. Retirement now often means more travel and new adventures, thanks to a spirit of exploration, better financial security, and affordable airfares. Cruises, once reserved for the wealthy, are now accessible, making destinations like Antigua, the Canaries, or even a weekend in Stockholm popular among those over 65.
But there’s a catch: finding affordable travel insurance for those over 65 can be challenging. Insurance companies acknowledge that people are living healthier, longer lives and offer more products for older adults. Yet, when it comes to travel insurance, those over 65 still face high premiums.
As you age, premiums rise. For extended holidays or multiple trips, securing an annual policy becomes more about availability than affordability. The root of this dilemma lies in the cost of medical claims from older travelers, who are likelier to file and incur higher claim amounts. Although they reportedly lose less luggage, their belongings might have higher value, offsetting potential savings.
Even if you're in good health, an annual policy might surpass £1,000 per person?"potentially more than the holiday cost itself. The alternative? Purchase travel insurance for individual trips. For instance, insuring a three-week trip to the South of France starts at around £65 and increases significantly for destinations like America.
What Can You Do?
- Shop Around: While your travel agent might offer a quote, explore your options first. You can often find more competitive prices online.
- Examine the Details: Don't decide based solely on cost. Some policies cover trips up to 21, 31, or 45 days. Others might only cover stays in booked accommodations, which won’t help if you’re visiting relatives.
- Check Coverage: Ensure you have sufficient medical and hospital coverage. Think big?"quality medical care abroad can be costly. Also, confirm your policy covers medical repatriation to the UK if necessary.
- Review Excesses and Payments: Compare the excess amounts per claim, and ensure the policy pays medical costs directly to hospitals to avoid upfront expenses.
Now, with these considerations in mind, you can look forward to traveling confidently. Pack your bags, take off, and enjoy your well-deserved adventures!
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