Today's generation of silver haired travellers are increasingly enjoying their retirement by exploring the globe.
However, before they set off they face the challenge of finding a reasonably priced travel insurance policy. While the young can usually pick up a travel insurance policy relatively cheaply, it's a different story for the older generation.
Your age and your medical history are key factors in the risk calculation for your travel insurance quote. The upper age limit on both single and annual multi trip insurance policies varies between insurers but 65 is often the most common cut-off point.
Most insurers inflate your travel insurance premiums once you are over 65 years old and some will not even cover you at all. According to the Association of British Insurers (ABI), the increase in premiums covers the additional risk of the elderly falling ill on holiday. Over 65s are three times more likely to become ill on holiday and make some form of medical claim compared to those aged 35.
Finding the best deal
Finding the right travel insurance is even more essential in your older years. There are specialist insurers who cater for the older traveller's need.
However, do not assume that they will necessary offer you the best premium. Take the time to shop around to find the best deal for your specific needs but be prepared to pay more for your travel insurance as you get older and especially if you suffer from any pre existing medical conditions.
Despite the increase in research needed to find the right policy in later years, do not be tempted to travel without insurance cover.
The money you spend on your travel insurance policy is nothing compared to the bills you could face in a medical emergency.
Always compare the benefits of the cover, never just solely focus on price. Check all the policy details carefully, especially any exclusions or policy limits. Never withhold information on pre-existing medical conditions that you or your travelling companions may have.
Failure to declare these to your insurer could result in them refusing to settle a claim, leaving you heavily out of pocket. If you do suffer from pre existing medical conditions, call your insurer before you travel to discuss whether your cover is likely to be affected.
Older travellers are likely to find it hard to buy an annual multi-trip travel insurance policy. Any insurer who does offer annual multi-trip policies is likely to have stricter limits on the number of days you can be away during any one single trip.
If you have chosen 'all risk' or 'personal possessions' cover with your home contents insurance, this should cover your belongings while you are on holiday. Tell your travel insurer as you may be entitled to a discount. Always check the total limits and single items limits.
Anyone travelling to Europe should have a European Health Insurance Card (EHIC). This entitles the cardholder to free or reduced cost emergency medical treatment when travelling to any European country as well as Iceland, Liechtenstein, Norway and Sweden.
The EHIC is not a substitute for travel insurance as it does not cover repatriation, cancellation or lost or stolen baggage.
Don't let expensive premiums put you off enjoying your retirement and travelling the world! If you shop around carefully, you are likely to find an affordable premium that covers you for all eventualities.
Compare travel insurance for older travellers. Click here to use the Tiscali Insurancewide TravelWizard®.
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