These days, more people over the age of 65 are travelling abroad. Whether they take a trip to avoid the cold weather, enjoy a relaxing vacation, or visit family, there’s one thing they all need to have in common: coverage. But the over 65s find buying travel insurance more difficult than most other age groups do.
While many in their 60s and 70s are fit and healthy, the industry discriminates against all people of this age as far as increased premiums are concerned.
Why do premiums increase?
Once a person readers retirement age, the odds of them suffering from a health complaint go up. Chances are, this person could be on medication or be dealing with an ongoing medical condition, something which requires regular monitoring.
Insurance companies categories everybody over the age of 65 in the same way. They play the numbers game, rather than deal with the individual. To cover themselves against this risk, they require everybody over the age of 65 to subsidies the cost of it.
How much cover is needed?
Just because a person is over the age of 65, it doesn’t mean they should shop for insurance any differently. People of this age still have to decide how much coverage they need, as well as decide on how much they’re willing to spend.
This is a question that will be answered differently depending on the individual. The best advice is to look through the summary of cover and ensure that everything you want to be covered for is included, and other extras aren’t.
Who will insure me?
Nowadays, there are plenty of companies willing to insure somebody over the age of 65. While in the past this number was confined to just a few, most companies have woken up to the realisation that retirement age doesn’t mean life has to end. The best deals will usually be with specialist companies, though do look around before buying.
What about pre-existing conditions?
An insurer’s biggest worry is that you will fall ill abroad and will require expensive medical treatments. Because of this, they’re very strict about what they will cover you for. If you become ill abroad due to a medical condition you didn’t disclose when you purchased your policy, you won’t be covered.
Conditions that can cause your policy to become invalidated if you do not mention them include diabetes, cancer, high blood pressure, and skeletal injuries. If you’re in any doubt whether your coverage is valid, talk to your insurer before travelling.