How To Obtain Travel Insurance Cover For The Over-60s
It is becoming increasingly more difficult to obtain travel insurance to cover holiday-makers aged 65 and over – and those companies that do will inflate the cost. By rule of thumb, it appears the cost doubles, and then continues to increase as we get older. Another stumbling block is that no two travel insurance policies offer exactly the same terms and conditions. So… how can we keep the cost of travel cover down and still travel with peace of mind once we reach retirement age?
The insurance companies' reason for the inflation is the apparent increased risk of medical claims, which are also the most expensive to settle, and older people tend to fall ill more often, are more prone to accidents and are more expensive to treat.
The best policy may not be the cheapest – it will be the one that offers enough cover at the best price – and this should be our guideline.
Frequent travellers may find it more economical to take out an annual ‘multi-trip’ policy that covers all the travel we do in a year, and comes into effect automatically as soon as we make a new booking. Only a handful of insurers, however, will offer multi-trip policies for the over-75s.
Bear in mind that policies for travel outside Europe may be even more expensive because of the cost of medical treatment much further afield.
Some companies now offer special policies for cruising holidays and these may be better value - and have a high age limit than standard travel insurance.
High blood pressure, diabetes and cancer (even in remission) must be declared, and may be refused by the insurance company. Thankfully, however, there are some insurers that specialise in this type of cover, albeit at a higher premium.
The older we get, the more we need peace of mind when travelling. If we know we’re fully covered when holidaying abroad, it takes the worry out of anything going wrong, and the cost of any expensive medical treatment. We shouldn’t be tempted to travel abroad without travel insurance because we’re fit and healthy – illness and accident can strike at any time, so let’s be prepared.
If you fall ill because of a condition you did not declare when you bought the insurance, your claim will not be paid.