The CallmeSavvy Guide To Travel Insurance: Over 65’s

The CallmeSavvy Guide To Travel Insurance: Over 65’s

For those of you who are retired or over the traditional entry age to “old” you might find that travelling has become something that you’d like to do quite often, especially if the family have fled the nest. Like other demographics, the over 65’s can be catered for with specialist insurance.

 

Value For Money

Insurance companies see the over 65’s as a higher risk group and so the premiums are more expensive than normal policies. This makes finding a deal a little tricky.

Sometimes the premium can be twice as much as standard insurance and the older you get the more expensive the policy will become, and eventually, depending on circumstances, companies will just refuse to insure you.

Add to this that the terms & conditions can be quite complex as the years add up and no two policies are the same, so read all the small print very carefully.

As with all policies don’t be tempted solely by price as this nearly always compromises cover. It’s also important to check that the excess isn’t too high as well as checking the medical & cancellation limits as older age can effect both of these. The minimum cover should include the following;

Medical Expenses – medical cover should be around £2m and should cover the cost of emergency repatriation

Personal Liability – this should amount to around £1m

Cancellation Cover – this should be either around £3,000 or the total cost of your holiday, including extras.

Baggage Cover – minimum cover should be £1,500

Holiday Money – minimum cover should normally be around £250 so if you plan to carry more ensure that your policy covers this.

Policy Excess – ideally this should be under £100

Scheduled Airline Failure – this should be included along with end supplier failure if you are travelling with a non-ATOL company.

Delay Cover – should be around £20/hour for first 12 hours.

 

Single Trip Or Annual Insurance

If you travel more than a few times a year then an annual policy is going to be better value for you across the year, as well as not having to worry about new insurance every time.

However, age limits for an annual trip will often be lower and only a limited number of insurers will even offer these to the over 65’s. Cover generally gets more expensive the further afield you travel and the U.S. is typically most expensive due to the high cost of medical care in that country.

 

Medical Conditions

Be aware that if you have a pre-existing condition and do not declare this the policy will be void, as well as any condition that develops during the course of the insurance that you fail to declare.

 

Do I Have To Be Covered?

No. But the risks (and so therefore the costs) are huge. The fact that insurance companies see you as a higher risk is enough to suggest that you are, in fact, a higher risk traveller. Therefore it’s probably more important that the over 65’s take out full cover, especially for medical costs and repatriations.

 

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