RSS FeedBusiness Finance | Grannies on the Go – Travel Insurance For Oldies
Many of the older generation are envious of today’s young people’s gap years spent travelling the globe and seeing different countries and cultures. Many have to wait until they are senior citizens before they have an opportunity to travel, and even if they don’t want to back-pack around India, they often find that getting insurance is a real problem.
Some companies won’t entertain insuring you if you are over the age of 75. But travelling without insurance is a risky business and if you have an accident whilst abroad you can end up in serious financial difficulties.
The main reason why travel insurance premiums are so high for older people is that they are more likely to have health conditions which might need treatment while they are abroad. That’s the explanation from More Than’s spokesperson.
But cancellation is another major reason for claims made by older holiday-makers. If you plan your trip quite a way ahead, as older people tend to do, there is more chance that you may have to cancel it due to illness or any other circumstance cropping up in the meantime. It is more important for our grey tourists to think about what might not be covered on the policy rather than just what it costs.
Saga’s managing director advises, “Don’t trade price over cover for medical conditions, which is the part of the policy you are most likely to use and tends to be the most expensive if you have to cover costs yourself.”
One simple way of virtually halving your premium is to make sure you aren’t paying for world-wide travel if you are only planning to visit Europe. Insurance that includes the United States will be a lot higher due to their expensive medical costs and their penchant for litigation.
World-wide annual multi-trip travel insurance could cost a 75-year old man anything from 106.20 pounds from the Halifax, to 319.68 from Intune. A 30-year old could spend around 30 pounds for the same policy.
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