Recent research has shown that the average 65 year old will face a huge premium rise when they reach 66. Worse still, once over the age of 70 a similar leap in price can be expected according to moneysupermarket.com.
Insurance companies express the shared opinion that this is due to pre-existing health problems being an important factor.
Because of this, it is becoming increasingly difficult for those belonging to the over 65’s age group to find
cheap travel insurance . This can be seen to be due to the fact that, like any insurance policy, it is a matter of risk assessment. Physically a person of this age is more likely to have a health condition or develop one during the length of cover and so a higher policy price is inversely created.
An increasing problem seen in relation to this is the ability of some travel insurance brokers to supply policies without gathering enough relevant information. This can allow pre-existing health factors to be overlooked on drawing up the policy and leave a claimant wide open when this is discovered at a later date.
This can be particularly relevant as certain companies offer “one size fit’s all” type policies with a standard price and coverage.
To conclude, I would say it is important when applying for
holiday insurance to be as honest as possible and give all relevant information to the company. Specify any existing health problems so they do not create a loop hole at a later date and notify the policy issuer of any changes during the life of the policy. Avoid purchasing a package in a retail environment that is not generally tailored to travel and may not be able to supply the help and advice you may need.
A good deal can still be had, but a little more time and effort may be required to find it.
