Over 50's travel insurance
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Learn how to save money on travel insurance with our special guide...
What is over 50s travel insurance?
Historically, those over the age of 50 tend to have more disposable income than their younger counterparts. Let’s face it, there’s got to be some advantages of growing old(er). And that’s generally because their mortgage is either paid off or very close to being so, and any kids have probably flown said home/family nest (so have stopped draining their parent’s resources). While some over 50s are in the enviable position of planning for an early retirement; or at least the working life finishing line is closer than it’s ever been before and becoming much clearer.
So, apart from having the time of their lives (and spending more time – and money) on the golf course, eating out at expensive restaurants, visiting friends and family and taking up new hobbies and interests/joining new social groups, the over 50s are holidaying like there’s no tomorrow. And why shouldn’t they?! Time is what it’s all about now, and quality time at that. Indeed, the perpetual freeing up of more of one of the most precious of priceless commodities is key as you enter the second half of your life.
After all, the over 50s have put in the hours and effort during their working life, paid into that ‘system’ that people/politicians are always bleating on about and more often than not denied themselves luxuries so as to ensure that their children don’t go without anything (as well as to pay off that mortgage/credit card/school fees/etc…); so it’s high time that the over 50s let the good (travelling) times roll.
Having said that it’s no good going off half cock, and the older you get the wiser you become; so most of the following information might be a waste of time to many over 50s, who are only too well aware that travel insurance shaped around their needs is paramount before they set off on holiday. But just in case they aren’t in the over 50s travel insurance loop, here is a timely reminder…
Irrespective of age, when the travel bug bites you’ve got to scratch the subsequent itch. Besides which, you can’t apply age limitations to people’s desire to explore the world, and as recent research has suggested, the more mature you are the more active a traveller you are these days as age becomes less of a boundary than ever before.
An over 50s travel insurance plan provides the policyholder with peace of mind cover as they head off to sunnier climes with a view to exploring or simply relaxing for a couple of weeks at a time. As per most types of travel insurance there are two main categories of coverage, namely single trip and multi trip (or annual) policies, yet within that framework there’s often a further choice between basic or comprehensive protection.
Basic (elsewhere known as a standard option) typically offers a rudimentary level of cover, extending to medical emergencies and repatriation (in the average region of £5million) and baggage loss – but normally doesn’t protect you against cancellations unless you add it as an extra option.
Comprehensive on the other hand offers all that the basic/standard policy does (although medical and repatriation covers the policyholder up to £10million), in addition to cancellation, personal liability and legal protection.
And then there’s the age-old question of whether you should plump for single trip or multi trip/annual over 50 travel insurance plans. Only YOU can answer that one as it’s pretty much down to the individual and how many times you see yourself heading off on holiday or mini-breaks during the forecast 12 months ahead.
If you are planning to look forward to just the one main holiday this year, then the single trip over 50s travel insurance policy makes the most sense in terms of budget, whereas if you’re realistically planning to fly off here, there and anywhere else that takes your fancy during the course of the year, then a multi trip plan represents the best value for money. It also saves you the trouble of having to physically arrange and box tick consequent documentation each and every time you organise single trip sojourns.
Do I need over 50s travel insurance?
Perhaps unsurprisingly an over 50s travel insurance policy is aimed predominantly at those aged 50 plus and who travel on a regular basis.
‘On a regular basis’ doesn’t necessarily mean multiple times during a year – as that’s commonly referred to as a frequent traveller – but rather anywhere from once annually, upwards. And we’d say that if you wish to have the safeguard which only medical, damaged, lost or stolen luggage, personal possessions including documentation, travel delays and cancellation, personal liability and legal protection cover can guarantee, then yes, it’s imperative that you make it your business to look into over 50s travel insurance options.
What’s more, extra special add-ons such as 24 hour translation services along with freebies such as children and grandchildren under the age of 18 are insured for FREE also make an over 50s travel insurance proposition that much more attractive.
How much does over 50s travel insurance cost?
The biggest stumbling block to receiving an otherwise fantastic-priced premium deal on over 50s travel insurance is something which the demographic can do very little about. Save invent a time machine. And that’s age.
There was a time not so long ago when some travel insurers wouldn’t offer the over 50s travel policies per se, while even now some will charge a small fortune to insure over 50’s intent on still seeing the sights.
The logic is that the older you are the more prone you are to medical conditions and injuries, and therefore this increased risk element on the part of the insuring party is reflected in the price of travel insurance premiums; which is obviously hard to argue against. But that’s not to say there aren’t a wealth of over 50s travel insurance options out there.
The best policy (practised in life in general) is always honesty. There’s no point in not disclosing any underlying or existing medical condition when you negotiate a travel insurance package as the chances are that should anything unsavoury arise from a known health perspective while on your holidays (that you haven’t previously flagged up to your insurer), your subsequent claim will be ignored on the grounds of breach of contract.
Essentially it’s the responsibility of the policyholder to make sure that their health is in good order prior to travelling and should you be diagnosed with any new medical condition since rubber stamping an over 50s travel insurance policy then it’s your obligation to inform your insurer of the details and how it might impact on your current plan.
To put it another way, if your travel insurer have the wrong details you could be travelling uninsured and this could prove very costly should you need to make a claim at a later date.
Your honesty might not pay dividends straight away – because acknowledging pre-existing medical conditions could potentially ramp up your travel insurance premiums – but in the long run will come up trumps and save you a whole heap of bother and expense if (God forbid) you take a turn for the worse while on holiday. So please bear this in mind.
What can I do to reduce the cost of over 50s travel insurance?
Like all insurance policies, when it comes to getting a good deal on over 50’s travel insurance it can pay to be a savvy shopper.
Make sure you de-select any unnecessary add-ons – such as winter sports – as this will help to reduce the overall premium. Likewise – and in a bid to keep costs to a minimum – it’s always worth checking that you don’t double up on cover. For example you might already have your baggage and/or personal possessions protected by an existing home insurance policy, which would pretty much render box-ticking that in any subsequent over 50s travel insurance pointless. And costly. On the same note your valuables – gadgets and jewellery for instance, which many people take with them on their holidays – might well be hitherto covered by some form of contents or gadget insurance.
Although never knowingly skimp on the essential components of any travel insurance policy, and by that we’re obviously referring to the main areas of cover, including medical costs, cancellation and personal liability, as this really is false economy and could effectively leave you comprehensively out of pocket long before the journey’s end. And don’t be tempted to increase the excess to bring the premiums down, as naturally the policyholder has to be in a financial position to afford to stump up the excess if called upon, otherwise the policy is worthless to you in worst case scenarios.
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