The older you get, the harder it is to find travel insurance. Szu Ping Chan compares the best policies out there.
This article was first sent to Fools in an email as part of our Summer Lolly series.
With summer in full swing, we've penned several travel insurance articles to ensure you're in the know by the time your holiday comes round.
We have demonstrated that as companies compete for your cash, travel insurance is getting cheaper. We've also pointed out the pitfalls of some travel insurance policies, and have even looked at how much you should be paying for your policy.
However, several Fools have highlighted one thing we haven't done - we haven't looked at travel insurance for older travellers.
Sadly, the older you get, the harder it is to find travel insurance. Indeed, The Fool's own travel insurance comparison service only caters for individuals up to 74 years.
With the rise of the silver surfer, saver, and most importantly, holidaymaker, I think it's high time we explored the avenues available to these explorers.
Because although life may begin at 40, it need not stop at 74.
Cover all bases
Firstly, as fellow Fool writer Neil Faulkner has highlighted, the minimum amount of cover we recommend when considering a travel insurance policy is:
Medical cover: £2,000,000
Personal Liability: £1,000,000
Cancellation and Curtailment: £3,000
Baggage: £1,500
If you're under 74, it's easy to get a quote from a comparison site such as The Fool. However, those over this age may be left slightly at sea, so I've rounded up some insurers that will offer cover for those who lie outside this age bracket.
Here's a comparison of travel insurance quotes for an 80 year old woman with no pre-existing medical conditions, travelling on a single trip insurance policy* to the USA for 15 days:
Insurer | Policy Price | Upper Age Limit (single trip policy) |
|---|---|---|
Direct Line | £90.69 | None |
Marks and Spencer | £142.21 | None |
InTune | £144.93 | None |
Bradford and Bingley | £152.89 | 85 |
Saga | £208.55 | None |
Churchill | £219.72 | 99 |
Age Concern | £268 | None |
All policies listed meet the minimum level of cover as outlined above
The sky's the limit
As you can see, several insurers provide cover for older travellers, with five of the seven policies having no upper age limits (although age limits for annual policies tend to be lower).
However, there is one other common denominator when it comes to policies for older travelers: Expense.
While Neil Faulkner has suggested that those under 65 should fork out around £15 for a single trip policy to the USA, the cheapest I found for an 80 year old taking the same trip was £90.69.
It's a similar story if you're travelling within Europe. The cheapest policy I found for the same trip to Italy was £59.10, also with Direct Line.
Unfortunately, there's not much you can do to avoid paying these higher premiums apart from shop around to find the cheapest policy.
Pre-existing conditions
In addition, all the insurers mentioned will cover certain pre-existing medical conditions for an added premium, although Direct line and Churchill will not allow you to do this online.
Where an online quote is available, the insurer will take you through a medical screening process. You will then be told both whether cover is available, and how much it will cost. Based on these assumptions you can then decide whether you want to pay the extra premium or not.
As you can see, if you are a mature traveller, insurance can still be found - but at a price. Once again, I cannot stress enough the importance of shopping around to get a quote which will suit your particular needs.
The cheapest quote may be the most tempting at first. But if you do have additional considerations, such as a pre-existing medical condition, a policy which costs more but covers this could make all the difference, should you need to make a claim.
And above all, be honest!
Embellish the truth about any pre-existing conditions and in the unfortunate event something was to happen, you could end up with no cover at all.
I don't want to end on a sour note, so take advantage of the fact that more insurers are offering competitive travel insurance - and more importantly, enjoy your holiday knowing you're covered!
Important things to remember
- Don't automatically go for the cheapest policy. Read what you get for the money, as a few more pounds spent on a better policy could end up as money well spent.
- Remember to print off all your policy documents and pack them in your luggage before going away.
- Make sure you also take a photocopy of your passport, as this will speed up the process of getting a new one in the case of loss or theft.