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For many people, retirement is a time to kick back, relax, and do a bit of travelling. Often people set aside money gained through a lifetime of hard work in order to go on a nice foreign holiday, or two, when they retire. However, these plans can often be jeopardised by the difficulty that many older people have getting travel insurance cover. The most recent figures show that almost a third of all insurers will not give travel cover to anyone over retirement age. Besides obtaining cover, pensioners also face the added headache of huge policy costs. Discrepancies in travel insurance prices really begin to show as you pass 65 years of age. Typically a fit 65 year old can obtain cover for around £35, one year later that cost has risen to £55, and just five years later the average price has jumped to £170. Many people would view this situation as unfair, and one of the reasons for this current state of affairs is that travel insurance providers are still using old claims statistics to determine their policies. This out of date information does not take into account recent advances in healthcare and the fact that pensioners now live longer and healthier lives than at any other time in history. Another factor creating discrepancies within the elderly travel insurance market is the fierce competition between travel insurers. More and more insurance providers are choosing to refuse cover to older people entirely so that they can keep premiums down for the larger number of younger consumers. But it’s not all doom and gloom as insurers begin to address the fact that soon the majority of the UK’s population will be over 50 – and they can’t afford to miss out on such a large market. There are now insurers who specialise in insuring the over-60s, providing a range of products to suit their unique insurance needs. Benefits offered by these specialists address the problem of pre-existing medical conditions. Travel insurance was almost impossible to come by if you had a pre-existing condition, but now those with medical conditions can get around this by opting for a policy which covers everything else on their trip except their existing condition. An added bonus is that the majority of the specialist companies have no upper age limits in place. Insurers like intune and Age Concern tailor their travel insurance products to take into account the circumstances of the older traveller. For example retirees with high blood pressure might not have to shell out more for insurance due to their high blood pressure, so long as they can prove that they are taking medication to address their condition.
Article Source: http://www.articledirectorylive.com
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