Older travellers 'prevented from holidaying by expensive premiums'
Published On 16 April 2007
Older people are finding it increasingly difficult to obtain appropriate levels of travel insurance, according to a number of reports.Data gathered by consumer website moneysupermarket found that the average cost of travel insurance increases by more than 100 per cent when a person turns 66.
Four years later people typically experience a further large increase in premiums, the website said.
"Anyone who dreams of seeing the world in their retirement will get a nasty shock when they reach their 66th birthday and find insurers have doubled the cost of their travel insurance," explained Richard Mason, the director of insurance at the website.
"The situation gets even worse for travellers entering their seventies as the cost of cover leaps by almost as much again."
Mr Mason called on insurers to reduce these overnight price increases, as they cannot "be a fair reflection of an individual's increased risk of making a claim".
However, he did concede that some older people could have pre-existing medical conditions, which could mean premiums justifiably increased.
"This should definitely not put them off arranging insurance before travelling since the risks are just too great – and providers will cover them in most instances," he said.
"Failure to disclose a pre-existing condition may mean an insurer refuses to pay out if a claim looks to be linked to this."
However, research from Worldwide Travel Plan found that many older travellers did not think about discussing pre-existing medical problems with their insurer, meaning that these people faced potential difficultly should they become ill while on holiday.
The insurer's report cited an incident in the US where an elderly man from the Wirral was taken ill with hypertension while holidaying. As he had failed to declare the condition when applying for insurance he was not covered and had to foot the medical bills - which came to over £50,000 - himself.
Peter Stubbs of Worldwide Travel Plan said that much of the blame lay at the feet of supermarkets who sold insurance to older people. He pointed out that these companies advertised solely on their premium prices and do not take enough time to find out what insurance deal could be most appropriate.
"You cannot expect a young person trained to deal with faulty goods and out-of-date milk in a supermarket to understand the nuances of travel insurance," Mr Stubbs explained.
"They simply cannot give you the correct advice," he stressed.
Moneysupermarket's Mr Mason also warned older travellers to make sure they carefully checked the details of their holiday insurance.
"As with any insurance policy, it's important to scratch beneath the surface and check the small print to ensure you comply with your policy conditions.
"Older travellers may want to consider approaching specific organisations such as Age Concern or Help the Aged for insurance, but as always it is worth comparing these quotes to check they are competitive."
