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Recent figures from Age Concern have shown that although there has been an increase in the number of pensioners deciding to holiday abroad over recent years, travel insurance cover to this age group is extremely difficult to access, causing concern over the lack of availability when it comes to affordable travel insurance for those aged over 65.
 Age Concern figures show that there has been an increase of 36% in the number of pensioners taking holidays abroad over the past five years, but at the same time figures also show that over 90% of holiday insurance policies are not available to the over 65s.
One of the concerns is that retirement is a time when most people get to do the bulk of their travelling, yet with travel insurance choices so limited for those aged 65 and over it means that they either cannot get the protection that they need in order to avoid the risk of hefty cost for medical and emergency treatment, or that they have to pay through the nose in order to get this protection. According to insurance companies that will not provide cover to this age group, the cost of medical expense claims for the over 65s make it uneconomical to offer these policies.
According to the Association of British Insurers the cost of claims made by those aged over 60 is over three times higher than those made by younger travellers. Figures also show that those aged over 65 are three times more likely to make a claim on their insurance than those aged 35. For those aged 85 and over the likelihood of a claim was eight times higher than someone aged 35.
Although there are some policies available for older travellers, and pensioners can shop around in order to find the best deals, figures have shown that in order to enjoy the same peace of mind and protection that younger travellers get pensioners will have to pay a substantially higher premium.
Tom Smith
24.04.07
Further Information:
- The Cost of Travel Insurance - The big decision concerning travel insurance is the question of what happens if the traveller only goes away for a few days at a time for business or pleasure, but has to pay for the policy for an entire year. Since the price per day ends up being more expensive, the yearly option is usually more affordable.
- Is Travel Insurance Needed? - In the last five years, more and more people are travelling to further distant regions and not buying travel insurance. Is travel insurance needed?
- Do’s and Don’ts of Travel Insurance - Travel insurance is bought by many types of people in different industries. Because travel insurance has more rules and regulations than home or car insurance policies, there are many facts that need to be considered before purchasing travel insurance.
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