Premium prices can vary between insurance providers, that’s why it’s a good idea to shop around for a deal that will suit your specific needs and budget. However, all providers will consider the following risk factors when calculating travel insurance for over 65s:
Pre-existing medical conditions
It’s important to declare any pre-existing medical conditions to your insurance provider. You’ll most likely end up paying more for your premium, but if you don’t declare any medical conditions and you need to make a claim, your policy may be invalidated.
Travel insurance for over 65s tends to be more expensive for longer-haul destinations such as the USA and Australia than for Europe. However, when you consider that £760,000 was paid out to treat a stroke victim while travelling in the USA, the extra expense for peace of mind is well worth it. As the Association of British Insurers (ABI) points out, ‘six-figure medical bills are now not uncommon.’
What activities you plan to do
You may not be planning to go bungee-jumping, but even sports such as a golfing holiday may require extra or specialist cover.
Also bear in mind that cruise holidays tend to have specific risks and will usually require specialist cruise travel insurance.
How long you’re going away for
From an insurance perspective, as an older traveller, the longer you’re away, the higher the risk that something may go wrong. Some insurance providers may set a limit on the amount of time away you’ll be covered for.