Seniors Travel Insurance Guide

Travelling is one of the greatest pleasures in life and for most people, the freedom and opportunity to see the world only comes after retirement. If you’ve just reached that stage in your life and you are looking forward to enjoying some travelling adventures, then you might want to consider taking out some insurance cover that’ll protect you in case something unexpected happens. Luckily, there are literally tons of insurance provides that offer cover which specifically caters to senior travelers.

Below you will find out how to save money, time and worry when shopping for senior travel insurance cover.

Does Age Matter?

Thanks to the increased popularity of healthy living and constantly improving medical and self-care, it’s not surprising to see that a large percentage of senior citizens are remaining younger for longer, with most opting for a largely active life of travel after retirement, which often involves more than just knitting and playing bingo. However, the only downside of travelling while older is gaining access to affordable and comprehensive travel insurance for senior citizens, as most insurance providers are skeptical about covering individuals that are 75 and older.

The good news is that thanks to the increased demand for senior travel insurance, quite a few providers have now started offering better travel insurance plans for senior citizens at extremely competitive rates. To help clear up any confusion that you might have regardingthe age limits related to senior travel insurance, we’ve made some comparisons between several reputable providers that cater to senior travellers between the ages of 60 up to 110 years!

What’s the Right Cover for You?

When choosing an insurance policy, it’s important to select a benefit that provides the right level of cover for you, and there are basically 3 different levels for you to choose from:

  • Basic Cover – This type of travel policy will cover the most essential risk of all; your health. A basic policy will cover all your overseas medical expenses including 24/7 emergency assistance, and in some cases, even personal liability.
  • Mid-Range Cover – In addition to essential medical cover, a mid-range policy will cover your luggage, personal belongings and flight cancellation.It provides a budget friendly safety net for those who have pre-booked flights and accommodation for an extended overseas stay.
  • Comprehensive Cover– Comprehensive cover is all-inclusive, and will give you a peace of mind knowing that whatever happens, you’re covered for every possible scenario while you’re abroad.

The level of cover that you choose largely depends on the type of holiday getaway that you’re planning to have, and most of the time, a cheaper option isn’t really the best choice.

Thankfully, there are two types of policy options that are customized to cater todifferent travellers:

  • Single Trip Policy– This is a simple and straightforward one-time policy which can cover you for one day or for up to one year if you’re planning a really long single trip.
  • Annual Multi Trip Policy – With this policy, you pay an annual fee that covers you for multiple trips that you plan to take throughout the year. However, certain limits do apply on individual trips, whether they’re domestic or international.
  • annual multi-trip policy is a great way to save money regardless of whether you’re completely retired or you are working part time while travelling regularly. Just be sure to check the limits featured on each annual multi-trip policy you consider, such as the maximum trip length allowed. Typically, most providers place a 15 to 90-day limit per trip, while others feature lower age limits as well.

Who Offers the Best Value for Money Cover?

Who offers the best combination of price and value when it comes to senior travel insurance? Well, we’ve done some research on the 20 most value-driven insurers to provide you with comparisons on who provides the best combination of cover and price for senior travel. We’ve used an example scenario of a typical senior couple in their 60s, who’re travelling for 2 weeks on an international destination (or two) of their choice.

  • Basic Cover -Itrek offers a fantastic basic policy called ‘Wanderer’ which offers unlimited medical cover, $5,000 hospital cash, $1 million personal liability and $5,000 for travelling expenses- all for a $105 and $250 excess payment.
  • Mid-Range Cover – The standard policy from Fast Cover includes unlimited medical and cancellation cover, $2,500 hospital cash, $15,000 for accidental death, $5,000 for luggage, $5million for personal liability, $30,000 for travel expenses and $2,000 for travel documents. You get all of this for only $168. 91 and $200 excess payment.
  • Comprehensive Cover – Virgin Money offers a jam-packed comprehensive policy, complete with unlimited medical and cancellation, $10,000 for luggage, $50,000 for travel expenses, $5,000 for alternative transport, $1 million for personal liability and much, much more, for only $217.71!

You can also use an online website to compare senior insurance covers based on your specific needs, including age and trip specifics.

Looking to Spend the Kids’ Inheritance?

What can you do to celebrate when the kids have finally left the nest and are self-supporting? One idea would be to reward yourself with the trip of your dreams using their inheritance. Here’s an idea of what you can expect to pay as a senior couple when travelling for two weeks to a destination like Thailand, for example.

  • Flirty 50 – You can expect to pay between $75 to $100 for a basic policy, $100 to $130 for mid-range policy, and $130 to $600 for a comprehensive policy.
  • Sexy 60 – You’re looking at $75 to $100 for a basic policy, $100 to $150 for a mid-range policy, and $150 to $600 for a comprehensive policy.
  • Super 70 – A basic policy in this age group is between $95 and $170, while mid-range and comprehensive policies are between $190 and $474.
  • 80 Years Young -At this age group, there aren’t a lot of basic policies available for you to choose from, but the cheapest rates start at $347, while the most expensive policy can cost up to $1,533.

Extras like cover for your golf and ski equipment, or car hire excess require that you pay an additional premium, and cruise policies are not always included, so you’ll have to inquire if cruise specific cover is available from your chosen insurer before you sign up with them.

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