How Does Age Affect Travel Insurance Rates?

It’s pretty clear that age doesn’t dampen our appetite for travel, and the older we get the more likely we are to have the time and money to explore the world. Whether it’s visiting family, friends, or finally enjoying that luxury trip of a life time, there’s no denying that holidays escalate up our ‘essentials list’ the older we get.

Mature travellers are taking more holidays and going further afield than ever before. An impressive 85% of over 65’s travel more than twice annually. And why not?

Older travellers tend to be more organised with their trips and take their travel security and health seriously, so why is it that this conscientious group of travel enthusiasts usually pay more for their travel insurance, or worse still, have difficulty buying a policy at all? Especially the over 80’s?

So how does your age affect travel insurance?

Put simply, the older you get, the pricier your insurance will be, and travel insurance is no exception to this rule. This is mainly due to older travellers being a higher risk to insurers because they are more likely to claim, particularly on the medical section of the policy. If you are over 75, costs could start sky rocketing with some providers.

Many companies set a maximum age limit which could be as low as 65, so you could find yourself having to search long and hard for a policy if you are over 75. Don’t despair however, the good news is that there is still choices available and not all companies will charge exorbitant prices, but you may have to look a bit harder than when you were a few years younger! Globelink offer insurance people up age 89 on Single Trip policies.

Regardless of where you are travelling and for how long, all travel insurance companies need to know your age. This essential item of information, along with destination and trip length will usually determine the price you pay.

Read also: How to Obtain Travel Insurance if You Have an Existing Medical Condition?

Your age may also affect the benefits offered on your travel insurance policy, such as the cancellation and curtailment benefits, or how long in advance you can purchase a policy before your trip. At Globelink we maintain the curtailment and cancellation benefits the same on our policies for the over 65s.

Maximum trip length is another aspect that may be restricted the older you get – because let’s face it, it stands to reason that the longer you are away from home, the more likely it starts to become that you will need to claim for something.

How do price loadings for older travellers work?

In order to keep it straightforward, insurers often place travellers into age bandings. Often those typically falling under 65 are in the lower cost bands.

Over 60 or 65 travellers can expect a hike in the price of their travel insurance, but the increase varies a lot depending on the company. However it’s the over 75-80 age band that really starts to feel the pinch of serious premium increases and reduced choice.

However, don’t fall into the trap of opting for the cheapest policy. You may find there are too many benefit reductions to make it worth your while and you may end up forking out thousands in overseas medical costs for the sake of saving some money on your insurance. If you are savvy enough to purchase travel insurance in the first place, make sure you are canny enough to check the cover is decent and avoid the temptation to skip the small print.

Other factors impacting the more mature travel insurance purchaser include pre-existing medical conditions. Depending on your medical condition, some companies may cover it as standard, so check. Globelink cover over 50 pre-existing medical conditions, including gastric reflux, diabetes, hypertension, cholesterol and more.

Avoid the pitfalls of hidden extras that may hit the over 65 market, like increased premium for cruises. All Globelink policies include Cruise cover as standard.

A study published in the Journal of Travel Medicine, showed those in the senior age group were more likely to diligently adhere to good travel health recommendations, such as inoculations and anti-malarial regimes and avoiding street food. And older travellers are generally more risk-averse than their younger counterparts, so it seems harsh that these careful travellers get hit so hard with rice hikes. However, it’s a fact that the holiday combination of age, increased likelihood of pre-existing medical conditions and a change in climate, diet and surrounds can often be cocktail for holiday horrors for the over 65’s, so its better to be safe than sorry.

At Globelink we believe that age shouldn’t be a hindrance when arranging travel insurance, that’s why we offer Single Trip travel insurance for people aged up to 89 years old.

We also offer long term Single Trip cover for up to 10 months for people aged up to 79yrs, so there’s no need to cut short those exotic adventures, or trips to family and friends. If you are an unashamed regular traveller taking 2+ trips a year, check out Globelink Annual Multi-Trip cover available for people up to 79yrs with longer trip durations than even before.

Travel insurance policies and premiums vary hugely, but luckily there is plenty of choice, so do your homework and buy your insurance as soon as you have booked your trip. That way you arent out of pocket if you have to cancel your trip due to a medical or other emergency that your insurer will cover.

Read also: Why Do You Need Travel Insurance for Pre-Existing Medical Conditions?