Why is it difficult to get over 65 travel insurance?
Sixty five is an age when most people retire from their long and tiring careers. For a lot of people it is kind of a rebirth when they have a lot of free time and they want to spend that time doing what they have been dreaming of their whole life. And majority of them want to spend this time traveling around the world with their spouses. They have a good amount of money which they have been saving over their entire lifetime and they want to spend it exploring the world which they always wanted to see.
But one hurdle they face when they want to realize their dream of traveling around the world is the travel insurance. Historically, it has been pretty difficult as well as expensive to get insurance for retired people specially who are above 65 years of age. This is because most insurance companies used to think that people at this old age are at higher risk to getting ill while traveling thus making it less profitable for them.
Therefore they did not issue the travel insurance policies for people over 65 and even if they do, the premium used to be sky high. But in recent times, trends have changed. Because of good health and medical care people get now a days, the risk has somewhat been reduced and over 65 travel insurance has become much more affordable.
Many insurance companies have started realizing that this is a huge untapped market. They have realized that older people want to go out, travel the world and have fun, Gone are the days when they used to spend this part of their lives in an old age home. Therefore, the insurance companies have started creating tailor made travel policies for this segment of people. However, people should not just pickup whatever policy looks cheap and start their much awaited holiday. There are a lot of considerations which they need to take care before finalizing the correct travel insurance policy.
- The travel insurance policy should take care of all medical emergency situations.
- The policy should take care of flight delays and cancellations so that the money is not lost even in case of non-refundable tickets
- The policy should cover medical coverage for a decent amount in case the holder falls sick in a foreign country. The cost of medication and hospitalization can be pretty high in such cases.
- Check to see what kind of illness is covered and what is not (specially clause about pre-existing illness)
- Check if the policy is for single trip for annual basis
- Check for the fine print to see if there is anything which can come as a surprise to you
It is important to understand your policy before you start your vacation to avoid any bad surprises later on. Over 65 travel insurance policies are generally give for a single trip only unlike policies for younger people which is usually for longer terms or on yearly basis. The yearly insurance policies for over 65 years olds also exist but they are much costlier.
You can search for a travel insurance company over the internet. There is loads of information present online which help you get real time quotations from the companies directly. You can even compare quotes and policy terms and conditions. This is a pretty handful feature and helps you decide the best policy for you.
There are sites where you can read reviews of existing policies and companies. The sites also help you decide which type and what coverage of policy you should opt for after asking some basic questions about you. Based on your need and health, it will suggest you companies and the available options. If internet is not your thing, then you can go to any reputed travel agent and get the details from him. Over 65 travel insurance is available pretty easily out there. You just have to do some research, get the right policy for you and they you can happily go out on you much awaited vacation.