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Travel insurance difficulties for over 50s

Recent research conducted by Lloyds TSB has suggested that a persons age may cause difficulties should they wish to purchase travel insurance. The research showed that 26% of people over the age of 50 are struggling to get travel insurance when they go on holiday.

An online survey of 2197 adults was carried out through YouGov PLC between the 17th and 20th June 2010 and the figures are considered to be representative of British adults over the age of 50.

Age is no longer considered an obstacle to travel and 90% of British adults who are over theage of 50 have said that they take holidays, according to the survey. Furthermore, 49% of the respondents indicated that they take multiple holidays each year and 32% said they are now taking more holidays than they had in previous years.

However over a quarter had stated that they had problems when it came to buying any travel insurance for their holidays.

According to the research, an existing illness or injury is cited as the main reason why holiday makers in this age group are being refused travel insurance cover. 15% of people over the age of 50 are being refused cover for these reasons and this increases to 16% for the over 60 age group.

Furthermore, 11% of people who are over the age of 50 have just cited age as the main reason as to why they are refused travel insurance. This increases to 17% for people over the age of 60.

Jatin Patel at Lloyds TSB stated: "No one should be grounded from travelling because of their age. It is clear that age holds no barriers for those wanting to explore new frontiers, so age shouldn't prevent older holiday makers from accessing adequate travel cover at a reasonable price."

Some current accounts come with comprehensive travel insurance policies attached, and some of these cover customers up to the the age of 80, but not all do. If you have a bundled insurance provision with a current account, it is worth checking the terms and conditions before travelling to make sure.

If a customer has passed the upper age limit for an existing policy, it is a good time for them to shop around for a new quote. Now that travel insurance is sold online rather than through a travel agent, rates tend to be quite competitive. Older people can also contact an independent broker for specialist advice.

After insurance has been arranged, customers should always check the terms and conditions of their policy. If there are any age limits, they should be indicated in the small print. A failure to spot an upper age limit can invalidate your cover.

If customers do have any pre-existing medical conditions, these should be declared before travel is booked. Customers may find that they are subject to an additional premium for their condition. Furthermore, if treatment is needed for an undeclared and pre-existing condition, the customer's insurance may not cover any costs which are incurred.

Retirement Solutions (UK) Ltd are independent financial advisers that specialise in financial products for the over 50s. Visit the web site at www.retirementsolutions.co.uk





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