97% of travel policies now imposing upper age limits - starting at 65

09/06/2008

Many travellers aged 80 or over are being refused holiday insurance as more and more insurance companies shy away from offering cover for the older traveller.

 

According to Intune, provider of financial products and services for older consumers set up and owned by Help the Aged, 97 per cent of travel insurance policies are imposing an upper age limit.  A quarter won’t cover those aged 65 or over and three-quarters (73 per cent) won’t cover those aged 75 and over, despite indications that the number of travellers in this group is increasing year on year. 

Intune’s own travel insurance policy has no upper age limit and its oldest customer is 101 years old this year.

 

Research conducted by Defaqto for Help the Aged 2007.  Defaqto examined 495 single-trip and annual multi-trip travel insurance policies (215 annual multi-trip and 280 single-trip).

 

“While the older generation flock to the sun, or visit relatives abroad, insurance is getting harder to find,” said Stuart Castledine, Managing Director of Intune. “This comes at a time when many people are electing to work until 70, leaving it even later in life for them to make the most of their retirement and leisure time through travel.

 

“Some insurance providers in tied agreements with UK travel agents do not provide cover over the age of 79. Added to this, many policies for the over 65s have low restrictions on the number of pre-existing medical conditions that they will cover.”

According to research carried out by Help the Aged and Age Concern,

13 per cent of this older age group are put off due to the access, cost or perceived cost of insurance. “The research found that a further 31 per cent of the over 80 age group believe they are discriminated against by insurance companies,” explained Mr Castledine.  “And what is more worrying is the numbers of over 80s electing to travel without any insurance at all. “

 

Mr Castledine believes that many insurance companies fight shy of cover for the over 80s because of the perceived higher likelihood of claims. “Customers over 85 are eight times more likely to make a travel insurance claim – and over 65s three times more likely -  than customers aged 35 and under,” he said. “However, the volume of enquiries we are receiving suggests they are travelling in greater numbers. The travel agent whose insurance provider cannot accommodate their needs is missing out on a significant business opportunity.

 

“Intune’s own travel insurance policy has no upper age limit and covers many pre-existing medical conditions,” Mr Castledine added. 

“It has been specially designed to meet the needs of older people and provide the reassurance that, whatever their age, they can travel with fast access to financial and medical help.”

 

Stuart Castledine concluded:  “We have found that older people holiday more widely than younger age groups, and for longer at a time – more than 121,000 trips of 3-6 months have been taken by this age group over the last year. The over 80s traveller has particular requirements which need accommodating, but they do not want a system which writes them off at a time when they should be enjoying life to the full.”

 

The Help the Aged ‘Just Equal Treatment’ campaign is calling for an outright ban on age discrimination to be included in the forthcoming Equality Bill.  For more information, visit the first link below.

 

For further information on Intune’s travel insurance and other products, visit the second link below or call the travel telephone number on 0800 030 482.