If you’re a senior who is planning to travel soon, then you’ll probably know from experience how valuable a good travel insurance policy can be.
Sometimes, though, it can be difficult to parse the details of different policies from one another and to decide on exactly which policy will be right for you.
Find the answers to any questions you might have about seniors travel insurance here, as well as how to compare policies in order to find the quote that best suits your requirements.
Seniors travel insurance is a type of travel insurance designed to more closely cater to the needs of older travelers. It can cover a wide range of circumstances, but ultimately what you are covered for will come down to the specific policy that you decide to purchase.
Basic policies typically offer cover for health issues and emergency medical expenses only. In some cases, you may also be covered for personal liability if you cause an accident and if you pass away whilst overseas. More comprehensive policies can include cover for lost or stolen luggage and cancelled flights, accommodation and other bookings, damage to rental vehicles, stolen belongings such as jewellery or cameras, or even expenses relating to death.
While pre-existing medical conditions are not covered by these policies as a default, should you wish to pay the added premium, certain insurers will allow you to purchase cover for you existing conditions as an add-on.
Both domestic and international travel can be covered with a seniors travel insurance policy. While domestic cover will insure you for lost luggage, cancellations and other basic areas, international will also include cover for medical expenses and repatriation as Australians travelling overseas might not be entitled to health care in the same way as in Australia’s public system.
Expenses related to emergency health care and medical emergencies.
Costs incurred by your next of kin in the event of death.
Covered if you cause damage or injury whilst overseas
Excess payable for damage to rental vehicles.
Loss or theft of valuable personal effects such as jewelry.
Cancelled flights, accommodation, tours and other bookings.
Lost or stolen luggage up to a certain value.
The cheapest travel insurance for seniors is typically in the form of policies which offer only a basic level of cover for fundamentals such as health care and personal liability. Otherwise, if your credit card provider offers complimentary travel insurance that is also applicable to seniors, this might be your most affordable option.
While these basic policies will often save you money on your premium, for seniors whose priority is peace of mind while travelling and the comfort of knowing that you will be looked after in the case of an emergency, it might be worth paying the little bit extra to upgrade your level of cover. Adding cover for things like pre-existing medical conditions and coverage for cancellation and lost luggage costs will not increase your premium by a huge amount, considering the value it provides in terms of your reassurance.
When thinking about what will be the cheapest travel insurance for you, it is helpful to look at your policy not just in terms of dollar amount, but also the potential savings and convenience your policy can provide in the worst-case scenario. Framing your policy this way will likely make you realize that the cheapest policy at face-value might not actually provide you with the most value, whereas a more expensive, thorough policy will give you the most potential value for your money.
If saving money on your policy is a priority for you, though, there are several methods you could look to make use of. These include:
Different insurers will view different demographics differently, so depending on your age group, you might find that different policies will be best suited to you. The table below provides a brief overview to get you started and point you in the right direction.
|What travel insurance can cover you for||What travel insurance won’t cover you for|
Making sure you understand the process of finding the right policy for you can be fundamental in making sure that your travel plans run smoothly.
The table below provides a quick overview of the positive and negative aspects of a seniors travel insurance policy.
Allows you travel into your old age with peace of mind and security.
Can be flexible in terms of providing cover for certain health conditions.
Applicable for individuals as old as 100.
Different levels of cover suit the needs of all travelers.
Policies can include your grandchildren or other travel companions.
You might pay a higher premium as your age could mean you are deemed ‘riskier’ to insure.
Certain activities can’t be covered for older people, such as skiing and surfing.
Pre-existing medical conditions are not included in your cover by default, so you’ll have to buy it as an optional extra.
Savvy’s online comparison tools make comparing easy. With our easy-to-use programs, you can compare the top travel insurance options for seniors on the market now in all the areas that are most important to you.
For senior citizens who might have a lower risk tolerance than younger travelers, the level of cover provided by potential policies will be a significant factor in your decision making. By opting for a higher level of cover in exchange for paying slightly higher premiums, you might find that you feel a lot more secure with your travel plans.
As well as your level of cover, one of the more important things that will impact your decision is the policy premium, or the price. If keeping your costs down to a minimum in exchange for a more basic level of cover is a priority for you, then this will be important for you.
Weigh up what kind of dollar amount you feel is necessary for you as a maximum claim payout. This is important because if you opt for a policy which offers an excessive amount of cover you might be paying too much in terms of premium for a policy which actually over-caters to the level of cover you need. On the other hand, you must also be mindful of making sure the maximum payout will be sufficient to cover your claims.
How flexible can this policy be with add-ons and extra inclusions? It is not uncommon for senior people to have certain medical conditions, which even when non-severe, might not be covered under a regular policy. Checking whether an insurer can cater to these needs might be a game-changer for you.