If you decided you want to spend your retirement years traveling the world and creating new memories then you need to think about the practicalities.
The biggest thing you need to consider and understand is travel insurance and how it works.
Most people travel in the 20-30’s, so because you’re older you need to understand that insurance will be more expensive.
I have two big pieces of advice which I feel are utterly essential; firstly, don’t leave it too late to start looking for insurance, do you research and secondly, be completely honest. Insurance companies have a reputation for trying their hardest to get our of claims to don’t give them any excuse and be completely honest about medical conditions etc before you leave.
At first, you may find it difficult to find insurers who are willing to cover you, this is because they feel you are a bigger risk and it’s not worth it for them to cover you. My advice is to be persistent, many retirees take the opportunity to travel once they stop working so there are insurance companies out there who will insure you, it just may be a little harder.
Statistically, older people are more likely to make a claim and treatment for older people is furthermore higher.
But don’t fret, in my time of looking for insurance, I have found a few specialists who offer additional medical and emergency cover as standard.
What Should You Look For
The world of insurance is a complicated one but there are three key things you should always look out for.
– Read the terms and conditions thoroughly, see what you’re covered for and what you’re not. Any hidden costs and so on.
– Double check the excess, in my opinion, paying more the premium is well worth it over a £3,000 excess, it’s just not worth it.
– Cost – reflect on your budget and what you can afford, there is no point opting for multi-trip cover if you’re unsure you’ll be traveling again that year. Weigh up your costs and see if the single-trip cover is better for you because it will be quite a bit cheaper.
How Much Will it Cost
This is something I just can’t answer as there are many different factors to consider; where you’re going, for how long, what you’ll be doing if you’re traveling with children, grandchildren or alone and your health.
What I would say, though, is before agreeing to one single policy, get a few quotes for the same criteria and see how they compare.
The last piece of advice I would always give is to never cut short or withhold from getting travel insurance. Although it may seem unfair for insurance companies to charge more because of our age, there is a legitimate reason why they do so. Our health isn’t what it used to be, treatments do cost more for those over a certain age and if we’re alone, we’re at a greater risk. Travel insurance is well worth the hassle and will put your mind at ease should anything happen.
Just check the small print and if you have any questions, call the company to speak to an advisor who will be able to answer everything.
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