Often it has proven to be a disadvantage to be an older traveller because insurance companies in the past have seemed to take the attitude; "you're old, you're probably a risk, and for that we're going to make you PAY!"
However, since the populations of many western countries are growing increasingly more mature; interesting things are happening in the travel insurance world.
Given an overview perspective, an aging population is good for business because an increasing number of holidaymakers fall in to the over 65 age bracket. This means more sales of insurance policies and also a larger market share being influenced by these customers.
The other aspect of having more customers in the 65-plus age range is that the increase in demand for senior travel insurance products will increase, and the subsequent response by insurers to compete for a share of this market will cause prices to fall.
That is, unless the big banks make efforts to display only token competition, for example offering a small percentage off a policy price, or advertising extra months cover for “free”, wherein the end result between high street providers shakes out to be negligible for consumers.
The good news is that specialists supplying over 65 travel insurance are appearing to offer a competitive alternative choice. But it is not so simple to advise "go with the underdog", because each company's pricing structure is different. It really is a case of getting several quotes for your particular circumstances and seeing which combination of price and cover appeals to you.
- Travel Insurance for Over 65's - A valuable resource exploring considerations and providers for mature travellers.
- Guardian Article - Investigating the specific pricing distortions for older travellers.
Technorati tags; travel insurance, over 65.