Sunday, January 3, 2010

Over 65's Get The Best Value Travel Insurance

For over 65's travel insurance is seen as both over-priced and at the same time providing arguably the most value for any traveller.

Is that a contradiction? Well no, because when considering the nature of many trips purchased by over 65 year-olds, it is this demographic who have perhaps the most reason to splash out on trips of a lifetime.

Typically elder travellers may be in a secure financial position whereby they are precisely aware of their annual income, from a pension for example. This is fantastic for budgeting because the amounts received are pretty steady and reliable.

Contrast that source of finance with investments in shares, or a salaried employee with a demanding family to feed. Instantly it is clear that these factors are going to place a strain of unpredictability on holiday savings. In addition the reliability of income could be withdrawn at any moment, for example with redundancy or a market crash. Over 65's are less exposed to these risks and are generally aware of exactly how much they have to budget for their holidays.

This explains why some older holidaymakers are taking out travel insurance for inspirational trips around the world, on safari, and cruises to multiple destinations.
Which add up to significant values covered under cancellation clauses in their travel insurance policy. In this respect, travellers with the highest value holidays receive the best value from their insurance policy. Compare two cancelled travel plans both paying a similar amount for insurance, if one is refunded 400 for a weekend break and the other 6,000 for an ambitious cruise, who will perceive the policy to be most worthwhile?

On the flip side, elder tourists often claim how high the policy prices can be following age 64. In the main, this is a fair observation. Part of the reason behind these inflated costs is the fact that this age group requires higher pay outs than other groups, due to the high proportion of medical related issues facing the more mature holidaymaker.

When all this is calculated, over 65's often receive high pay outs for holiday cancellations, having booked holidays of a lifetime. This group also claims the greatest amount of all medically related incidents abroad and receives the best value for money of all travel insurance policy holders. But the privilege for this is not cheap.

Technorati tags; over 65, cancellation claim, travel insurance.

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