Travel insurace = sudden death?

  knockin on 14:40 25 Aug 06
Locked

I have recently reached the magical age of 65 yrs. A renewal invitation from the company providing my travel insurance has requested a premium increase of nearly 70%. Do they know something I don't know? Have I suddenly (overnight) become a serious risk to their profit margin? Am I now, so close to death that I may never finish this observation, or would I be ripped off, if daft enough to pay? I would welcome your comments - assuming I stay competent and well long enough to read them - please hurry...

  Diemmess 14:48 25 Aug 06

65 is only just the beginning.
It is the end of being a standard risk but, (if you are spared) you can browse for all sorts of better deals in almost anything except medical sickness insurance - as such

Look at the bright side, in another 10 years you can have the Telly for nothing!

  SB23 15:03 25 Aug 06

A friend of mine, who was in her late 40's had an operation early part of last year to replace a heart valve. It wasn't urgent but she was told that if they didn't do it, then in later life it could be more serious.
She recovered quickly, and was back at work soon afterwards.
Late summer I remember her saying that her husband was taking her to Egypt to celebrate her good health, that was until they tried to get travel insurance. Nearly every insurer wanted to charge a ridiculous amount for cover, just because she had this type of operation.(She even had a letter of approval from her surgeon!)
In the end they did both go, after looking around for better quotes, maybe its your turn to look.

  knockin on 15:06 25 Aug 06

You are right, I am just surprised that after such a short time, I am already resenting being 'different' by assumption. This does not detract from the pleasures of no National Insurance contributions or prescription charges... altho'I am too healthy to take advantage of the latter.

  hssutton 15:09 25 Aug 06

I use my banks free insurance policy and util recently this was free if the travel was paid via their credit card. Now that I've reached 70 I have an annual premium of £60. My wifes insurance is still at zero and my dependant daughter is also zero.

As all our trips abroad costs several £1000s, payment by credir card is IMO the best way, assuming you pay up the following month.

  Forum Editor 15:25 25 Aug 06

You're simply the victim of actuarial tables, which tell your insurers that you are more likely to require medical assistance abroad after the age of 65, and that any treatment is likely to be more serious than just an elastoplast.

Take out your insurance by the year, rather than a trip by trip basis, and stick to the same insurer, once you find a good one.

  knockin on 16:21 25 Aug 06

My policy was year by year, FE. and I would have been happy to stick to the same insurer.
The SAGA is, that the company have asked (as they all do) for information about my health each time I renew. If I make a claim, I am sure they will check and double check before paying out to ensure that nothing has changed in respect of their risk. In reality a 70% premium increase because of an arbitrary set of actuarial tables is not on.
You guys are right - I am looking elsewhere. Sad, as this company professes to look out for the older generations.
Thanks for listening, will tick now.

  anchor 16:26 25 Aug 06

When using your credit card abroad don`t forget that most CC issuers impose a surcharge of something like 2.7%. This mounts up when spending larger sums.

A notable exception is the Nationwide credit card; they make no extra charge for foreign use. Since finding out about this I use nothing else on my foreign trips. Saved me a packet.

  Forum Editor 16:32 25 Aug 06

I use Norwich Union for travel cover - and have done so for years.

  knockin on 16:37 25 Aug 06

Thanks FE will look at them

  Diemmess 17:36 25 Aug 06

Once upon a time one could cultivate a relationship with a "tarriff company" That day is long gone!

Cars for instance, no cover at all offered by a few for >75s.
Whatever the age it pays to look around. New business is worth a good discount .... for one year, then change again!

Currently I'm with Post Office Insurance Services which was slightly better than Cornhill at renewal, plus a £50 cashback once policy had run for one month.

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