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Travel Insurance for Retired Travellers

Retirement is the perfect time to travel – your children are no longer at home and you now have a chance to think about yourself and pursue dreams that were once placed on hold for family and work.

As financial planning for retirement improves, the travel industry is seeing a large increase in the “Golden Years” market. This has led to many specialized products and packages that appeal specifically to retired people. These improvements are certainly welcome, but there is one area that retired travellers have difficulty with – Travel Insurance.

Like most types of insurance, increasing age does make it more difficult to obtain travel cover. This is not because insurance companies want to prevent you from enjoying your retirement, but is instead the result of restrictions that apply more frequently to older travellers than younger ones. For example, age makes the presence of a pre-existing medical condition more likely.

The Right Travel Cover is Out There

Although it can seem daunting, the perfect travel cover for you does exist. When searching through potential policies, you should be certain to first check age restrictions and any special conditions to which you may be subject. For example, be sure to understand whether you will be required to provide additional medical information because of your age.

The most important thing is to find an insurance company that is willing to treat you an individual. Companies that provide flexible and comprehensive packages are more likely to have the perfect product for you than those who are very rigid and limited in their offerings.

Pre-Existing Medical Conditions

One of the biggest hurdles that retired travellers face in obtaining travel cover is the concept of pre-existing medical conditions. Here is some information on this concept and how it may affect your ability to obtain travel cover.

What is a pre-existing condition?

Every insurance company has a slightly different definition what counts as a pre-existing medical condition. Overall, this term refers to a medical condition that was present at the time that you purchased the travel insurance. The variance occurs in how the company interprets the term “present”. There are three ways for the company to interpret it:

• The condition was formally diagnosed.
• The condition could have been reasonably identified (i.e. You had enough symptoms of the condition that even without a diagnosis you would have known it existed)
• The condition existed at the time, whether diagnosed/suspected or not.

Of course, you are likely to feel most secure dealing with a company who considers a pre-existing condition to be one that has been diagnosed.

How will it affect my cover?

The way it will affect your cover depends on both the nature of the condition and the insurance company’s policy in dealing with pre-existing conditions. In some situations, you will be able to obtain cover, but any incidences related to the pre-existing condition will be excluded.

Unfortunately, some people chose to try to conceal pre-existing medical conditions rather than honestly declaring them. This can create situations in which your entire cover becomes void and may open you to substantial financial risks should your pre-existing condition become an issue during your holiday. It is best to be honest and trust that you have selected an insurance company that is willing to work with you to find the best cover possible.

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