Nowadays, more and more people are getting risk coverages for themselves while they are on trip. However, while the process of buying a travel insurance policy has become easier for all, some challenges still stays as a hitch.
Even today, buying a travel insurance for over 75 years is still a task. In addition, if a senior citizen has pre-existing health issues, getting the required tour insurance plan gets even more difficult.
One of the prime issues a 75 year old traveller generally comes across while buying a travel insurance is high insurance premiums. Most of the travel insurance companies won't even entertain risk coverage policies for senior citizens, while the one who do charge very high premiums. In general practice, the premium amount for people over 65 years keeps on increasing as they get older.
But, one needs to note, the tag of senior citizen varies from company to company. While some insurance providers may consider age of 60-65 as senior citizen, for others the follow age band of 70, 75 or even more. Also, the rate at which these companies increase their prices are also different.
Why do premiums get expensive?
In a normal scenario, older people are more prone and vulnerable to illness, bad health or accidents. In such cases, higher premiums indicate higher risk of medical claims, which are considered to be among the most expensive settlements.
The fact that premium rates for senior citizen travel insurance plans are more, yet these policies often come with more benefits which are generally not included in case of younger travellers. For instance, extra emergency and medical cover.
How much cover should I go for?
If you have compared two or more senior citizen travel insurance plans, then you might have realised that the level of coverage and terms & conditions for each policy is different. You might be looking for the cheapest policy to fit your bill, however, the best policy for you will be the one that provides enough risk coverage at the best price.
What type of policy?
If you are a frequent traveller, then you will need to buy an annual “multi-trip” policy. This type of senior citizen travel insurance plan will offer you risk coverage towards all your travel in that particular year. The drawback of a this policy is that its maximum age limit is much less than for insurance plans for single trips. Also, very few insurers in market provide multiple travel insurance for over 75.
On the other hand, some travel insurance companies provide special plans for cruising vacations. These policies are often better valued with higher age band. Also it is important to note that your premiums may become expensive in case you are travelling to North America, because healthcare and/or medical expenses there are expensive
How to deal with pre-existing medical conditions?
Pre-existing medical conditions, specially in case of senior citizens, is a big matter of concern for insurance companies. While you are in your trip and you fall ill due to a pre-existing condition which you did not declare at the time of buying the insurance, your claim will not be settled. Even in case of annual policy, if you develop a health related situation, you must inform your insurer at earliest.
Some normal existing medical conditions are high blood pressure, diabetes, cancer, etc. while buying your travel insurance policy, speak to your insurer and make it a point to note all details recorded in writing.
Be it a week long trip in the India, or a month in Australia, Reliance General Insurance's senior citizen travel insurance will meet all your requirements. With RGICL, you may talk about your each and every requirement and avail the benefits of a tailor-made senior citizen travel insurance.