They are the people who need it most. Yet finding suitable seniors travel insurance is one of the biggest hurdles for Australians.
And now, according to experts who talked to Cruise Passenger, prices are rising too.
Christine Avery, a 75-year-old, knows exactly how important insurance is for her travels.
She had a fall on her last cruise and was certainly glad she had take precautions before she left.
“On my last cruise, I had a fall. After arriving home I claimed expenses online. I received hospital and medical centre care on the cruise.
“After submitting paperwork I received an email to let me know all relevant paperwork was received and passed on to the claim’s office. By the end of the week, all of my claim was in the bank. Can’t get better than that.”
Ms Avery has an upcoming cruise for 12-days off the coast of Africa with Norwegian Dawn, the insurance with 1Cover will cost her $1200.
Warren Duke, insurance expert at Compare the Market says he doesn’t believe finding senior travel insurance has become more difficult. But prices have risen in line with the rest of the insurance market.
“I don’t believe it is more difficult. However, the price increases for most brands impact all travellers, including the premiums for older travellers. The premium is determined by a number of factors. And they are primarily based on the likelihood of claims being made and the size of those claims. As one or the other increases, so too does the premium.”
Who has the best senior travel insurance?
The good news is that there are a range of insurance providers that are offering comprehensive cover and cruise cover for older travellers. The age-old advice is to compare between policies and decide what’s best for you.
However, here are some standouts.
Southern Cross Travel Insurance won the 2023 senior travel insurance awareness for Finder. It scored highly for its age limit cap, Covid benefits and cancellation fees. Southern Cross has a very inclusive age limit of 118.
Next in Finder’s awards for World Care Insurance and HIF, both have no age limit, meaning there are no obstacles for seniors.
Ms Avery, as previously quoted in the story, uses 1Cover insurance, who offers her cruise cover as a senior traveller and she has been very happy with their service.
Jodie Bird, insurance expert from Choice suggests Allianz, Worldcare, Cover-more, Insurance and Go and NIB as high-level policies that will cover ages up to 100.
Smoney also rates Insure and Go as a leading option, with unlimited medical care, highly rated cover for travel delay expenses and unlimited cover for trip cancellations for those up to 100. Insure and Go will also consider all pre-existing conditions and many are covered at no extra cost.
Which pre-existing conditions are harder to cover?
Ms Bird says there are a range of conditions that are often automatically covered by travel insurance. However, there’s also a range of conditions for which you likely need to pay extra to get covered.
“Many policies will have a list of conditions they automatically cover. But for some conditions, you will need to apply for cover and maybe pay an extra premium. This includes Chronic lung conditions, cancer, anxiety, depression and heart-related medical conditions.
“Conditions for which you’re awaiting surgery, treatment, investigation or procedures will commonly be excluded, as are conditions for which you may be travelling to seek medical treatment for.”
Ms Bird does also mention that some pre-existing conditions have become more difficult to get covered since Covid and if you have a specific condition you should always get on the phone and do some comparisons between providers.
“Several insurers that CHOICE used to recommend as more likely to cover difficult existing conditions unfortunately stopped operating during the travel lockdowns. So for these conditions, you will need to shop around several insurers either online or on the phone, and get a comparison of the cost to cover your specific condition.”
How much will insurance cost seniors?
Insurance prices can skyrocket as you get older. Ms Bird reveals there is a significant difference even for those in their 60s versus their 70s.
“CHOICE looked at premiums for travellers going to Bali for around 11 days to two weeks. We found that a single traveller aged over 70 paid 3.5 times more for travel insurance than people in their 60s, and that’s before getting coverage for existing medical conditions.
“Most insurers will increase premiums as you get older. However, it can still vary a lot between insurers, so it’s worth shopping around for the best value for money.”
Using Finder’s comparison tool, a two-week cruise to France, Italy and Spain will cost $1134 (assuming no pre-existing conditions) with South Cross Travel Insurance. The next cheapest are Travel Insurance Saver, Travel-Protect and WAS Insurance, each in the $2250 – $2350 range. However, Finder’s comparison tool does not include every insurance provider.
It’s also worth noting that insurance prices will increase with the length of your holiday. If the same cruise was six weeks long, Southern Cross would charge $2500 and the other providers would be in the $4600-4700 range.
If you did the same two-week cruise with Cover-More, it would set you back $2283. This is including cruise cover and cancellation cover up to $40,000.
If you were with Allianz or World Care it would cost you $1331.88. This includes up to $20,000 cancellation cover and a cruise pack.With NIB the cruise insurance would cost you $1135, with cruise cover automatically included within the price.
