Why Is Travel Insurance So Expensive for Senior Citizens?
Post-retirement is a period when many senior citizens want to accomplish their travel goals. Travelling the world may be one of their long-cherished dreams awaiting fulfilment.
While age-related medical complications may make travelling risky, senior citizen travel insurance is an ideal protective shield they need.
However, travel insurance for senior citizens often comes with a hefty price tag, but for some obvious reasons. What are these? Let us find out in the article below.
Why is Travel Insurance Expensive for Senior Citizens?
Since senior citizens exhibit a higher chance of risk, insurance providers charge a higher premium for offering travel insurance. The points mentioned below clarify the reasons behind a high premium.
- Health Conditions – Senior individuals may suffer from underlying health conditions, putting them at a higher risk of falling sick or facing medical emergencies during their trip. They may also require hospitalisation and intensive care. Thus, it is one of the reasons why senior citizens pay a higher premium when they buy travel insurance.
- Age Factor – As age advances, senior citizens have fewer insurance options at their disposal, as not all insurers offer insurance for older adults. For example, you will find very few insurers offering travel insurance for individuals above 75 years. Since there is a shortage of travel insurance plans, the prices of the available options are likely to go up.
- Higher Chances of Claims – It is most likely that an insured senior individual may raise a claim for medical and non-medical reasons during the trip. From losing their passports to falling victim to scammers, missing flights, or becoming ill due to temperature changes, older individuals may face a multitude of issues, leading to a higher likelihood of insurance claims. Therefore, insurers may charge a higher insurance premium.
- High Medical Expenses – Medical emergencies among senior citizens can be intense, making the situation critical. They may even need to be admitted to the ICU, require medical evacuation to the nearest hospital or even to India, as the situation demands. Such incidents lead to hefty medical bills, which is why the insurance premium is higher.
- Medical Check-Ups – Many insurance providers require senior citizens to undergo a mandatory medical examination before buying travel insurance, especially for international trips. It can significantly add to the amount that you may have to spend on getting travel insurance.
Ways to Reduce Travel Insurance Premiums for Senior Citizens
The travel insurance premium increases as you reach the age of 50. And it can further increase as you reach the ages of 60 and 70 years. But with the help of the below-mentioned ways, you can minimise the premium cost.
- Browse the internet and compare the travel insurance plans offered by different insurers. It will help you choose the most affordable one from the lot.
- Purchase travel insurance online, as many insurers offer online purchase discounts. You can also save costs on agent commissions and other hidden charges associated with offline purchases.
- Chalk out your budget and look for plans that fit your finances and requirements. By doing so, you can ensure that you stay within your budget and make a wise purchasing decision.
- If you are suffering from a pre-existing or chronic condition, choose travel insurance plans without sub-limits. It will help you channel the premium more towards coverage.
- If you travel frequently, it is recommended that you choose a multi-trip travel insurance plan. Instead of paying separate premiums for each trip, you can pay for multi-trip insurance and save money.
TATA AIG Travel Insurance- The Travel Buddy for Senior Citizens
The premium for senior citizen travel insurance is high for many reasons, such as high medical risk, more chances of claims, age factors, health conditions and so on. However, these reasons must not discourage you from investing in travel insurance before a trip.
You can reduce the premium by purchasing the plan online, looking for plans without sub-limits, knowing your budget and other effective ways.
Another way to purchase travel insurance for senior citizens without draining your finances is to opt for plans offered by TATA AIG. Their plans are available at very affordable rates, offering wide coverage against various unforeseen instances.
Besides offering coverage during medical emergencies, TATA AIG travel insurance also offers added coverage such as hijack allowance, personal liability cover, personal accident cover and much more.
Whether you are travelling within India or outside, TATA AIG travel insurance for senior citizens has it all covered.
