The older generation (60+) often find the door firmly and ungraciously slammed in their face when it comes to buying affordable travel insurance. But there is a clever, yet simple way to get around the problem and get a policy that's far easier on the pocket. This article explains.
Switch Bank Accounts To Get Cheaper Travel Insurance
Switch your bank account. Yes, it’s that simple.
For those above 60 that are either refused travel insurance or are put off by disgracefully high premiums simply change bank accounts (or open another one) because many banks offer travel insurance as part of the overall package.
Of course costs will vary so it's worth shopping around but reckon on paying between £120 and £250 a year for a healthy 70-75 year old couple looking for worldwide cover.
Some of the banks offering travel insurance include -
- HSBC's Bank Account Plus - Age limit is 69
- Lloyds TSB - Age limit 80
- Barclays Addition Plus Account - Age limit 79
- Royal Bank of Scotland & Natwest Accounts (both banks owned by the same company) - No age limit but people over 70 have to pay an extra £50, fill in a simple medical report and disclose any conditions
Summary
If you're over 60 and struggling to either get covered for travel insurance or find it too expensive then explore either switching bank account's or opening a new one. As ever look at what's offered on the market because things can change but overall we think this is a top tip.
Note, these days it's really simple to change/open a new bank account. All the banks are setup to make the change as simple as possible and it's certainly nothing like the hassle it once was.
Also understand that many of the Travel Insurance policies offered by the banks might not be as comprehensive as one bought separately. This means that they might not offer cover for lost money or delayed flights. But that’s not so important whereas the medical cover is.
Good luck in getting cheaper insurance travel.
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