I am aware that when people turn a certain age they either get excluded from some aspects of insurance or their premium soars. Has anyone got any advice about what to do about this or which insurance products are good value for this age group?
This is a big problem. I met it big time when I hit 70 and being 80 next February the problem looms even larger. However I have a solution. I asked my "Relationship Manager" at the NW bank how to overcome this problem. She was very helpful and offered to propose me for a Black Card which is available by invitation only. This is a high spec credit card from the bank that includes worldwide travel insurance, covering all existing conditions, no age limitations, and no time limits. So I can now visit Uganda etc secure in the knowledge that I am fully covered. The cost is £250 a year but as this also provides many other benefits (airport lounge access, etc) I think it is good value.
If you bank with NW it might be worth asking about this although I have been told recently that they are withdrawing it as it is costing them too much money. I am told I can keep it as I have it but new applicants might have problems.
Thanks for the tip Allan. I guess there could be other credit cards which might offer something similar.
The problem with credit card packaged deals is that they are not sold to the clients travel needs and are not advised and come with a significant risk of being subject to mis-selling as per the PPI scandal that is happening at this time.
That doesn't sound so promising now!
That may be true of general credit card cover but if you examine the Black Card Travel Insurance you will find it very comprehensive. It covers all the issues. I cannot find any holes in it. I am totally confident having stidied it, and discussed it with my babk Relationship Manager, that I am fully covered and have no worries. One issue that did crop up was whether I was covered when flying on MAF aircraft. The question was - was it a commercieal flight or a private flight. After getting info from MAF and passing it to the travel insurance desk I was given the all clear that I am covered when on MAF flights. So OK.
I think the best thing you can do is to shop around.
Thanks Simon. Do you know of any good places to start shopping around for this age group?
It is not easy to say as there are many companies that do travel insurance - it is a very competitive market. It is best to go to a specialist broker for longer term mission travel and those undertaking manual work e.g building works etc.
Is that something your brokers specialise in or can you point me to others who do?
To be fair I would have to say go through the people listed on the following page http://www.oscar.org.uk/service/finance/insurance.htm which we currently sponsor!
Just checking :-) Thanks for your input Simon.
I had a brief discussion with one mission insurance provider. They say that they can insure up to age 75 (premiums are loaded more from aged 71, but the same health screening is applied for everyone under 71). Some companies may insure up to 85 but it’s rare.