Travel Insurance for Seniors or ‘youngsters’ is not a fun topic, but it needs to be discussed. Seniors, probably more than any other age group can take advantage of the many benefits of buying travel insurance.
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Travel Insurance and Credit Cards
Before getting a travel insurance quote, check your credit card(s) benefits to find out if they have some rewards you might not be aware. For example, I book my domestic flights with the Southwest Rapid Rewards® Premier.
At the time of writing this post, one of the benefits of the Southwest Rapid Rewards® Premier is ‘Lost Luggage Reimbursement,’ and it covers up to $3,000 per passenger. Another benefit included with the card is ‘Baggage Delay Insurance,’ which covers up to $100 a day for three days. Both benefits apply to checked or carry-on bags.
Another credit card I take advantage of during my travels it’s the American Express. I have found its ‘Car Rental Loss & Damage Insurance’ very competitive. Just by booking your rental car with your AMEX, you are covered if your rental car is damaged or stolen. There are restrictions as to which countries and car models are included in the coverage, and it won’t cover personal injuries.
However, cards issued by Chase are being more inclusive regarding what countries are and which are not covered. Make sure you give Customer Service (or the card’s Benefits Concierge) a call to confirm what is and isn’t covered during your trip, and what documents you will need in case a claim needs to happen.
The Why’s and When’s of Buying Travel Insurance
Why Buy Travel Insurance?
There are many reasons as to why you should buy travel insurance, so let’s start with when you should buy and when you shouldn’t. If you just booked a last-minute domestic weekend trip, where you’ll only be taking a carry on with you, I would not recommend it. This recommendation doesn’t apply if you are taking frequent last-minute trips that can be covered under an annual plan (more about this ahead).
Now, why would you? First, think about your concerns. Is it your health, the health of a loved one, terrorist attacks? Knowing what worries you is the first step when choosing the right type of travel insurance. You don’t want to buy insurance that won’t cover what you need coverage for.
Depending on the type of insurance you choose it could cover:
- Trip Interruptions
- Loss of Trip Cost Coverages
- Medical Transportation
- Foreign and Domestic Terrorism
- Death of a Loved One
- Important family events, such as the birth of your first grandkid!
The right travel insurance should be able to ease any worries (except the fear of flying, not related to any personal experience, not at all!) and make your trip something to look forward to and not something to be scared about.
When to Buy Travel Insurance?
You should get travel insurance as soon as you book your trip. Technically, you might be able to purchase insurance at almost any point before your expected departure date. However, the longer you wait to buy, the more you are at risk of losing coverage benefits.
Few companies will cover pre-existing medical conditions. In the case they do, they will require you to purchase insurance within the first days of having booked your trip.
For example, with Allianz Travel Insurance you need to buy coverage within the first 14 days of booking your trip to include ‘Existing Medical Condition Coverage.’ It is important to note that this is one of the items with more restrictions.
If the presence of a pre-existing condition is one of your concerns, make sure to read the fine print (and call customer service if necessary) to confirm you are purchasing the right type of insurance. Click here to read 5 of the best healthcare tips for older travelers.
Which Travel Insurance to Buy?
One that gives you peace of mind. For me, that is one that covers my electronics, allows me to cancel my trip in case of terrorist attacks or unexpected accidents, and one that offers 24hr customer service.
Something you need to ponder is how frequently do you fly. Annual Plans are more cost-effective than buying travel insurance a few times a year. On most occasions, if you fly more than twice a year your best choice is to go with an annual plan.
How Much Does Travel Insurance for Seniors cost?
As with any insurance, various factors are taken into consideration when calculating how much you will pay for coverage, age being the one with the biggest influence. The good news is that unlike other types of insurances, travel insurance can be affordable.
On May 11, 2017, a Basic Plan for Two People aged 65 & 67 was only $250.00 with Allianz Travel Insurance for a one week trip.
Final Thoughts
I was one of those people that didn’t believe that Travel Insurance was necessary. Sadly, I have seen people lose thousands of dollars because they did not spend a few hundred on travel insurance. Also, with the political climate so unstable it’s good to have insurance in case you don’t feel safe about going to a place anymore. In summary, make a list of your musts, get informed, and get a quote.
Disclaimer: These post contents are for informational purposes only and not for the purpose of providing legal advice.
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Category: Travel Tips
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