Insurers won't touch old people with a bargepole
You know that dream of sailing round the world at age 65 66 67, with your pension in your pocket and not a care in the world? Not happening.
Besides the fact that your pension is unlikely to be up to world cruise level (unless you are an MP...) our friends over at Which! have discovered that our jolly friends at the Insurance companies won't actually insure you to travel once you're over a certain age.
The research discovered that 25% of the surveyed providers would not annually insure a traveller over the age of 60, and a whopping 90% would not insure somebody over the age of 80 for annual cover. And it's not much better for single trip cover, with 86% of insurers having an upper age limit and less than 30% offering cover to people in their 80s.
And even if you can get cover, you know you're going to be paying through the nose for it. The survey discovered massive premium increases as people got older, with one policy increasing almost 4-fold between the ages of 65 and 66. Which! executive director, Richard Lloyd, stated the bleeding obvious by saying “it’s absurd that you could wake up one morning and suddenly be three times more expensive to insure.”
Which! are hopeful that the government, who are clearly of the mind that 67 is still young, will be able to 'encourage' providers to be more lenient on older customers. We'll be holding our breath*
*Oh. No we won't.