Why is Senior Citizen Travel Insurance Policies Expensive?
In recent times, increasing awareness about the importance of travel insurance has led people to take up policies whenever they plan to go for a trip, especially abroad. Besides, the advent of online comparison and purchasing facility has made the process smoother and faster. However, a small hitch that remains in travel insurance is the process of buying a policy for senior citizens.
One of the main problems getting travel insurance for senior citizens is that the premiums rise steeply for people above 75 years of age. In addition, the procedure becomes even more complex if the person suffers from any pre-existing chronic ailment. Most of the insurance companies do not even provide travel insurance for old age people and those that do, charge very high premiums. The amount of premium keeps on increasing with the age of the person.
Reason For The High Premium For Senior Citizen Travel Insurance.
Travel insurance premium for senior citizens are mostly expensive owing to the fact that they are more prone to diseases, bad health or accidents and are extremely vulnerable to changing environmental conditions. The risks of medical claims are higher here and are considered to be among the most expensive claim settlements. Although this may be true, yet these travel policies for senior citizens are considered to provide greater benefits than those for the younger age group.
What kind of travel policy should you choose?
In case the senior citizen is a frequent flyer, it is always preferable to go for a multi-trip travel insurance policy as this cover almost all types of risks involved in an international travel and is also affordable. Nonetheless this also has a drawback. The upper age limit for such plans is lower than single trip. Besides, multi-trip policies for people above 75 years are provided by only a handful of insurance companies in India.
Handling Pre-Existing Health Issues.
Travel Insurance companies are extremely conscious about pre-existing health ailments, especially for senior citizens. Hence you need to declare any such diseases to the insurer at the time of buying the policy. Even if you develop a chronic disease in the middle of the term of an annual policy, you must let the insurer know about it immediately. It is important to realize that if you fall ill in the middle of a trip due to a pre-existing health issue that is not declared in your travel policy, then your claims will not be settled.
Be it a one month trip or a longer plan, do not forget to get yourself covered with a valid travel insurance policy before starting for your destination. To make the process easy, log on to an online insurance aggregator to compare all the senior citizens travel plans, select the one suiting your requirements and budget and buy online.