If you’re 60 or older and would like to travel abroad, you’ll need to make room in your budget for travel insurance. However, the cost increases as you get older. Here’s what you should know.
The price of protection
An insurance policy that costs $1,000 for a 65-year-old couple can easily double in price for a 75-year-old couple. This augmentation will typically occur even if there aren’t any pre-existing health conditions. Insurance providers tend to assign a much higher level of risk to certain age brackets.
How to shop around
Given the high cost of travel insurance, it’s essential that you shop around when planning your trip. Unsurprisingly, your overall health will have an impact on the kind of coverage you can get. This also applies to the basic travel insurance offered by credit card providers, the terms of which may change once you reach a certain age.
The best thing to do before booking a trip is to speak to an insurance broker so he or she can help you get the best policy available.