Navigating travel insurance as care-free retiree. How can you get full coverage and a good deal?

The general advice to silver-haired travellers shopping around for travel insurance cover for their next big trip is similar to that of younger New Zealanders going abroad, but with extra emphasis on certain points.

It’s worth looking into policies early, when you first start plotting out your holiday itinerary and budget, as a last-minute one-size-fits-all policy purchased on the way to the airport will likely lack coverage.

You’ll want to opt for the extra coverage for things like cruises, winter snow activities and coverage for that flash new camera and long lens you splashed out for especially. All that will add dollars to the quote.

The easiest option, of course, would be to speak to your current insurance providers and see if your brand loyalty will pay dividends when it comes to getting travel insurance off them too, but equally travel agents will be sure to try and upsell you with travel insurance coverage, should you fall within their age limits.

There’s nothing wrong with this of course, and it means your agent again becomes a one-stop-shop for help and advice should you need to claim on the policy in the lead-up, during or after your adventure.

However, if you want a second opinion on the travel insurance policies out there, the below should give you some things to consider:

A list of grievances

“Pre-existing condition” is fairly high up on the list of insurance jargon. It’s usually one the youth can scan over quickly and declare no serious health conditions, but as you age the list of ailments and health conditions grow too.

The good news is that common, treatable conditions like high blood pressure and diabetes are often included in most travel insurance cover. The bad news is that for any policy, you’ll need to list off any and all health issues. It’s better to be upfront and get an idea of what level of healthcare expense coverage you’ll need and pay for that, than to neglect to mention a condition and then find your claim is invalid or treatment beyond the limits of your policy.

Southern Cross Travel Insurance suggested potential customers use its online underwriting tool to declare pre-existing conditions when purchasing a policy, and the platform can determine if the higher-risk condition can be covered and any additional premium that needs to be paid.

Getting cancelled

Along with a higher likelihood of more health conditions, older adventurers are more likely to have to defer or cancel their trip due to their or a loved one’s health. So, along with buying your policy early (so that cancellations after the purchase date are covered), ensure that you shop around for policies that have enough cancellation coverage that would pay off your trip and that the excess (the amount you pay for any claim) is not prohibitively high.

For similar reasons, you’ll want to have a high level of repatriation cover, as incidences like falls at an older age can have higher medical consequences than those decades younger. One insurer I spoke to pointed to had a repatriation claim that paid out $50,000 to bring the traveller and their companion home to New Zealand for hip surgery after a fall in Greece.

Assessing risk

You can limit the cost of your policy by opting for basic coverage and being realistic about the risks posed by the destination and the activities you’ll be partaking in. A family reunion in Australia offers less risk than a safari in Kenya (one would hope).

Coverage for medical issues is the top priority and is included in all basic packages, but you should also be aware that New Zealand has reciprocal healthcare agreements with Australia and the UK, whereas it doesn’t with destinations like the USA, so if heading Stateside or elsewhere with expensive private healthcare systems ensure you have sufficient cover (millions of dollars worth, rather than thousands).

An early birthday present

My grandmother felt pretty smug being the oldest one in her tour group for a month-long jaunt around Iberia a few years back, aged 80. However, it paled in comparison to her levels of self-satisfaction for saving hundreds on her travel insurance premium by purchasing it before entering her octogenarian era.

Yes, if you are going to travel after a landmark birthday, buy your policy before your birthday. Your insurance cover kicks in immediately and treats you as the age at purchase date, rather than holiday date.