Older people get raw deal from high street bank travel insurance

Monday 4 April 2011

Older people get raw deal from high street bank travel insurance

Saga Travel Insurance urges over 50s to double check their travel policies as recent research* indicates they may be getting a raw deal from packaged accounts offered by some high street banks.

The research shows that people aged over 70 are not even eligible for the travel cover included in packaged bank accounts with Barclays and are only covered with Natwest if they pay an additional £50 per adult per year. Nationwide will not cover customers over the age of 64 at all. In stark contrast Saga has no upper age limit on its travel insurance policies. 

  Saga 

Barclays Additions
Active Account 

Natwest Advantage
Gold Account 
Nationwide
Flex Account 
Lloyds TSB
Gold Account 
Santander
Reward
Age limit   None  70  70*  64  80  65*

Trip duration
No. of days

 45-90  31  31  31  31  31
Replacement
flight
 1,500  N/A  N/A  N/A  N/A  N/A
Baggage  2,500  1,000  1,000  1,000  1,000  1,500
Enforced 
Stay 
 1,500  N/A  N/A  N/A  N/A  N/A

 

Roger Ramsden, Chief Executive, Saga Services says, "Arbitrary upper age limits are just not acceptable. Many travellers are seeing their banks withdrawing their travel insurance purely on the grounds of age, regardless of the health of the individual. Whilst these packaged accounts may seem good value on the surface, we would urge customer's to check that they're not getting a raw deal from their banks."

With research** revealing that only 13 percent of people read the small print of their travel policies, Saga advises those over 50 who have travel insurance included in their current bank account package to check their policies.

Roger Ramsden continues: “In addition to the upper age limits, many banks’ travel insurance policies do not offer cover for pre-existing medical conditions or may charge an additional premium to do so. It’s safe to assume that if you’re not asked for details of any medical conditions, you’re not going to be covered. If travellers do have any medical conditions, our advice would be to contact your insurer and inform them as failure to do so could have catastrophic effects”.

With research** revealing that only 13 percent of people read the small print of their travel policies, Saga advises those over 50 who have travel insurance included in their current bank account package to check their policies.

Roger Ramsden continues: “In addition to the upper age limits, many banks’ travel insurance policies do not offer cover for pre-existing medical conditions or may charge an additional premium to do so. It’s safe to assume that if you’re not asked for details of any medical conditions, you’re not going to be covered. If travellers do have any medical conditions, our advice would be to contact your insurer and inform them as failure to do so could have catastrophic effects”.

-ENDS-

*Saga analysis undertaken in 2011 of travel insurance cover offered with bank accounts by Barclays, Natwest, Nationwide, Lloyds TSB and Santander.

** GFK, UK Travel Habits Tracking Research, November 2010

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