By Andrew Gibson
As travellers get older their insurance premiums go up. This means that it can be extremely expensive to get insurance and it can put many OAP’s off travelling. Once many people reach the age of seventy they will either not be able to get insurance or will face a massive hike in costs.
However there is now an insurance company offering an option which could work out a lot cheaper. Gnu, which is part of Aegon are allowing older travellers a single trip policy which should be more suitable for their needs. There is one initial payment and there is no need to state the destination. It is a special policy which is more flexible.
The payment upfront gives travellers a year round cover for things like cancellations or insolvency. Plus there is cover for short trips for two days or more. If a trip is longer, then they can pay an additional 67p per day that they are away. This aims to make insurance more affordable and also more flexible for the older traveller who is more likely to cancel a trip due to ill health. The insurance company also say that they will cover any pre-existing medical condition, which is unusual especially as they will not charge extra for that. They went on to say that the cover was best for people planning holidays twice a year or more but are not ready with their plans so cannot take out annual cover. This way they only pay for what they need.