With a recent Which? study finding that many over 50s are getting a bad deal when it comes to either life or travel insurance, high50.com and Medical Travel Compared have looked at some of the ways this demographic can avoid paying over the odds, whilst making sure they are properly covered.
It doesn't usually pay to be loyal these days, so shop around for the best deal to suit your needs and budget. Compare prices of the cover itself and any excesses, to decide which is the best value for money. The easiest way to do this is to use a comparison website where you only have to enter you details once in order to compare quotes from multiple insurers all in one place.
Some consumers choose to increase their excess - the amount they would pay if they made a claim on their policy - so that their premiums are lower. However, this means that you will receive a smaller pay-out from your insurer in the event of a claim, so you need to be sure that you could reasonably afford the excess amount.
If you plan to travel more when you retire, having an annual travel insurance policy can work out to be better value than single trip policies if you take two or more trips a year. And that includes UK holidays, too.
Another tip is not to pay out for a complete Worldwide policy if you have no intentions of travelling to the USA, Canada or the Caribbean. Choose a Worldwide policy that excludes these areas and you could save! This also applies if you’re not going to travel outside of Europe - simply select a European only policy.