Insurance in Later Life: Where Age Changes Things
Several insurance products change as people get older, and the changes are frequently discovered at the point of claim rather than at purchase.
Travel insurance
Upper age limits apply on many standard policies, and premiums rise steeply beyond certain ages.
Medical screening becomes more significant, and undeclared conditions are the main reason claims fail.
Specialist providers underwrite older travellers and those with conditions properly, and are frequently cheaper than mainstream insurers who price the risk defensively.
Annual multi-trip policies frequently have lower age limits than single-trip ones, and single-trip cover may be the only option available.
Motor insurance
Premiums typically fall through middle age and rise again later, and some insurers impose upper age limits.
Specialist insurers for older drivers exist and are worth approaching directly, since they may not appear on comparison sites.
Any medical condition affecting driving must be declared to the licensing authority as well as the insurer, and failing to do so can invalidate cover.
Life insurance and over-fifties plans
Guaranteed acceptance plans marketed to older people accept anyone within an age range without medical questions.
They typically carry an initial period during which only premiums are returned on death from natural causes.
Because premiums continue for life, total payments can exceed the sum assured if you live long enough, and stopping payments usually forfeits everything.
Read the terms carefully and compare against simply saving the same amount.
Home insurance
Unoccupancy clauses matter more where the property is left during hospital stays or extended visits to family. Notify the insurer.
Some insurers offer discounts to older policyholders on the basis that homes are occupied more of the time.
Contents valuations drift out of date; jewellery and collections in particular need periodic review.
General approach
Never accept an automatic renewal without comparing, since loyalty is priced poorly across all these products.
Use a broker where circumstances are unusual, since they access insurers comparison sites do not show.
Declare everything. The cost of disclosure is always smaller than the cost of a refused claim.
General information rather than insurance advice.
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