Travel Insurance
Posted date : Sep 30, 2019.
I will be turning 70 next year and am trying to understand the premium increase clip levels at 70 and 75? I am basically healthy, with one med for blood pressure and no other existing conditions. If I can get an estimate of the approximate % increase at 70 and 75, that will help in my decision to buy versus rent.
Bruce Oxley
Sidney, BC
Response :
Ed.: And I am going to be turning 75. Travel insurance is very necessary, if you travel, and very expensive at older ages. I will give you the current Early Bird gross prices for YOU, if you travel for six months:
Ages 66 to 70 – $ 934
Ages 71 to 75 – $1,299
Ages 76 to 79 – $1,946
Ages 80 to 85 – $3,214
Ages 86 and older – $4,665
We have many discounts available for claim-free years and for purchasing regularly from Medipac. Next year, for instance, if you buy our Early Bird product at age 70, with our best discounts your price would be $765, not $934. Over 86, it makes a huge difference; with maximum discounts, your price would be $3,825.
A little tip for people who are changing age bands would be to start your insurance coverage before your birthday, even if you are not leaving before your birthday. So, if you are turning 80 and want to go for six months, buy seven months of coverage and start the policy one month earlier, if that will keep your age at 79. That would save you $1,200. Oh, and don’t waste your money buying zero deductible. I know a lot of you like that, but it makes no difference at claim time, and it is 10% less, of course.
