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| Press Release Archive |
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Ageist insurers raiding pensions pot says Karma insurance: |
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Date: Thursday 22 May 2008
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| Ageism is rife amongst travel insurers who are pressurising senior citizens into spending more than a week's pension on over-inflated premiums, according to research* undertaken by karmainsurance.com |
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| Karma sourced travel insurance costs for a 65 and 66 year-old taking a two-week holiday in Spain and the difference between the lowest and highest internet-based quote was £183.67*- £63.69 more than a couple’s basic weekly state pension of £145.01. |
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| Managing Director, Brian Wright, comments: “Insurers were recently criticised for not catering for the needs of elderly travellers and our research reveals just how widespread age discrimination is. Over a third will not cover those aged 65 plus and around 70% refuse to cover the over 75s.** Those who do provide cover are quoting extortionate premiums - how can the difference between our premium of £25.03 and the most expensive at £208.70 be justified?” |
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| The Office of National Statistics reports life expectancy at 65 has reached its highest ever level for men and women in the UK and around two thirds of the 9.7m people over this age are likely to travel abroad. |
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| Brian continues: “This age group is healthier and more adventurous than previous generations and yet many are having their pension pots raided by discriminatory insurers. Around 80% of all overseas trips are to Europe and one in five travellers visit Spain. My worry is that people priced out of insurance will either rely on their European Health Insurance Card, which gives very basic cover and is not accepted in private Spanish hospitals for example, or travel without any cover at all.” |
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| A view borne out by the House of Commons Treasury Committee which reported in February 07 that around 10m visits abroad are uninsured. “Sadly, this doesn’t surprise me,” says Brian. “The industry hasn’t made purchasing travel insurance easy or affordable. Insurers need to wise up – it’s unrealistic to expect people to spend hours comparing premiums, demystifying cover, checking exclusions, wading through jargon and unravelling the small print. I recently saw one policy that excluded claims for exposure to the sun and dental treatment!” |
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| Banks, building societies and insurers offer ‘free’ travel insurance as a loyalty reward, but many withdraw this perk once the customer reaches 65. Brian concludes: “Senior citizens have had the short straw for too long – however, there are age-friendly insurers with jargon-free websites offering superior products at competitive prices. Karma keeps costs down by providing online cover only – specifically supporting ‘silver surfers’ who are recognised as the UK’s fastest growing age-group of internet users.” |
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