| Press Release Archive |
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Karma insurance supports Government plans to outlaw age discrimination: |
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Date: Thursday 26 June 2008
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| News that the Government is to bring forward legislation to outlaw all forms of age discrimination as part of a package of measures in the new Equalities Bill has been welcomed by travel insurer karmainsurance.com. |
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| Karma provides cover for senior citizens up to any age and includes a range of pre-existing medical conditions without medical screening, at a fraction of the cost of other insurers. |
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| The online provider has long been campaigning for discriminatory practices to be abolished and only last month reported that ageism is rife in the travel insurance sector after sourcing quotes for a 65 and 66 year-old couple taking a two week holiday in Spain. |
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| The difference between the lowest and highest internet-based quote (Karma £25.03 and Lloyds TSB £208.70) 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: “I’m delighted the Government recognises that the majority of insurers do not meet the needs of elderly travellers - our research reveals just how wide age discrimination is. |
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| “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? And this price gap gets wider with age.” |
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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 will now 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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