Travel Insurance Niall Palmer – Saga Insurance
Overview • About Saga • Types of Travel Insurance • What Travel Insurance covers you for • Preparing to travel • Where to buy Travel Insurance • Dos and don'ts • Case Studies 2
About Saga 3
• British company based in Folkestone, Kent for 65 years • Focused on serving the needs of those aged 50 and over • Started out as a Holiday company and soon became a pioneer of holidays in Europe later expanding into the financial and insurance markets 4
The Saga Group
Types of Travel Insurance 6
• Single trip Suitable if you only have one trip booked and do not intend on travelling again soon after • All Saga Travel policies are designed for family travel. • Along as the policyholder is over 50 then up to 9 other people can be named of any age.. They will also be able to travel independently (Annual only) • No upper age limit for Saga • Annual cover (Multi trip) Suitable if you have more than one holiday booked or know that you will be travelling abroad throughout the year • Included with your holiday • Bank policies • Often have an upper age limit • Not all conditions covered • May require conditions to be declared • If you rely on a bank account policy it may be best to check the terms 7
What Travel Insurance covers you for 8
Cancellation & Curtailment • Cancellation cover commences from the moment you buy your Travel Insurance or the date your annual policy starts • Cover is provided in line with the following: • This must be as a direct and necessary result of any cause outside of your control, which was unforeseen at the start date of your policy or at the time of booking your trip, whichever is the later. • This will cover all costs paid prior to departure – flights, accommodation, hire car, parking, excursions etc. 9
Emergency medical expenses • You will be covered for expenses incurred abroad • Once back in the UK any further care will fall into the NHS or Private Medical Insurance if you have a policy that covers this • Slip , trips and falls will all be covered – Not just declared conditions • Saga provide cover for a plus one to travel to you should it be medically necessary • Insurers will always try to pay the hospitals on your behalf • Sometimes this is not possible and we will look to refund you as soon as possible should you be out of pocket 10
Other cover areas • With Saga you will only have to pay one excess per claim (£70) – even if you are claiming under more than one section • It is worth checking how your excess works when you purchase your insurance as they do differ • Missed departure • Delayed departure • Baggage • Enforced stay • Loss of Passport / possessions • Policies will have limits applied to what will be paid for an item. The best way to cover an expensive item is through your home insurance • Personal money • End supplier failure • This is not standard on every policy and covers you in the event of a hotel or airline (EG Monarch) going bust 11
Ensure the cover is suitable for you • Across the market there are products that will mix & match all of the covers mentioned • For example - There are policies that will exclude pre- existing medical conditions and only offer cover for new conditions for the same or a lower premium • Would you buy a policy that excluded your pre- existing medical conditions? • Saga have recently allowed flexibility in the cover limits 12
Preparing to travel 13
• Ensure you have enough medication in the event of your trip being unexpectedly extended • If you have a portable converter don’t forget to charge it or take additional batteries • Will you require Oxygen/ Medication on the plane? • If you require oxygen whilst flying your airline or travel agent will be able to arrange this (4L max) • Airline policies relating to carrying and using oxygen will vary so it is always best to check at the time of booking – For example they may want you to confirm your fitness to fly. • If you are taking medication, again it is best to check with the airline to avoid any delays at the airport 14
Next of kin details in passport • Share your travel plans and contact • details of any accommodation with your friends and family Research where you are travelling to • Will you require medication on • any day trips? Are the surrounding areas easily • accessible with or without oxygen BREXIT • 15
Where to buy Travel Insurance to cover medical conditions 16
• There are different ways Insurance companies carry out medical screening, knowing this may help you find the policy that best suits your needs • Saga use a system whereby we ask what your medical condition is and will then ask you questions about that • This will be the same as what you find on the Aggregator sites such as Compare The Market • Others such as Travel Insurance Facilities or Boots will ask you what medication you are taking • This will then go into a detailed question set that can take more time due to the number of questions asked • Due to the difference in screening this can result in different premiums and also different terms on the policy being applied. • An example of this is that where Saga has one excess across the policy, Boots may apply a higher excess to the medical aspect in order to be able to provide cover. 17
Do’s and Don’ts 18
• Do… • Purchase your insurance as soon as you book your holiday to ensure you are fully covered • Declare all medical conditions and refer to your Doctor for a letter should you need to take medication abroad • Remember to call your travel insurers if your conditions change before your travel date • Consider where you are going for medical services / How the climate could effect you / Flight duration • Research or ask questions of your travel firm to ensure that any special requirements can be catered for • Be confident that as long as your Dr says you are fit to fly and you are aware of, and arrange, any specialist requirements travelling with Pulmonary Fibrosis or other airway conditions, should not be a problem 19
Don’t… • Travel against your Dr’s advice – It • sounds obvious but some people do and it will invalidate any Travel Insurance you have Wait until the last minute to buy your • travel insurance. Always buy your insurance as soon • as you book your holiday Be tempted to just go for the cheapest • insurance you find. Although many cheaper policies are • comprehensive, be sure to confirm that any medical conditions are covered in full and that the policy suits your needs Although a phone call may take time • you will be able to ensure you are fully covered for everything you wish to do 20
Case studies & Stats 21
70 Year old Male – California • COPD / Hypertension / Recent chest • infections Required 1 week in hospital and a Dr • escorted repatriation Total cost £80,000 • 60 year old female – Texas • Emphysema / Hypertension • Suffered respiratory failure and bronchitis • whilst away Requires 8L of oxygen so required a • specialist air ambulance home Total cost £130,000 • 68 year old male – Turkey • No existing conditions • Started to have chest pains and admitted • to ICU with suspected heart attack Total cost £25.000 • 82 year old male - Spain • Tripped whilst in bathroom resulting in a • broken leg requiring an operation Total cost £36,000 • 22
25% of adults travelled uninsured in 2017 • £385 million was paid out by travel insurers • in 2017 The largest claim was for what amounted • to a medical bill of £760,000 while visiting America. Between 1 st April 2017 – 30 th March 2018 Average cancellation claim £1,561 • Average medical claim in Spain £4,541 • Average medical claim in USA £14,245 • Average medical claim all countries £5,255 • 23
Country Cost of Average cost hospital bed of 5* hotel per day Spain £332 £161 France £428 £232 U S A £482 £344 Greece £287 £108 Italy £365 £188 Portugal £215 £119 Thailand £29 £119 Turkey £83 £78 Cyprus £299 £151 Netherlands £533 £116 Above figures from Finder.com 24
Questions 25
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