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Millions of over-50s holidaymakers are not insured despite having cover

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More than three million people over 50 unknowingly travel abroad without adequate insurance each year because they rely on ‘free’ cover from their bank, according to a report.

The study by insurer Staysure found one in four Brits relies on travel insurance that comes with their current account. But these policies often don’t cover older travellers with pre-existing medical conditions and some even have a maximum age limit of 70.

These holidaymakers are putting their entire life savings at risk because they’re not adequately covered, the report warned.

It also revealed that many people think they are covered when in fact they’re not, with 75% of people surveyed admitting that they don’t fully read the terms and conditions of their policy.

Worryingly, over a third (34%) of people with insurance from their bank wouldn’t consider declaring a past medical condition, which could void their policy.

Ryan Howsam, Staysure chairman, said: “Anyone travelling should always seek advice from specialist insurers to purchase the right travel insurance that is tailored to their individual needs. No one should ever be left helpless in a foreign country with insufficient cover and umanageable medical bills.”

Insurance tips for over 50s

Read the small print. As much as it may feel like a dull job, it is worth knowing what you are and are not covered for.

Let your insurer know of any specialist activities you will be undertaking on your trip, as some may require additional cover which is not included on a standard policy.

Declare any and all medical conditions to your insurer. Even if they haven’t asked you to. With some travel insurance policies offered by banks, the onus is on the customer to proactively declare, rather than the provider to ask, so you still could find yourself not covered if you do not mention any conditions you are already aware of.

Check upper age-limits. Increasingly, banks are lowering the age-limit on their travel insurance policies.

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