One of the many perks of retirement is that you have more time to travel and explore new places. If you plan on traveling abroad or domestically, we recommend purchasing travel insurance for some added peace of mind. Travel insurance offers protection when you find yourself in an unexpected situation, such as an injury that requires emergency medical care, lost luggage, or canceled flights. If you’re on the fence about purchasing travel insurance, we’ll go over some of the reasons why you might benefit from it. With affordable rates you’ll find that travel insurance can help reduce the stress of traveling and incurring unexpected out-of-pocket costs.
Let’s take a closer look at the best travel insurance providers for seniors.
Did You Know: In 2021, a study by AAA Travel found that 31 percent of travelers would be more likely to purchase travel insurance during the pandemic.1
Best Travel Insurance for Seniors in 2022
Along with a vast selection of travel insurance plans and high coverage amounts, Allianz is great for seniors who are planning single or multiple trips throughout the year. Keep in mind that select coverages and benefits may not be available to residents in some states.
Overall, Allianz offers exceptional coverage for seniors with preexisting medical conditions, emergency medical benefits up to $50,000, and 24/7 hotline assistance for any travel emergencies or questions you may have.
IMG offers travel insurance plans for seniors up to age 99 who want to travel internationally. IMG is ideal for both vacationers and business travelers. Additionally, IMG offers 24/7 emergency travel assistance and a preexisting condition review period of 60 days. If you’re a senior going on a cruise or guided tour internationally, we recommend purchasing travel medical coverage through IMG.
John Hancock offers peace of mind and solid travel insurance plans for older adults who plan to travel alone or with their families. If you’re not satisfied or change your mind, you can call to cancel the purchase within 14 days of the effective date. John Hancock offers streamlined travel insurance coverage options — perfect for that cruise or international trip you’ve been dreaming about! Keep in mind that all travelers must reside in the same U.S. state to share a John Hancock policy.
FYI: Cruises can be an affordable and fun travel option to consider if you’re looking for a travel activity for seniors.
Nationwide provides a variety of options for senior travelers, whether you’re flying to a new destination or cruising. The company has high coverage amounts, including a 10-day review period for refunds on some of its cruise plans. If your trip is canceled, you’ll be reimbursed for up to 100 percent of the nonrefundable trip cost.
Travel Guard offers a variety of affordable travel insurance plans for families, seniors, and those who frequently travel. If you’re looking for specialized coverages with higher coverage limits up to $1,000,000, we’d recommend looking into Travel Guard’s three travel insurance plans. Keep in mind that if you think you may need a preexisting medical conditions exclusion waiver, you’ll need to purchase it within 15 days of the initial trip payment.
Money-Saving Tip: Looking for ways to save on an upcoming trip? Check out our senior discounts guide to learn how you can save on hotels, cruises, transportation, and more!
For travelers looking for higher coverage limits, you can get up to $750 to $2,500 for baggage coverage and up to $100,000 for travel medical expense coverage. One of the perks of purchasing travel insurance through Travel Guard is that they are available in all states. You can also purchase an annual plan if you are looking for coverage for multiple trips throughout the year.
When choosing the best travel insurance providers, we considered the following criteria.
To give you a better idea of prices, we researched the average costs of travel insurance for older adults from each of our top providers. We obtained quotes for 65-year-olds on a two-week trip to Italy with an $8,000 travel budget.
|Provider||Plan name||Price (per insured) for 65-year-olds|
|International Medical Group||iTravelInsured Travel LX||$896.64|
|John Hancock||Silver plan||$640|
|Travel Guard||Preferred Plan||$503.17|
Many travel insurance plans cover the following benefits, with options for specialized or add-on coverages:
Based on our research after obtaining online quotes from five different travel insurance providers, we found that the average cost of travel insurance is $655.23 per insured person when you plan to spend around $8,000 for an international trip. While this might seem steep, travel insurance can help you avoid thousands of dollars in out-of-pocket expenses in the event of an emergency. According to Forbes, the average cost of travel insurance is roughly six percent of your overall trip costs and is dependent on the amount you plan to spend on your trip.
When planning a trip, it’s important to compare travel insurance quotes to make sure you get the best deal. It’s better to plan ahead and enjoy the rest of your trip knowing you’ve purchased the best travel insurance for your needs. We’ve compiled a list of tips on how to choose the best travel insurance below:
Travel insurance helps protect you and your loved ones in the event that you experience a health emergency while traveling. It can also protect and help reimburse you if your trip gets canceled, or you lose your baggage during the trip.
Medicare does not offer health care services that you receive outside of the U.S. This is why it’s important to purchase a travel insurance policy for more coverage.
Some insurance providers won’t offer coverage for preexisting conditions, losses due to war, or inability to afford the trip.
Since graduating from Harvard with an honors degree in Statistics, Jeff has been creating content in print, online, and on television. Much of his work has been dedicated to informing seniors on how to live better lives. As Editor-in-Chief of the personal… Learn More About Jeff Hoyt