70 Plus Insurance Cover
Hi All, just heard a reference from Martin Lewis,on ITV, regarding packaged bank accounts.
He mentioned the Nationwide Flex Plus, we we have , but also the the CO-OP Everyday Extra Current Account.
The key points that he stressed was that it was useful for people aged 70 plus and for couples.
This may be useful for some members as I have seen a number of posts that mention the issue of insurance once reaching this age.
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Unfortunately they are not all as they seem. We have a Nationwide account (not Flexi Plus which involves a monthly fee) and are entitled as part of that account to have free travel insurance. The problem is that once you start talking about medical conditions, longer trips than 31 days and age the price rockets. I haven't tried for a couple of years but last time I checked they wanted £255 extra for 31 days. By the time I factored in breakdown insurance Red Pennant was no more expensive. Another thing some of these free insurances are doing is dropping the age limit. I am sure these policies are good value if you meet a narrow age/health profile but it pays to look elsewhere if that is not the case.
David
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We have a (joint) flexplus account and are both over 70. Even with the age (and pre-existing conditions) loading it's still far better value than anything else for us especially as it includes the full EU breakdown cover as well as worldwide travel insurance.
Others' experiences may vary.
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We have no experience of the Nationwide account for travel insurance but we have used our Barclays account for travel insurance and my OH is over 70. We used it this summer on a trip to the Far East. We had to pay monthly for 6 months so it cost us about £75 for our trip which we thought seemed very reasonable. We are lucky enough to have no significant pre-existing conditions so maybe that helped. We would certainly look to use it again.
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I just looked at what's available with a bank we use. There were three levels, the basic one only covered European travel and there was a £10 monthly fee etc. The top insurance was offered on the basis of a joint 120K income etc.
A case of always check what you are being offered as with this particular bank there is an added yearly £75 fee if you're over 70 (the basic offer.) So the cost of the basic European only insurance started at £195 inc the monthly fee.
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Just out of interest I've just done a quote for Red Pennant (without mentioning medical conditions) and it came out at £452 for the same cover as we get from Nationwide but NOT including UK breakdown which would cost another £132. Makes the Nationwide policy look extremely cheap!
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Another items on the MSE weekly email was this:
Ever paid a monthly fee for your bank account? Stephen emailed: "Thank you. After reading your reclaim packaged bank accounts article I did what you said and 3 days later had £4,500 credited to my account."
No idea what its about but may be worth further investigation
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I never had a problem getting travel insurance all through my 70's - for all sorts of faraway places well outside Europe - it's when I started to get old that things got pricy.
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Hi David, I decided to go for Flex Plus after my usual insurers put up the premium to a level that encouraged me to look around.
The Flex Plus was well reviewed and gave us what we wanted in terms of travel cover. I consider the additional items a bonus but one is European breakdown cover so that may well be of use to some.
I have made a couple of comparisons since, and there are changes that make it less attractive since I opened it, and the cover is still what we want and good value.
I did have to pay an age supplement this year for my wife, but this is a one off and covers both of us, and I have not gone over the 30 days.
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