Most credit cards offer travel insurance, but you should carefully read through its terms and conditions to find one with appropriate travel protection for seniors. Some cards require medical assessments before applying; others have age limits that prohibit certain users from applying.
Carefully review the coverage limits and exclusions; you may find it more suitable to purchase an individual travel insurance policy instead.
Coverage
Credit card travel insurance provides valuable protection, yet isn’t as comprehensive as standalone plans; thus it’s important to understand its workings prior to relying on it.
Most cards that provide this type of insurance only cover expenses charged directly to their card, while some require that policy holders are medically stable before receiving coverage for travel expenses.
Note that many cards only provide coverage for travellers aged 65-74 for limited days – for instance, the National Bank World Elite MasterCard provides 15 days of travel accident coverage; in comparison, the HSBC World MasterCard provides more generous coverage in this age range; but only covers emergency medical costs; while both National Bank and HSBC cards have no maximum age specified coverage limit.
Inclusions
Attributes and exclusions may differ depending on your card, but most credit card travel insurance policies offer coverage for trip cancellation or interruption, lost luggage and emergency medical transportation services. They may even include services like message relaying for reaching family members as well as physician referral and translation assistance.
Credit card travel insurance provides reimbursement of pre-paid expenses if your trip is either cancelled or cut short, whether for medical reasons, inclement weather conditions, terrorist actions or jury duty duties.
While credit card travel insurance can be useful, its coverage tends to fall short for travellers seeking protection against cancellations, delays, car rentals and baggage loss. Many travellers therefore prefer standalone policies because of their greater transparency and flexibility; some cards even require payment in full through them in order to gain coverage!
Exclusions
Not all credit cards offer travel insurance, and those that do often come with limited coverage and age requirements. Policies typically only cover primary cardholders – sometimes even beyond this point! Furthermore, length of trip and maximum coverage amounts may also differ depending on which card is selected.
National Bank World Elite MasterCard provides 15 days of coverage for travellers between 65 and 74, which is significantly better than Scotia’s 3 days of coverage. Desjardins Odyssey World Elite Mastercard covers travellers up to 80 years old; however, certain activities such as base jumping, skydiving, free soloing and certain winter sports as well as claims related to preexisting medical conditions are excluded from coverage; it would be more cost-effective to purchase an individual travel policy that offers these features, or alternatively try medical travel insurance that helps pay for costly medical treatment overseas.
Cost
Credit card travel insurance often goes overlooked, yet it should be given serious consideration. Senior travellers could especially benefit from emergency medical coverage included with some cards that may help protect against unexpected expenses during trips.
Remember, credit card travel insurance should only be seen as supplemental and only covers items purchased with your card. Furthermore, it typically has lower coverage limits and may even impose age restrictions.
Rather than opt for limited travel insurance offered through credit cards, which could potentially leave you without adequate protection, paying for an affordable policy may be the better choice. Senior-friendly policies tend to offer better deals; benefits and coverage amounts should also be more reasonable, without medical exams or higher premiums being necessary. You could compare credit card travel insurance against paid policies to determine which offers greater value.
