Old people ’struggling’ to get insurance

Ageism is rife when it comes to f”>insurance, according to a spokesperson from Age Concern.

The spokesperson said that many people from the older generation who are still healthy are turned away by insurers.

She explained that one third of people have experiencing age discrimination from insurance companies, with 92 per cent of travel insurance policies imposing upper age limits.

“Someone’s age should not determine whether they are fit to travel. When older people themselves see no barriers to travelling and there are no relevant medical issues then companies should not restrict their activities,” she said.

Furthermore, she continued, insurance companies should be responsive to those who could negatively impact upon their business by looking elsewhere for cover.

Saga claims that the rise in the number of over-50s travelling is proven by the fact their long-haul business has doubled over the last 11 years.

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Glastonbury freebie for over-50s

Glastonbury festival is fast approaching and insurance firm Saga is offering a financial break to the over-50s who plan on attending.

Thousands of people aged 50 or over attend Glastonbury whenever it is on but with ticket prices escalating, it is proving to be more difficult to afford with each passing year.

In light of this, Saga says that it will refund the amount paid for a motorhome pitch by anyone who is aged over 50 and has Saga Motorhome Insurance.

The price of a ticket this year is £140 and Saga believes that many over-50s will struggle to meet that cost.

Despite this, the festival remains popular with the older generation, many of whom will have attended the original event.

Prices have risen drastically since that first festival in 1970 when the price of a ticket was just £1.

People wishing to take a motorhome with them to Glastonbury will have to fork out an additional £50 but if they have Saga Motorhome Insurance this will be refunded as long as they keep their photo ID ticket.

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Start saving early, warns Saga

Young people are being encouraged to start banking their pensions early or risk a tough time when they hit retirement.

Over-50s advisor Saga says that youngsters should be putting money aside as soon as possible by using tax-efficient savings tools and watch what they spend.

Spokesperson Steve Ashton said the sooner people begin saving their money for retirement, the less pressure they will have on them to put cash away in later in life.

He added that it would leave people less likely to get into financial difficulties, such as having to re-mortgage their home.

“Everybody ought to every year be trying to put as much money as possible into the basic tax-efficient savings vehicles, such as your annual ISA allowance,” he said.

“[It's] all very straightforward stuff, but if you are putting a few thousand pounds every year for a number of years into an ISA, then that over ten, twenty years can really start to ramp up and make a significant difference to your retirement income.”

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