Retirees balk at double insurance costs

20 September 2006
Price comparison site Moneysupermarket.com has urged travel insurers to "dump the discrimination" price structure that can see premiums for older people increase by up to 100 per cent after retirement.

Age laws to combat discrimination in the workplace are set to come in on October 1st and the financial website has questioned whether the insurance pricing structure should also become less tilted away from older individuals.

"Ageism may soon be illegal in the workplace but it seems to be rife when it comes to travel insurance," said Richard Mason, director of insurance at Moneysupermarket.com.

"Those who want to enjoy seeing the world in their retirement will get a shock when they reach their 66th birthday when insurers see fit to hike the price of cover, often by twice the price."

Mr Mason urged those seeking insurance to shop around for the best deals to ensure they receive the cheapest cover available and that competitive offers could still be found despite the seemingly industry-wide slant on pricing.

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