Seriously ill holidaymakers may soon be able to access cheap travel insurance

, Seriously ill holidaymakers may soon be able to access cheap travel insurance, Travel Wire News |  Travel Newswire, Travel Wire News |  Travel Newswire

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Seriously ill holidaymakers may soon be able to access cheap travel insurance under new proposals from financial watchdog

  • Seriously ill travel insurance customers are often given ‘sky-high premiums’ 
  • City watchdog aims to force insurers to direct ill customers to specialist firms
  • These specialist firms typically charge £1,200 less than mainstream providers 

Affordable travel insurance for seriously ill holidaymakers will be made easier to find under proposals from the City watchdog.

The Financial Conduct Authority wants to force insurers to direct ill customers to specialist firms – which typically charge £1,200 less than mainstream providers.

It is estimated that the new rules could help save travellers with cancer and other serious illnesses as much as £7.5million a year, according to the regulator.

, Seriously ill holidaymakers may soon be able to access cheap travel insurance, Travel Wire News |  Travel Newswire, Travel Wire News |  Travel Newswire

Affordable travel insurance for seriously ill holidaymakers will be made easier to find under proposals from the City watchdog [File photo]

Many holidaymakers with cancer and other conditions are unaware that specialist insurers exist as they often do not appear on price comparison websites.

And some major providers try to deter seriously ill customers by quoting sky-high premiums, leading many to believe they are ‘uninsurable,’ the FCA said.


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‘Firms should consider whether not offering a quote would be clearer, less misleading, and fairer,’ it added.

Instead, the watchdog has proposed that firms should ‘signpost’ customers to a directory of specialist insurers, potentially saving seriously ill travellers between £6.8million and £7.5million a year. 

They will also be required to do this if they decline to insure someone due to a diagnosis or offer cover but exclude certain conditions.

The FCA is currently working with the Money and Pensions Service to decide which specialist firms will be listed and will now consult on its proposals until September, before publishing the final rules.

, Seriously ill holidaymakers may soon be able to access cheap travel insurance, Travel Wire News |  Travel Newswire, Travel Wire News |  Travel Newswire

, Seriously ill holidaymakers may soon be able to access cheap travel insurance, Travel Wire News |  Travel Newswire, Travel Wire News |  Travel Newswire

Many holidaymakers with cancer and other conditions are unaware that specialist insurers exist as they often do not appear on price comparison websites [File photo]

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