Growing old and developing long term medical conditions will inevitably have an impact on your life, but it doesn’t seem to affect people’s intent to travel abroad. The over 50s market are richer, fitter, healthier and feel younger than ever before with many releasing equity from homes in order to travel more adventurously. Whilst the importance of millennial travel has been widely documented, according to ONS data it’s the 50-64s who are the biggest hitters in terms of spending on holidays abroad, with the 65-74s not far behind. Whilst millennials might be more vocal around their travel experiences, the over 50s are the unsung spenders of the travel category and yet there are so few suitable over 50s travel insurance options available. Here are some key insights.

1. Confidential: The ideas contained within this document remain the intellectual property of Five by Five until the terms of the project are agreed in writing by all parties.
Over 50s.
The big opportunity for travel insurers.

2. There are over 12
million over 65s in
the UK today.12m
Source: Office of National Statistics.

3. The over 50s hold
76% of the UK’s
wealth.
Source: Savills Research, 2018.

4. An estimated 15
million in the UK
suffer from long
term medical
conditions, many
of them over 50.
15m
Source: The King’s Fund, 2019.

5. But life isn’t over
when you get older.

6. In fact, for many
ageing sparks a
renewed zest
for life.

7. Because 50 isn’t
exactly ‘old’.

8. 40% of over 55s claim
that it’s the most
exciting time of their
lives, whilst half of over
55s are looking to visit
a new country on their
next holiday.
Source: ABTA

9. “Baby boomers broke the
rule book through things
like gender politics,
the pill and conscription.”
Source: Citywire. Jane Grover, Southern Metropolitan Cemeteries Trust CEO, May 2015.

10. ⅓ of equity
releasers spend
money on holidays.
Source: The Telegraph ‘Equity release customers rises 26% YoY’, 2018.

11. But the truth is,
many are not buying
the right insurance.

12. According to ABTA,
10 million Brits
travel without the
right insurance
every year.
10m
Source: ABTA, 2018.

13. Over 7m British
holidaymakers
invalidate their
travel insurance by
failing to disclose
pre-existing
medical conditions.
7m
Source: ABTA, 2018.

14. Because they’re
frustrated and
cynical about
what’s on offer.
Frustration.
“Finding an insurer [for my diabetic relative]
was hard work and expensive. Trying to find
an insurer that understood the condition was
very time consuming and even then I wasn’t
convinced the policy actually covered us.”
Linda 35, on behalf of a diabetic relative
Cynicism.
Source: Diabetes UK. Arthritis UK, Williams Syndrome UK,
SilverSurfers and audience immersion interviews.

15. No one is talking to
older travellers in
ways that connect
with how they view
themselves.

16. To tap into the reality
of older travellers, to
own a growing
sector of travel
insurance.
The
opportunity.

17. Thanks.
For more information on our over 50s
research or our launch planning
process, feel free to get in touch.
E: info@fivebyfiveglobal.com
T: +44 (0)23 8082 8525