Top packaged bank account to stop insuring over 70s unless they pay more - MSE News

pollypenny

Oh, blast. We will have to look at it carefully, but we still get quite a bit for what cost us £6.80 most months.

If we put our £2,500 elsewhere we won't get much, I suspect.


Edit. Just read that it's per account rather than per person.. OH already pays a surcharge, although I had another four years to go. Not too bad.

Yorkshire_Pud

Its all about profit, I mean risk.

Roger1

harz99 wrote: »

As do pretty much every other Bank/Insurance company - you are a bigger risk, why wouldn't they charge more to take that risk?

Quite right.

Peter668 wrote: »

That may mean that Nationwide's packaged insurance looks costly compared to other options.

Or - more likely - it may demonstrate remarkable value for those impacted.

harz99 wrote: »

I have had a Flexplus account for many years, having maintained it simply for the WW Travel Insurance and to avoid any complications with my medical conditions being accepted by a new insurer.

It's also a pretty good banking account, not just an insurance policy.

For a lot of us oldies reducing the value of or taking away this, the best "free" benefit of the account, will also see us leaving Nationwide to go elsewhere.

Please do tell if you can find a better value policy elsewhere.

Yorkshire_Pud wrote: »

Its all about profit, I mean risk.

Really? At lesst it's a mutual organisation.

miller

Roger1 wrote: »

At lesst it's a mutual organisation.

It would be a nice gesture if some of the profits could be returned to the members, rather than massive salaries for the board.

thefabricman

I have a flexaccount with Nationwide. I have pre existing conditions. When I informed them of this they said i would need to pay more premium. The extra premium was more than a standalone policy from several other insurance companies. I declined N/Wide offer and went elsewhere.

roddydogs

You dont need to pay the extra until you book a holiday, then the extra will cover you for 1 year, so dont pay the extra till you need to.

EarthBoy

miller wrote: »

This would explain why those on the legacy (free) European insurance with FlexAccount haven't had their renewal notification yet which usually arrives in September.

Or it could be that they're withdrawing the free travel insurance altogether at the end of the year. We'll have to wait and see.

harz99

Roger1 wrote: »

Please do tell if you can find a better value policy elsewhere.

You'll have a long wait (read my post 11 again)...

Guys_Dad

harz99 wrote: »

I shall get caught for this extra £65 on next renewal in August, after that I'll shop around because my days of long distance travelling will be pretty much at an end.
.

I posted this on another forum but maybe it is worth reposting here.

From 3 January 2019, FlexPlus and FlexAccount customers over the age of 70 will need to pay a £65 charge every year to be covered by the accounts' travel insurance policies. For FlexPlus customers, this will be paid on top of their usual account fees.

But if you're over 75 and already pay a £50 surcharge, you won't need to pay the increased £65 rate until it's time to renew your annual age upgrade.

Fair enough but it is not straightforward and any MSE members aged from 70-74 may get caught out in the way they are implementing this.

If you are over 75 and have a policy in force before January 2019, you don't need to pay the additional cost till renewal date.

But if you are 70-74 with a current policy, any holidays you have already booked won't attract the £65 premium but if you book a trip after January 3rd, you will at that point have to pay the £65. So it is NOT at policy renewal time in 2019 that the £65 kicks in, it is if you book a holiday after January, even if it is within the period covered by your 2018/9 insurance.

For example, if your Nationwide Flexi plus insurance runs from September 2018 to September 2019, and you are aged between 70-74, a holiday in May 2019 you have already booked will be covered by your insurance. However, if you book the same May holiday after January 3rd, you are not covered unless you pay the £65 age surcharge.

This has been confirmed by both Nationwide and UK Insurance who provide the policy, but it has no been made clear anywhere else.

Robin9

This announcement explains why I've not had my usual September notification as part of my Flex Account confirming my European cover until Dec 2019.

I will be 69 on Jan 3rd (birthday is May) so I expect to have to pay this charge when I holiday next year - or seek alternative insurance.


Off this week on a jollyday with my nationwide Insurance cover.