Hoping to get some sweet inheritance one day? Don’t bank on it.
Because new research has shown that Aussie Baby Boomers are spending more dollars than ever on… cruises!
According to new data from finder.com.au, Baby Boomers are spending millions on cruising every year.
More than 750,000 Australians aged 50 and overtook a cruise in 2017, accounting for 57 per cent of the 1.34 million Australian cruise passengers. The average length of a cruise was just over nine days.
And analysis from finder.com.au of 300 cruise deals reveals that these cruisers easily spent $1467 per couple on a twin room, or more than $556 million collectively on cruises in 2017. That’s a hell of a lot of inheritance.
Based on the rise in senior cruisers, finder.com.au analysis shows that 1.4 million Baby Boomers are expected to cruise in 2018.
Bessie Hassan, insurance expert at finder.com.au, said seniors often have cruising on their bucket list.
“Almost one in ten Aussie Baby Boomers took a cruise holiday last year. This older demographic tends to prefer longer expeditions, sparing no expense on transatlantic or world cruises,” she said.
A survey of nearly 6,000 seniors found that conserving money to pass on to their children is no longer a high priority, with many opting to spend their cash on travel.
Hassan said retirees have every right to enjoy big, expensive holidays but warned that a worrying number are putting their health and financial security at risk by failing to get adequate insurance before they set sail.
“Cruise travel insurance is extremely important, and even more so as we age. What many people don’t realise is that you need to take out a travel insurance policy for seniors with additional cruise cover.
“Standalone cruise insurance policies tend to offer higher benefits and additional coverage options, often for a cheaper price,” she said.
Destinations most popular with retirees include New Zealand, the Mediterranean, Asia, Northern Europe, Alaska, and Antarctica – and the average age of Aussies cruising to Antarctica in 2017 was 67.
So if you’re a Baby Boomer spending a ton on cruises, here are some tips to help you save on cruise insurance!
Choose lower benefit amounts.
Some insurers will have several levels of cover with different benefit amounts. Policies with lower benefit amounts will cost you less. Just make sure you’re willing to sacrifice that added protection.
Choose a higher excess.
Some insurers allow you to choose your excess (or the share of the cost you’ll pay out of pocket) when you apply for a policy. Paying more out of pocket means paying less for your premium.
Ditch the add-ons.
If you can live without certain activities, you can avoid paying for them to be covered. For example, if your insurer wants you to pay extra for scuba diving cover, maybe you can leave scuba diving for next time and settle for snorkelling. Or consider leaving your high-value items at home to avoid paying the extra fee it takes to cover those.
Take advantage of discounts.
Seniors discounts, multi-policy discounts and travel insurance coupon codes can all help you save money on your policy.