InsureMyTrip Reports Rise in High-End Travel for Retired Couples: The Emergence of 'Retiretrips'

The Emergence of 'Retiretrips': Luxury Travel for Newly Retired Couples

In the shifting landscape of travel, a new trend has caught the attention of experts at InsureMyTrip: the rise of what they refer to as 'Retiretrips.' This term encapsulates the growing eagerness among newly retired couples to embark on high-end, bucket-list adventures. As these travelers adjust to life after work, many choose to prioritize travel experiences that were previously only dreamed of.

The Trend Towards Retirement Travel

According to a recent announcement by InsureMyTrip, there has been a significant uptick in requests for travel insurance related to expensive trips—specifically those costing $25,000 or more for individuals aged 60 and above. This marks a 30% increase from the previous year, illustrating a newfound urgency and readiness among retirees to book lavish getaways.

Suzanne Morrow, the CEO of InsureMyTrip, emphasizes this shift in consumer behavior. “We’re seeing newly retired couples move away from a vague 'someday' approach to travel and instead commit to definite plans with firm departure dates,” she explains. This development reflects not only a desire to seize the moment but also a conscious effort to ensure their travel itineraries are secure and thoughtfully protected.

Characteristics of Retiretrips

'At the core of this trend is a penchant for longer, more intricate travel experiences,' InsureMyTrip notes. Couples are increasingly opting for multi-country routes, unique expedition tours, and unforgettable excursions that feature non-refundable components such as private charters, rail passes, and guided tours. On average, these trips last more than two weeks, prompting the need for comprehensive travel insurance coverage that is tailored to the complexity and duration of their journeys.

Moreover, the demographic of travelers aged 60 and older shows a marked preference for policies that come with enhanced benefits. Requests for coverage that includes higher medical limits have surged by 118%, while the option to “Cancel for Any Reason” (CFAR) has seen a 38% increase year-over-year. It's an indication that retirees are not only conscious of their health needs but also keen on flexible travel plans that provide peace of mind.

Advance Planning and Coverage Considerations

Another noteworthy trend is the timeline for purchasing travel insurance. Travelers over the age of 60 are now buying their policies an average of 105 days before their departure. In contrast, travelers under 60 typically purchase insurance about 62 days before leaving. This anticipatory behavior suggests a strategic approach to travel planning among retirees who want to be prepared for any eventuality.

For retirees contemplating bucket-list excursions that often reach upwards of $25,000, InsureMyTrip recommends selecting insurance plans that align benefits with the full non-refundable cost of their itineraries. Two standout options include the newly unveiled ‘intrip Reserve’ and ‘intrip Elite’ plans.

Key Features of Intrigued Plans

- intrip Elite

- High medical and evacuation limits
- Optional Cancel for Any Reason (CFAR) flexibility
- Protection for adventure activities

- intrip Reserve

- Comprehensive trip protection, including cancellation, interruption, and baggage coverage
- Elevated medical and evacuation limits
- 24/7 travel assistance and telehealth access

These tailored benefits cater specifically to the needs of ‘Retiretrip’ travelers and reflect the demands of their complex travel plans, ensuring that their desired destinations and experiences can be enjoyed without unforeseen complications.

Conclusion

As the travel habits of newly retired couples evolve, so too does the insurance landscape designed to protect these substantial investments. InsureMyTrip consistently encourages travelers to conduct comparative research on travel insurance coverage to find the best fit for their unique journey. Through foresight, planning, and comprehensive insurance coverage, retirees can look forward to fulfilling their dream vacations with confidence.

For more information on travel insurance options, explore InsureMyTrip.com.