BRITAIN’s financial watchdog is looking into whether cancer patients get a fair deal when it comes to travel insurance.
The Financial Conduct Authority (FCA) is asking firms for feedback to better understand the difficulties faced by consumers who have, or have had, cancer when trying to find appropriate insurance.
The watchdog is also looking at the reasons for pricing difference in the premiums quoted by insurers.
The move is part of a wider focus by the FCA on the challenges people can face when trying to find insurance that meets their needs.
Lynda Thomas, chief executive of Macmillan Cancer Support, said the charity hears from people having trouble accessing travel insurance on an every day basis.
"They may have been quoted sky-high prices, had their cancer excluded from cover or had to deal with endless phone calls or mountains of paperwork in order to apply for a policy," she said.
"We want insurers to give clearer explanations about how quotes have been calculated. Travel insurance policies should be clear and fairly priced for everyone, including people with cancer,” she added.
Christopher Woolard, from the FCA, said being able to access financial services is critical for people to fully participate in society.
“Given our previous findings in this area, we see this as a critical time to fully explore these issues and consider potential solution,” he added.
Nel Mooy, head of travel, AXA UK, said it is "incredibly important" for holidaymakers who have medical conditions to buy travel insurance before they book their trip.
She said: "Cover for those with medical conditions can cost more but, for less than a tenth of the average cost of a holiday, the vast majority of British holidaymakers can take out a travel insurance policy.
"Most insurers cover a range of medical conditions and there is a healthy market of specialist providers, who focus on covering cancer and heart conditions.
"Even if you’ve had a condition in the past but are no longer having symptoms, you need to tell your insurer about it to make sure you are covered for all eventualities."
The FCA consultation will close in September. The regulator plans to publish its findings and set out its next steps by the end of 2017.
WE asked experts from insurance comparison website Medical Travel Compared and specialist travel insurance provider Insurancewith.com for their advice.
Buying the right policy from specialist: Most insurers cover a range of medical condition but a range of health market specialist providers might be better able to help, advise and offer the best quotes.
Get help from the British Insurance Brokers’ Association (BIBA): the UK's leading general insurance intermediary organisation can direct consumers to an insurance broker via the Find a broker service.
Use a comparison tool: Medical Travel Compare offers a comparison tool that will enable customers to compare travel insurance companies that cover medical conditions as part of their policies and get the best price.
Do not travel with excluded conditions on your policy without understanding their meaning: Many insurers will consider ‘proximate cause’ and you may find your ‘excluded condition’ become linked to what you considered to be a new event.
Obtain cover before booking your trip: As if you struggle to obtain insurance then you may find yourself with a cancellation charge for a holiday which you will be unable to recover.
Annual VS Single Trip: If you only travel once or twice a year, then single trip cover is likely to work out cheaper than an annual.
Choose your destination wisely: When you have pre-existing medical conditions, where you travel can make a real difference to the travel insurance premium. It can even be the difference to whether you’re offered a quote or declined cover.
Check your home insurance: Many people are not aware that they are covered on their home and contents insurance for personal belongings when they travel. If your home insurance does cover you in this way, then you could save money by excluding ‘personal belongings’ cover on your travel insurance policy.
Get a European health insurance card: The European Health Insurance Card (EHIC) is not a substitute for travel insurance, however, it can still save you money when making a medical expenses claim on your policy.