Commenting on the news that regulators are
introducing new rules to stop banks and building societies mis-selling packaged
accounts, including insurance that customers may not qualify for, Paul Green of
Saga says, "This is an extremely positive step to help consumers, particularly
older travellers who often believe they are covered by travel insurance in
their packaged bank accounts, only to find themselves stranded when they try to
make a claim. People simply do not realise that many of these policies tend not
to cover pre-existing medical conditions as standard or have upper age limits,
meaning that the cover is often totally inappropriate for their needs. These
new rules will help people know at the outset whether these products are right
for their individual circumstances and if not allow them the opportunity to
contact an insurer that does not impose these arbitrary upper age limits."
Saga research showed that people age 70 and over are not eligible for
the free travel insurance included with Barclays Additions Active and Natwest
Advantage Gold accounts. The Nationwide Flex account does not cover customers
over 75, and the Halifax Ultimate Reward account those over 71.
