Martin Lewis explains key age limit that applies to pensioners | Personal Finance | Finance

Martin Lewis has explained some key age restrictions meaning older people may not qualify for certain services. Speaking on a recent episode of his BBC podcast, the expert cover a wide range of topics.

Topics that were discussed included how to choose what type of current account is best for you and if you find a better one than your existing provider, how to switch bank account. Mr Lewis urged people to shop around for a better account to see if you can find one that better suits your needs.

He said that some people would benefit from switching to what he terms a “packaged bank account”. This is where holding an account means you are eligible for insurance policies as well, such as travel insurance deals and breakdown cover. These accounts often come with a monthly fee.

The consumer expert said these bank accounts are worth a look as you can save “hundreds of pounds” compared to if you had taken out an insurance policy separately. One person called in to ask which bank account would be best for their situation, as a young family with two children. They wanted to get worldwide cover for the whole family.

In response, Mr Lewis first asked her which member of the family is the oldest, with the person responding to say the oldest of the group was 34. He explained the reason for the question: “Some have age limits. Some are 69, some are 79.”

These age limits can vary considerably. For example, Barclays‘ Travel Plus Pack will cover you and your partner up to the age of 79 while Halifax Ultimate Reward provides cover up to 71.

Mr Lewis said that Nationwide FlexPlus, with its Worldwide Family Travel Insurance through Aviva, is a “very popular one, very good travel insurance for older people”. He also said you can effectively get “nine months free” if you switch to this account. This is because the standard fee is £18 a month, but Nationwide is currently offering customers a £175 payment if you’ll move over to them from a non-Nationwide provider.

You can get the switch offer when moving over to either a FlexDirect, FlexAccount or FlexPlus account. Mr Lewis listed the cover you can get with the account: “Worldwide family travel insurance, no age limit although pre-existing conditions have to be discussed, includes winter sports.

“UK and European breakdown cover for account holders, including home assistance and onward travel, all the handsets in the household and mobile phones are covered.”

Also on the topic of cover for older people, another listener to the podcast wrote in with a question. They’d had travel insurance as part of their bank account for many years.

They said they were nearly 72 and their policy was meant to be up to the age of 80, yet their provider had informed them they would not be renewing it this year. Mr Lewis said that unfortunately the provider can choose to cancel it in this way.

He explained: “You do not have an automatic right. If they’re cancelling it, they shouldn’t be charging you through the packaged bank account because you’re not getting the fee. I would be asking them is it possible to pay for a premium, and I would be looking to go elsewhere, but I’m afraid you don’t have an automatic right to insurance. As long as they are cancelling it in advance and not retrospectively.”