Most South Africans first dip their toes into the world of insurance in their early twenties. It’s a great way to protect important possessions like their car or laptop. What they often don’t think about, however, is life insurance. After all, if you’re young and healthy, why would you be worrying about what would happen when you pass away?

The thing is, when it comes to life insurance, it’s much wiser to get cover as soon as possible as, the younger and healthier you are, the lower your premiums will be. Also, while there are no laws that dictate the age at which you can no longer get life insurance, almost all insurers set their age limit at 65.

Don’t wait until it’s too late to get life insurance

 

The reason why most life insurers won’t offer life insurance policies to those over the age of 65 is because, the older you get, the more likely you are to develop an illness or pass away. Essentially, you pose a higher risk to the insurer.

Does my life insurance policy expire when I turn 65?

Here's the good news – nope, it doesn’t. If you have to take out a life insurance policy before the age of 65, say in your 40s or 50s, you’d still pay a slightly higher premium than someone in their 20s. But, once you’ve got that life insurance policy, it will remain active right up until the age you pass away, provided you keep on paying your premiums.

Is there an age limit for my life insurance beneficiaries?

Nope! You’ll be glad to know that your beneficiaries can be any age. If you wanted to, you could easily list your elderly parents as beneficiaries or even your minor children. Just bear in mind that, according to South African law, children under the age of 18 can’t inherit directly. However, their other parent or a legal guardian can manage their payout until they turn 18.

Can I switch up my life insurance policy as I grow older?

Yes, you can! MiWayLife believes that the best type of life insurance will grow and change as you do. If you take out a policy when you’re young and don’t have any dependents you might not require a large amount of coverage. Then, as the years roll on and you become responsible for the financial well-being of a family, you can increase your cover amount. You can also reduce it if you feel like your financial responsibilities diminish. (Here’s looking at you, empty nesters!)

At the end of the day, if you’re under the age of 65 and looking for a life insurance policy that can serve up a lifetime of peace of mind, why not get a quick quote from MiWayLife today?

Did You Know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.