Many people assume that once you reach your 60s, getting life insurance becomes difficult or even impossible. The truth is, this is not always the case. While age can affect your premiums and the type of cover you qualify for, there are still options available.

Are There Age Limits For Life Insurance?

Most life insurers do have entry age limits, typically around 65. Many life insurance providers in South Africa allow new applications well into your 60s, depending on the policy type. This means you are not automatically “too old” to apply.

Premiums generally increase with age because the insurer is taking on more risk. This is simply based on life expectancy and health statistics. So, if you apply at 60 instead of 30, you can expect your monthly premium to be higher for the same amount of cover.

That said, higher premiums do not mean life insurance is unaffordable. Many people choose a cover amount that fits their budget and focuses on the biggest needs, such as covering debts, funeral costs, final expenses, or leaving financial support for loved ones.

 

How Underwriting Works for Older Applicants

When you apply for life insurance over 60, underwriting becomes a little more detailed. This means the insurer may ask more questions about your health, lifestyle and medical history. In some cases, medical tests may also be required.

This process is not meant to exclude you. It simply helps the insurer understand your risk profile so they can offer appropriate cover and pricing. If you are in reasonably good health, you may still qualify for cover.

How Health Conditions Can Affect Your Application

Having a medical condition does not automatically mean you will be declined. Many older applicants live with conditions such as high blood pressure, diabetes or cholesterol issues and still get approved for cover.

What matters most is how well the condition is managed. Stable, well-controlled health conditions are often viewed more positively than unmanaged or severe illnesses. Being honest on your application is also very important, as this ensures your policy remains valid when your family needs it most.

MiWayLife Keeps Life Insurance Simple

When you take out a life insurance policy with MiWayLife, you’ll pay a monthly premium in exchange for a set amount of cover of your choosing. Our 4-in-1 policy also includes a funeral benefit, terminal illness benefit and funeral cover for you and your family members – all for one premium. Our funeral benefit is accelerated, so it pays out fast. As for our terminal illness benefit, this allows you to access a portion of your life cover early if you are diagnosed with a terminal illness with a prognosis of less than 12 months.

The Bottom Line

Being over 60 doesn’t mean you’ve missed your chance to get life insurance. Still, it’s always best that you apply sooner rather than later. So don’t wait! Get in touch today for a quick quote and let us impress you with our surprisingly affordable premiums.

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.