This is one of the most frequently asked questions when it comes to taking out life cover. In short, your age does matter, but it’s not always too late.
There are lots of reasons why people might delay getting life insurance. Sometimes it’s because they think they can’t afford it and in some cases they think they don’t need it. However, life insurance is an important tool if you’re wanting to create a financial safety net for your family, offering a lump sum payment to the beneficiary in the event of the policyholder's death due to illness or an accident.
If you’re covered with MiWayLife, this lump sum payout will grow by 5% each year. We also offer an accelerated funeral benefit that can pay as much as R50 000 to assist with funeral related expenses.
Don’t Wait Until You’re 65
Despite the delay, most life insurers have an age limit of 65 years old. Also, if you take out life insurance after the age of 50, your life insurer will probably require that you submit your medical history. Just bear in mind that the age of any beneficiaries won’t matter. So, if you want to take out life cover and list your 85 grandmother as a beneficiary, there’s nothing stopping you.
Why Do Insurers Have An Age Limit?
We all want to live a long and happy life, however, as we get older, our risk of falling ill or developing a chronic condition like diabetes or high blood pressure increases. This also increases the risk factor for the life insurer.
Your Age Affects Your Premiums
It’s important to remember that, as your age and health status are two factors that affect life insurance premiums, it makes better sense to get life insurance cover as soon as possible. Generally, the younger and healthier you are, the lower the premium will be.
Don’t Delay, Get Life Cover Today
If you’ve passed your 65th birthday or have pre-existing medical conditions, don’t feel like it’s too late. There are insurance providers that offer policies that cater to specific health conditions, such as diabetes or heart disease. These policies may have slightly higher premiums, but they can still serve as that invaluable financial safety net for the people you love.
