Being older doesn’t mean you can’t get life insurance, but here’s why it’s a good idea to act fast.
The start of a new year always fills us with a bit of fresh energy. It’s rarely too late to plan an exciting new project, but If you’re in your fifties and early sixties, you’re nearing the age where it might be too late to invest in life insurance. If you’re thinking “Well, I’ve made it this far without it”, good for you, but here are some great reasons why life insurance is a valuable financial tool for seniors.
The Importance Of Life Insurance For Seniors
When you take out a life insurance policy with MiWayLife, you’ll pay a monthly premium in exchange for a set amount of coverage of your choosing. You don’t have to wait for your premiums to add up like a savings plan, you simply pay them each month and then, in the event of your passing, your beneficiaries will receive that coverage amount in a lump sum within days of making a successful claim. This money can be spent however they’d like to use it but, in most cases it’s used to cover outstanding debts, pay for important things – like a child’s education – or address immediate financial obligations, such as the cost of living.
If you have a large estate and a Will that dictates who gets what, you might think that this will ensure your family’s taken care of when you’re gone. Thing is, most people don’t realise that it can take years to wrap up an estate. In the meantime, your family might be left worrying about the cost of a funeral during an already difficult time. Don’t have a Will? This will make passing on any of your money or possessions even trickier and a lot more delayed so let’s change that today.
Why Is It Best To Get A Life Insurance Policy As Soon As Possible?
The short answer to this is a simple one - the younger and healthier you are, the lower your premiums will be because, statistically, you have a lower risk of passing away than someone who’s in their golden years. Still, this doesn’t mean you can’t get a life insurance policy when you’re older. You certainly can, but your premiums will be a little higher. Fortunately, you can negate this by selecting a coverage amount that’s still adequate but slightly lower so as to be more affordable.
Just remember - you will reach an age where you’re not likely to be offered a life insurance policy and, in South Africa, most insurers won’t offer a policy to those over the age of 65. This is why, if you’re in your early sixties and have been thinking about investing in life insurance, you’ll definitely want to make it a priority.
MiWayLife Makes Investing In Life Insurance Easy
The great thing about MiWayLife is that we offer you more bang for your buck. Our 4-in-1 policy includes comprehensive life insurance as well as additional benefits that protect against the things we tend to worry about as the years march on. These include a terminal illness accelerator benefit and funeral cover for you as well as your family members – all for one affordable monthly premium.
As you plan for the year ahead, consider investing in life insurance – before it’s too late! This way, you can enjoy all the peace of mind that comes with knowing you’ve taken a simple yet savvy step to protecting your family’s financial security.
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.
