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.
In a perfect world, everyone would have life insurance. You pay a monthly premium and then, in the event of your passing, it pays out a lump sum to your chosen beneficiary. Who wouldn’t want to be able to create such a wonderful financial safety net for their families? Thing is, there are many reasons why people only start to think about life insurance when they’re much older and often it’s too late.
In South Africa, there is no law that limits the age for life insurance. Still, most insurance companies choose to limit access to life insurance to those under the age of 65. This is because, the older we get, the more likely we are to develop health conditions that affect our mortality, increasing your risk to the insurer. This is why it’s always a good idea to take out life insurance when you’re young and healthy – you’ll be considered a low risk and offered a low premium in return.
I’m over 65 – am I too old for life insurance?
If you’re older than 65 and looking for life insurance it’s not necessarily too late. There are a few life insurance companies that will offer life insurance to those up until the age of 70 but they’re few and far in between and you’ll be paying a higher premium.
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I’m over 70 – what happens if I can’t get life insurance?
If you’re older than 70, it’s not likely that you’ll be able to find an insurer willing to offer you a life insurance policy, but all is not lost. If you want to protect your loved ones after your passing you could invest in a funeral policy. This way, when you pass away, you can rest assured that your family won’t be burdened with the cost of giving you a dignified farewell during an already difficult time. Also, if you have any assets that you’d like to pass on to your loved ones, you’ll definitely want to have a Will in place.
Why is it important to have a Will?
Having a Will allows you to choose an executor – someone you trust to manage the wrapping up of your estate. If you pass away in South Africa without a will, the Master of the High Court is tasked with appointing your executor. It might not be the person you’d prefer, the process can take years and, in the meantime, your assets are frozen.
Safeguard your family’s future todayIf you’ve yet to reach the age of 65 and are thinking about getting life insurance, do it today. However, if you’ve left it until too late, consider investing in a funeral policy and don’t delay creating Will. You can apply for one online with MiWayLife and, in just a few easy steps, we can help protect your family’s financial future and give you more peace of mind.
Did you know:
You can now take out life cover with usonlinein a few simple steps. No calls and no agents! Make sure to take care of those you love today bybuying MiWayLife cover online.
Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
