Are you in your 50s or 60s and wondering if you could take out life insurance? While it’s always best to get cover sooner rather than later, there’s still a chance you could enjoy the peace of mind it brings.
Ideally, you want to get life insurance cover while you’re young and healthy as this often leads to lower premiums. However, many people only start to think about life insurance in their later years. If this is you, you’re not alone and yes, it’s possible to still get a policy – but this will depend on your insurer.
The Maximum Age For Life InsuranceIn South Africa, there’s no law regarding the maximum age that someone could take out life insurance. Still, most insurance companies have their own age limit and it’s usually 65. This is because, as people age, their risk of mortality increases. Setting an age limit helps your insurer manage their potential financial risk, which makes complete sense. If everyone only took out life insurance policies in their 80s, they’d only be paying premiums for a short time.
Simply put, someone in their 60s is more likely to pass away than someone who’s in their 20s. This means that their insurance company has a much higher risk of having to payout a large sum before the sum of their premiums has covered it.
Remember, age limits can vary among insurance companies. While 65 is the common age limit, you might still be able to find a life insurance company willing to offer you a policy if you’re a little older. However, your premiums are likely to be a lot higher than they’d would have been if you’d taken a policy out in your younger years.
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The Best Time To Get Life Insurance Is Now
The best time to get life insurance is always sooner rather than later. Yes, your premiums might be a little higher but you can’t put a price on creating a financial safety net that can protect your family should you pass away due to illness or accident. So, why not get a quick quote from MiWayLife? Our 4-in-1 policy includes funeral cover for your family members, all for one monthly premium.
FAQs
Is there an age limit for life insurance? Most life insurance policies have an upper age limit for applications. Many insurers stop taking life insurance applications from shoppers who are over 75 or 80, while some have much lower age limits and a few have higher limits.
What is the maximum age for whole of life insurance? ›
Whole of life insurance doesn't expire at any age. It will continue to cover you until you pass away and a pay out is guaranteed. With whole of life cover, you must pay your monthly premium until you pass away or until a certain age (such as 90) with some insurers.
Is 70 too old for life insurance? ›
Once you're in your 70s, there may be more limitations on the types of policies available to you. but you can still get life insurance over 70.
What age does life insurance not pay? ›
What Age Does Life Insurance Expire? The age 100 maturity date means the policy expires and coverage ends when the insured person turns 100. One possible result is that the policyholder (and their heirs) get nothing, despite decades of paying into the policy. But times change, and now people tend to live longer.
Can a 75 year old get life insurance? ›
Can I get life insurance if I'm over 70 or 75? You can buy life insurance if you're in your 70s, but you'll need to compare policies to find one you can afford that provides the coverage you want.
Is there an age limit for life insurance beneficiary? ›
Naming minors as beneficiaries
Children under age 18 can be named as a primary or contingent beneficiary. However, if you were to die while they are still minors, the proceeds may be sent in their name to the legal guardian of the minor child's estate.
At what age should you stop buying life insurance? ›
Life insurance is no longer needed for many people once they reach their 60s or 70s. At this point they retire, their kids have grown up, and they've paid off their mortgage and other debts. However, others prefer to keep life insurance later in life to leave an inheritance and to pay off final expenses.
How late is too late to get life insurance? ›
Thankfully, it's never too late to purchase life insurance. Buying life insurance from certain insurers may be difficult depending on your age and health, but it's not impossible.
What does $9.95 a month get you with Colonial Penn? ›
A unit of Colonial Penn coverage is the life insurance benefit amount you receive for $9.95 per month. Your age and gender determine the exact amount of insurance coverage a single unit provides. The older you are, the more units you will need to purchase in order to get an adequate death benefit.
What is the cut off age for whole life insurance? ›
Many whole life insurance policies are written to expire at age 100. But if you live longer than that, you have a couple of options. For instance, if you are younger than 85, you could do a 1035 exchange into a new policy that lasts until age 121.
The difference between term and whole life insurance can be boiled down to cost and length. Term life insurance is cheaper than whole life and covers you for a set period of time. Whole life insurance typically lasts your entire life and can build cash value, which makes it a more complex and expensive product.
How much does AARP life insurance cost? ›
How much is AARP life insurance per month? AARP life insurance can cost as little as $11 monthly or as high as $900. The final price depends on the type of policy (whole, term, or guaranteed acceptance), product, age, gender, state of residence, and health.
Is there a limit to life insurance? ›
Insurability limits vary by age and by insurer, but generally range from 15 – 35 times annual income.
Do you get life insurance for dying of old age? ›
In turn, your beneficiaries could use the death benefit in numerous ways, including paying off a mortgage, setting up a college fund or providing future income. A life insurance policy covers most causes of death, including old age, illness and other natural causes, as well as death by accidents.
What happens to whole life insurance at age 95? ›
It's called maturing, and depending on your policy, it could happen at age 95, 100, or even 121. When your coverage matures, you receive all of the cash value (usually equal to the coverage amount) the policy has built up, and the policy comes to an end.
