It’s always a good idea to take out life insurance when we’re young and healthy as this will usually result in paying a lower premium. Still, if you’re over 65, you might be wondering if it’s still possible to get life insurance. The short answer is possibly, so it’s always worth getting a quote.
Why 65 Is Often The Limit For Life Insurance
Not all life insurance companies are created equally. This is why it’s always a good idea to shop around to get a quote. Different life insurers will have varying maximum age thresholds for those wishing to apply for cover. While it’s worth knowing that, in South Africa, no law limits the maximum age for life insurance to 65, life insurance companies aren’t under any obligation to disclose their cap upfront.
Alas, most life insurance companies tend to not issue life insurance policies to those that have reached the age of 65. This is because as you get older, you become more of a risk to insure. Quite simply, someone who’s in their 60s is more likely to develop a health condition or 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 total of their premiums has come even close to covering it.
Of course, the cost of life insurance can be higher for older people. But, the peace of mind that comes from knowing that your loved ones are taken care of is priceless. So, why not get a quick quote from MiWayLife today?
