Life insurance isn’t just an expense, it's an investment in your family's future. Don't wait until it's too late.
Life is unpredictable, and while we all hope for a long and healthy future, it's still important that we’re prepared for the unexpected. One of the most responsible steps you can take to protect your loved ones is securing life insurance, especially before you reach the age of 65.
Why is this big birthday so important? Let’s delve into the details.
Most life insurance companies set an age limit
While South Africa doesn’t have any law regarding the maximum age for buying life insurance, most life insurance companies have their own limit and aren’t obliged to disclose it. For the most part, life insurance companies tend to not issue life insurance policies to those that have reached the age of 65. This is because, the older we get, the more likely we are to develop a health condition or pass away. Life insurance companies know that, statistically, younger people are less likely to make a claim before having paid enough premiums to justify their coverage amount.
While it’s not impossible to purchase life insurance after the age of 65, you’d have limited options, limited benefits and could end up paying an expensive premium for a lower amount of coverage as a “penance” for having waited so long.
Get life insurance sooner rather than later
If you’re in your 20s and enjoying the gift of good health, you probably don’t spend too much time thinking about what would happen to your loved ones if you had to pass away. However, by thinking ahead, you can save in the long run. If you purchase a life insurance policy while you’re still young and in good health, you’re much more likely to pay a lower premium. Better yet, you can enjoy this lower premium for years to come while you live your best life with maximum peace of mind.
Lock in lifelong coverage with MiWayLife
Many life insurance policies offer the option to lock in your coverage for life and MiWayLife is one of them. This means that once you have a policy in place, your premiums and coverage remain the same, regardless of any changes to your health or age. Securing this type of policy before the age of 65 ensures you have financial protection for your family for years to come, even if you live to the ripe old age of 102. You also won’t have to worry about potential coverage denials later in life or having to pay a higher premium because you’ve developed a chronic health condition in your later years. (For the record, you can still get life insurance if you have a chronic condition, including HIV. Learn more about that here.)
More reasons to choose MiWayLife
When you buy a life insurance policy with MiWayLife, you don’t just get comprehensive life insurance. Our 4-in-1 policy also includes a terminal illness benefit, accelerated funeral cover and even funeral cover for your spouse as well as your wider family members that can all be covered as additional insured lives on your policy. You also get to choose how much life cover you’d like to have and might be surprised to learn it’s doesn’t have to break the bank. In fact, with MiWayLife, you can get as much as R500 000 in life cover for as little as R164 per month!
The bottom line
Clearly, securing life insurance before the age of 65 is a smart move. By acting now, you can lock in affordable premiums, guarantee lifelong coverage, and provide your loved ones with the financial security. So, let’s not waste any time – get a quick life insurance quote today – before it’s too late.
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.
