What is the age limit on taking out life insurance? – South Coast Herald

It is even more important if you have children, a partner, or family member that are financially dependent on you. So how do you go about getting peace of mind at an affordable price?

The reality

Craig Baker, CEO of MiWayLife, points out that when it comes to protecting our financial future there is still more that needs to be done South Africans face aninsurance gap of R34.7 trillion, meaning that many people are financially exposed when it comes to protecting lifes unforeseen events. When it comes to providing financial protection against things such as death, most South Africans have a funeral policy in place which is a step in the right direction. However, the ball is dropped when it comes to having a plan that goes beyond the funeral.

Juggling many financial responsibilities is one of the reasons why some people delay purchasing life insurance. There is also the notion that life insurance is expensive, but in some cases, it is more affordable than funeral policies. It is all a matter of knowing which features to look for or speaking to a financial advisor who can help you find a policy that is tailored for you, comments Baker.

What is the age limit?

Most insurers have set the age limit to 65 years old and the minimum age is 18 years old. If you do take life insurance once you are over 50 years old, your life insurer will require you to submit your medical history. Keep in mind that life insurance is designed to be suitable for each life stage and creating financial security to help your loved ones continue the life that they know once you are no longer around.

Your age affects your premiums

The golden rule when it comes to having life insurance is taking out a policy as young as possible. Your premiums are most likely going to be lower compared to when you take it at a later stage. Furthermore, the older you get the more your health deteriorates and the higher the risks are of you passing away. Many factors are considered during the underwriting process to ensure that your health and life will not be at a considerably high risk.

With so many options available, it can get a bit overwhelming. We have put together useful tools to help you better understand and navigate your way to finding a policy that is suitable for you. There are effective tools that you can use to find out just how much life insurance you need to adequately cover you and your loved ones. For example, there is the MiWayLife life insurance calculator that can give you an answer in seconds. Confused by a certain term that insurers use? Our Jargon busters help you break down terms and phrases that insurers use.

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What is the age limit on taking out life insurance? - South Coast Herald