This will not only put you at a disadvantage from having your application approved, it could also leave you and your loved ones financially exposed to being covered financially for unexpected life circumstances. Here are three reasons why you need to get life insurance before you turn 65.
You are less at high risk
With age, our health begins to deteriorate. In some cases, it could endanger your life. Craig Baker, CEO of MiWayLife, explains that "life insurers evaluate your health and lifestyle during the underwriting process to see the likelihood that you will pass prematurely and how much coverage you will need to make sure that you and your loved ones take care. Someone who is 65 years old may have difficulty getting their life insurance approved because of health risks and the chance that they will only pass after paying some premiums is quite high. "
The additional benefit that comes from life insurance at a young age is that you will pay less premiums because of the reduced risk you pose. Not sure how much life insurance you will need? You can use our life insurance calculator or request a no-obligation quote and get the answer you need in seconds.
You will be covered for medical conditions
People under the age of 65 can develop medical conditions that vary in severity. There are some pre-existing conditions covered by life insurers that you can find out here. The premiums could have increased due to a pre-existing medical condition that you may need to make sure that in the event of a serious illness, if your family will look after you financially.
However, if you are 65 years old and above you may develop diseases or medical conditions that life insurers will not be able to cover you for. Therefore, it is best to take out life insurers while you are still healthy to cover yourself and your loved ones.
Being covered for an untimely death
We all want to live long and healthy lives, especially when we have people who mean the world to us. But life is unpredictable. "The chances of you dying before you reach 65 are quite high in a country like South Africa, and this could be due to a number of reasons beyond your health. Preparing for an unexpected future is all we can do to ensure that our loved ones are financially provided when we are no longer able to do it, "adds Baker. Having a life insurance can help cover things like:
Residual debt. Your loved ones can use it to pay off all the accumulated debts.
Medical expenses. In case of terminal malaise, you can choose to have 50% or 100% of your coverage to be paid so that you and your loved ones can take care of the medical bills or adjustments needed for your home during this period.
Funeral expenses. Most of the covers of life come with a built-in funeral benefit to give your loved ones one less thing to worry about when it comes to burying you with dignity.
Daily expenses. Coverage of your life can protect your loved ones financially long after the funeral day has been paid to make sure they have enough to take care of their daily living expenses and tuition.
Even if you don't have your own children or a partner you would like to list as a beneficiary in your policy, you can always choose to use the payment to donate to the charity of your choice. Whatever step you take today, it can be helpful to you and your loved ones when they need it most.