You are less of a high risk

As we age, our health begins to deteriorate. In some cases, it could put your life at risk. Craig Baker, CEO of MiWayLife, explains that “Life insurers assess your health and lifestyle during the underwriting process to see the likelihood of you passing on prematurely and how much cover you will need to make sure that you and your loved ones are taken care of. Someone who is at the age of 65 years old may find it hard to get their life insurance approved because of health risks and the possibility of them passing on only having paid a few premiums are quite high.”

The additional benefit that comes with taking out life insurance at a younger age is that you will pay less premiums due to the reduced risk you pose. Not sure how much life insurance you will need? You can use our life insurance calculator or apply for an obligation free quote and get the answer you need in seconds.

You will be covered for medical conditions

People younger than 65 years old can develop medical conditions that vary in severity. There are some pre-existing conditions that life insurers cover that you can find out about here. Your premiums could be increased due to a pre-existing medical condition that you may have to ensure that should you fall critically ill you and your family will be taken care of financially.

However, if you are 65 years and above you could develop diseases or medical conditions that life insurers will not be able to cover you for. Therefore, it is better to take out life insurers while you are still healthy to cover you and your loved ones.

Be covered for an untimely death

We all want to live a long and healthy life, especially when we have people who mean the world to us. But life is unpredictable. “The chances of you dying before your reach 65 years old are quite high in a country such as South Africa, and this could be due to a range of reasons that fall outside of your health. Preparing for the unforeseen future is all that we can do to ensure that our loved ones are provided for financially when we are no longer around to do so,” adds Baker. Having life insurance can help cover things such as:

Outstanding debt. Your loved ones can use the pay out any debt that you may have accumulated.

Medical expenses. Should you fall terminally ill, you can choose to have 50% or 100% of your cover to be paid out so you and your loved ones can take care of the medical bills or adjustments that are needed to your home during this time. 

Funeral expenses. Most life covers come with a funeral benefit built into it to give your loved ones one less thing to worry about when it comes to burying you with dignity.

Daily expenses. Your life cover can protect your loved ones financially long after the funeral day has paid to make sure that they have enough to take care of their daily living expenses and educational fees.

Even if you do not have children of your own or a partner whom you would like to list as a beneficiary on your policy, you can always choose to use the payout to donate to a charity of your choice. Whatever steps you take today can benefit you and your loved ones when they need it the most.

Read original report here

https://vaalweekblad.com/63096/3-reasons-why-you-need-to-get-life-insurance-before-you-turn-65/