Things you can’t help but know when buying life insurance for the elderly

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Participating in life insurance for the elderly is not as simple and easy as young people because most of the factors are related to age and health.

The practical benefits of insurance for people’s lives cannot be denied, especially in the matter of timely financial support when sick, sick, hospitalized. And more than anyone else, the elderly need life insurance to always have the best health care conditions. However, life insurance is not a product that you can buy when you need it, but you have to buy it when you don’t need it so that you can use it when you need it. That is, join early, when your health is good and your age is not high to satisfy the conditions for insurance participation and get a cheap fee. Currently, not everyone pays attention to prepare an insurance policy before reaching the late afternoon, so many people are very worried whether it is possible to buy life insurance for the elderly?

Elderly or elderly are people aged 60 years or older. This age can still participate in life insurance because the conditions of participation of most insurance products now extend up to 60 years old and some products extend to 80 years old. However, the conditions for participating in life insurance are not only financial, age but also health. Therefore, it is not easy to get insurance for the elderly. And here are the things you can’t help but know when buying life insurance for the elderly:

1. Rejected by the company because of medical inadequacy

The truth is that not everyone participates in insurance, even those who are young and healthy. Because insurance companies will refuse to cover specific subjects such as those born with dangerous diseases (terminal diseases, HIV, etc.), criminals, and working people. in dangerous environments (space, pilots, racing, special police…). It is also a privilege to participate in life insurance, if you do not know how to make the best use of the opportunity to participate when healthy, there will be a very low chance to participate in old age. There is a high probability that the insurance company will refuse because the current health situation and medical history are not eligible to participate. For example, you cannot participate in some  critical illness insurance products if you have a history of cancer, even if it has been cured, because the chance of recurrence is very high.

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2. Sure the premium will be expensive

Health and age are the two main factors that determine premium rates. So the higher the age of participation, plus the declining health status, the higher the fee. Buying insurance for the elderly over 60 will certainly be more expensive when they are in their 30s and 40s, and can double or triple the premium. For example, if you join life insurance when you are young, you can join a policy with an annual premium of 8 million, 10 million. But when you want to join in old age, the premium will be up to 15 million, 20 million, or some companies only accept insurance for 30, 35 million and more. Don’t hesitate to take out insurance when you are young and healthy so that when you miss a good opportunity you have to pay a hefty price.

3. Limited coverage

If the insured has ever had a disease, please declare truthfully on the Insurance Claim Form. Depending on the type of disease, severity and condition at the time of participation, the insurance company considers accepting insurance with separate exclusions. Cases in the exclusions will not be paid benefits. Thus, participating in life insurance in old age with a thick medical history, in addition to the high premium, the participants are also limited in coverage.

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4. Medical examination is required before buying

Life insurance is a product built on the trust of both the customer and the insurance company, so not all insured objects are insured by the company request a medical examination which is mainly based on the principle of truthful declaration. Only a few cases of participating in a policy with a large insurance value and a high age of the insured will the company require a medical examination. For example, an insured person under 17 years old who joins a policy of more than 2 billion will need a medical examination or a person who is 46 years old will have a medical examination when participating in a policy with an amount of more than 1 billion. Especially, for the insured who are over 55 years old, most of the companies require a medical examination, especially the large sum insured over 500 million or more. Thus, requiring a medical examination before buying insurance for the elderly is an almost mandatory factor.

Life insurance is important and necessary to our lives at any stage. It will be a disadvantage when participating in life insurance for the elderly because of high premiums, limited benefits, sometimes unable to participate anymore… Therefore, consider joining insurance as soon as possible to always enjoy the full benefits.