Should buy life insurance for the elderly?
Joining 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.
There is no denying the practical benefits of insurance to human life, especially in the case of timely financial support when sickness requires hospitalization. And more than anyone else, the elderly desperately need life insurance to always have the best possible health care. However, life insurance is not a product that can be purchased when needed but must be purchased when not needed until it is needed to use. This means joining early, when your health is good and your age is not high enough to qualify for insurance and get a low price. Currently, not everyone pays attention to preparing an insurance policy before the late afternoon, so many people are worried whether they can buy life insurance for the elderly?
Elderly or elderly people are those aged 55.60 and above. This age can still join life insurance because the conditions of participation of most insurance products currently extend up to 60 years old and there are products that extend to 80 years old. However, the condition to join life insurance is not only financial, age but also health. Therefore, it is not easy to join insurance for the elderly. And here are some things you cannot help but know when buying life insurance for the elderly:
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There is a high possibility that the company will refuse to provide health insurance coverage
The truth is that not everyone is insured, even for young and healthy people. Because insurance companies will refuse to cover specific subjects such as those born with serious illnesses (incurable diseases, HIV ...), criminals, working people. in dangerous environments (space, pilots, racing, special police ...). Life insurance should be a privilege too, if you don't know how to take advantage of the best opportunity to get involved when you are healthy, there is a very low chance of getting old when you're old. It is highly likely that the insurance company will refuse because of the current health situation and medical treatment history are not eligible to participate. For example, you cannot join some critical health insurance products if you have a history of cancer, even if you have been cured because of the high chance of recurrence.
Certainly the premium will be expensive
Health and age are the two main factors that determine premiums. The higher the participation age, the more the health condition declines, the bigger the fee. Buying insurance for seniors over 60 years of age is definitely more expensive when they are in their 30s and 40s, and can be two or three times higher. For example, if you were involved in life insurance when you were young, you might be able to enter into an annual policy of $ 1,000, $ 2,000, and $. But when you want to join the elderly, the premium up to $ 3,000, $ 4,000, or some companies only accept insurance for $ 3,000, $ 4,000 and more. Do not hesitate to join insurance when you are young and healthy so that when you miss a good chance you have to pay a hefty price.
Coverage is limited
If the insured has ever had an illness, declare it truthfully on the Insurance Application Form. Depending on the type of illness, the severity and the condition at the time of enrollment, the insurer will consider accepting coverage with separate exclusions. Cases excluded in the exclusion will not be covered by insurance benefits. Thus, participating in life insurance in old age with a history of medical examination and thickening, in addition to high fees, participants are limited in coverage.
A medical examination is required before purchase
Life insurance is a product built on the beliefs of both customers and insurance companies, so not all insureds are required to undergo medical examination by insurance companies that rely primarily on on the principle of honest declaration. Only in some cases where the policy is large and the age of the insured is high, the company will require a physical examination. For example, if the insured person under 17 years of age is participating in a contract with a sum of more than $ 100,000, he / she needs a medical examination or a person aged 46, when he / she participates in a contract with an amount of over $ 500,000, he / she will have a medical examination. In particular, with the insured participating at the age of over 55 years, most companies require a medical examination, especially the large amount of insurance over $ 25,000 or more. As such, requiring a health examination before buying insurance for the elderly is an almost mandatory element.
Life insurance is important and essential to our lives at any stage. It will be disadvantageous to join life insurance for the elderly because of high fees, limited benefits, sometimes unable to participate anymore ... Therefore, consider insuring insurance as soon as possible to always enjoy the most complete benefits