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When Should I Buy Life Insurance?

When is the Right time to Buy Life Insurance?

The best time to buy life insurance is when you are young. Younger insureds qualify for a higher cash benefit and lower premiums. That’s because younger people are at less risk of death and dreaded disease.

The longer one waits, the more life insurance will cost. As you age, your chances of receiving a medical diagnosis that increases your life insurance risk goes up. In fact, some people may not qualify for a life insurance benefit as a result of an illness.

The good news is that your insurer cannot deny your existing cover if you are diagnosed after you buy the policy. Take note that insurance companies sometimes apply waiting periods for claims. If you need to claim for illness and you are in a waiting period, the claim may be rejected.

An insured’s life insurance premiums are more likely to stay low if they insure from a young age. Premiums increase based on a percentage of previous premiums. This means that if the premiums are low to begin with, the percentage by which they increase will be low as well.

There are many reasons to buy a life insurance policy when you are young. Don’t wait. You can get a quote today for a life insurance policy that suites your needs. Simply fill in our online form.

Insurance Expert is a professional when it comes to long-term, short-term and medical cover in South Africa. He has the collective knowledge of an insurance litigator and actuary with as many years in the South African insurance industry as Lloyd has in London. Have an insurance conundrum? Ask our Insurance Expert and he’ll source the answer from one of the specialists in our panel.

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