Critical Illness Insurance for Those Over 60
If you are in your 60’s and you are seriously thinking of getting a critical illness policy, this may not be the best option for you. For one, the premiums of the critical illness insurance policy will be extremely prohibitive.
Also, there are some critical illnesses that are covered only until the age of 60. For instance, Alzheimer’s disease and Parkinson’s disease will only be covered when it is diagnosed when the Insured is 60 years old or younger. Also, for Alzheimer’s disease, the symptoms must be permanent.
The age of 60 and above is a vulnerable time since one is more prone to incur a critical illness. By this time, it may be too late (and highly impractical) for you to try getting a critical illness policy. You must also remember that you need to disclose of any illnesses that you have.
If you take a look at the illnesses covered, you will notice that a number of these are diseases that are more common when you are 60 years of age or older.
Buying Critical Illness Insurance at an Early Age
With these considerations, it is important that you think about getting critical illness cover before you reach the age of 60 and before you incur a pre-existing condition that could cause the insurance company to deny your application or seriously limit your coverage.
That way, you have peace of mind, knowing that should you incur a critical illness, you can receive a lump sum upon diagnosis.
Recommended useful information to read:
- Are you at risk? Critical Illnesses you may be susceptible to
- Things to consider before getting a critical illness insurance policy
- What you should know about Your Critical Illness Cover: The exclusions to your policy
- Save Up on Premiums: factors that affect Your Critical Illness Insurance premiums
- Dos and Don’ts When Making Critical Illness Insurance Claims
