The following is my answer to a Quora
question: “Is
getting cheap life insurance in your 60’s impossible?”
Once you have passed the median age of
life expectancy wherever you are, insurance becomes progressively more
expensive. The only way to secure cheap
insurance is to secure coverage as young as possible. The premiums are calculated based on the age
at inception less from life expectancy. As
such, the younger you are, the cheaper the regular premiums will be.
An alternative to securing adequate
insurance relatively cheap is to get a group health plan. Due to portfolio pricing of the premiums, the
premiums are cheaper the greater number of younger people there are. In some places, such as Singapore, you can
register a company, and as long as you have a minimum of five persons,
regardless of their relationship to you, you can buy a group health policy. The company may even be dormant, and that is
irrelevant to the insurer. In Singapore,
after the first policy year, pre-existing conditions are covered. This is an added advantage.
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