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Personal Protection Age limits – 3 things you should read

Personal Protection Age limits – 3 things you should read

Finding protection for younger clients is not likely to be a problem, but if the client is older, the age limits that insurers put on their policies may restrict the advisers’ choice. In this week’s ‘3 things you should read’ we take a detailed look at age limits on personal protection plans.

Life cover

Age restrictions apply to many things that people can buy or do, from buying alcohol to getting married. Most of the time, age limits are focused on minimum ages to prevent young people doing something that they are deemed not mature enough to do responsibly. Maximum age limits are less common but they do exist where a decline in health and fitness due to age could be problematic for instance life assurance. In this insight we take a detailed look at the age criteria that insurers apply to their life products to determine which providers are most suited to older and younger clients.

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Critical Illness

The age at which a person takes out a critical illness plan will have a big impact on the cost of the cover. The younger that person is the cheaper the cover will be as they are less likely to claim on the plan and as such pose less risk to the insurer. In reverse the older the client is the bigger risk they pose and for that reason cover not only becomes more expensive but insurers will not offer terms after certain ages. Knowing the age limits insurers impose on critical illness cover can be helpful in determining suitable recommendations. In this insight we examine those limits and how insurers differ.

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Income Protection

Understanding the age limits of income protection insurance is particularly important, especially when arranging cover for older clients or those who are planning to work later in life or who have longer term financial liabilities. In this insight, we look at the minimum and maximum age requirements for entry and at expiry to determine which insurers have the widest age criteria on their income protection plans.

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