Does it make sense to purchase disability insurance at age 65?


Most disability insurance policies are issued at a maximum age of 65. So yes, you can buy disability insurance at age 65, since you are still within the maximum age limit.

However, it does not really make sense to buy the disability insurance, since most policies will pay only until age 65. You'll have to expect to be disabled during that year if you want to gain anything back out of the premiums you paid. And we can tell you now that the premiums can cost quite a pretty penny, since disability insurance is computed with age as a consideration.

By the age 65, the likelihood of your suffering a medical condition would be considerably increased. Any diseases prior to the policy's issue date can be considered a pre-existing condition and may be thus excluded from the coverage. Thus, if you are already suffering from heart disease or diabetes, any disability resulting from these will not be considered payable by the insurance company.

In addition to this, there may also be waiting periods in place. So anything happening during the waiting period will not be payable under the policy. So buying a policy at this late an age will only effectively give you a few months of disability coverage.

It may be too late to buy the disability insurance. You can, however, look into other options. For one, you can avail of retirement benefits from Social Security, a coverage which virtually everyone has. If a person is receiving disability benefits prior to the retirement age of 65, these disability payments will be converted into retirement benefits.

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