Yes, it is possible to get Disability Insurance after age 65. However, the availability and terms of coverage may vary depending on the insurance company and the specific policy. Here are some key points to consider:
1. Age Limit: While some insurance companies may have an age limit for purchasing Disability Insurance, there are others that offer coverage to individuals who are 65 years old or older. It's important to check with different insurance providers to find out their specific age requirements.
2. Premiums: The cost of Disability Insurance premiums generally increases with age. This means that the premiums for a policy purchased after age 65 may be higher compared to those purchased at a younger age. Insurance companies take into account the increased risk of disability as individuals get older.
3. Coverage Options: The coverage options available for Disability Insurance after age 65 may be different from those available to younger individuals. Some insurance policies may have limitations on the duration of coverage or the types of disabilities covered. It's important to carefully review the policy terms and conditions to understand the extent of coverage.
4. Medical Underwriting: Insurance companies typically require applicants to undergo medical underwriting to assess their health and determine the risk of disability. This process may involve a review of medical records, a medical examination, or answering health-related questions. The results of the underwriting process can affect the availability and cost of coverage.
5. Social Security Disability Insurance (SSDI): Individuals who are 65 years old or older may also be eligible for Social Security Disability Insurance (SSDI) benefits. SSDI provides income support to individuals who are unable to work due to a disability. It's important to understand the eligibility criteria and application process for SSDI.
It's recommended to consult with an insurance agent or broker who specializes in Disability Insurance to get personalized advice and assistance in finding the right coverage after age 65. They can help navigate the options available and provide guidance based on individual circumstances and needs.