You require insurance policy to meet the unforeseen circumstances and expenditures that fall on you out of the blue. The requirement becomes even more acute when you retire. Therefore, many retired persons make enrollment under one insurance policy or other one of their primary retirement options. However, insurance policy involves payment of premium and the rate is a primary factor in determining your choice of the plan.

When you are still working and not retired, the insurance companies would classify you according to your occupation. Administrative or professional people come in Grade I while manual laborers will come in Grade IV. The later are considered riskier. On the other hand if you are retired, you may all come in one Grade. Moreover as retired person you do not have the option to change your job and turn over to riskier occupation any more. It becomes comparatively easier to be enrolled under the critical illness insurance or the permanent health insurance in such case.

In any case, your premium shall be lower if you decide to go for a long period of waiting initially. For example if you decide to wait for 15 weeks before your benefits become due, you will be charged with lower premiums than in case where you have the waiting period of 5 weeks only. Think twice before equity release in case you are opting for an insurance plan.