Definition: Old age life insurance refers to a policy that insures a person who reaches or exceeds the age of retirement or at least 65 years, against the loss of income from death due to an old age-related disease or injury. The term "old age" generally implies an individual's retirement age in most countries and many cultures. The term "life insurance" refers to the financial protection provided by a policy that pays out money to beneficiaries if the insured passes away during or after the policy period. In this context, "old age life insurance" would typically refer to policies that provide coverage for the loss of income due to an old age-related disease or injury, such as Alzheimer's dementia, stroke, or kidney failure. This is different from more traditional policies that focus on financial protection in retirement, which may not cover the full range of risks associated with old age. In terms of the definition of "old age life insurance," it typically requires a person to be at least 65 years old, and the policy must cover loss of income due to an old age-related disease or injury. It is often used in combination with other forms of life insurance such as health maintenance organizations (HMOs) or long-term care insurance.
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