What To Expect Going With Us For Senior’s Life Insurance
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Why Is Seniors Life Insurance Important?
Life insurance products can be an essential tool in your financial plan. By providing financial support in a time of health crisis, Life Insurance protect the decades of financial progress you have made.
Life Insurance can provide either a monthly or lump sum benefit to you or your nominated beneficiaries in the event of death, terminal illness, injury, or accident to protect wealth and reduce potential selldown of investments.
Common Reasons Why Those Over 50 Will Consider Life Insurances
Pay Off Your Debts
Loan terms on mortgages are typically 20-30 years which which means many Australians are continuing to pay off their mortgage while they are in their 50s.
An unexpected health event or passing can be detrimental to the financial security of your family as income may stop for a period of time or completely. This can be particularly destructive for older Australians as there is less time to financially recover.
Instead, a well thought out back up plan that includes Life Insurance can help you pay out debts and reduce financial burden on your family if you were to pass away, become sick or unable to work.
Wealth Protection
You may have spent decades diligently building your wealth by saving, paying down debt, and investing to ensure that your retirement is secure.While wealth takes decades of compounding to build, it can take just a fraction of the time to be destroyed.
The pressure of medical bills, out of pocket costs for treatment, or just the sudden stopping of income can quickly compound, forcing sell downs of investments which can jeopardise retirement.
Having the right life insurance policies can help protect your wealth by providing a financial buffer if you suffer from a health event.
Leave An Inheritance
Depending on the cost of coverage, a Life Insurance policy can simply be an economical method to ensure there are funds for your loved ones if you pass away.
Types of Life Insurance Seniors Can Buy
The sum you choose to insure for is also paid if you child passes away or has a terminal illness. Here are the important cover types to consider:
Life Cover provides a lump sum payment to your beneficiaries in the event of your death or if you are diagnosed with a terminal illness. Benefits can be paid directly to your spouse, other beneficiaries, or to your estate where it can distributed via your will as per your wishes.
A Life Insurance policy can be used to ensure there are funds for funeral expenses, outstanding debts are paid and a financial burden isn't left behind.
The maximum entry age for Life Cover is age 75 and policies will expire at age 99 or 100. Cover can expire earlier if it is owned via your superannuation so consult us for options if this is a consideration for you.
Income Protection replaces up to 70% of your monthly income if you are unable to work due to sickness, injury, or accident.
The maximum entry age for Income Protection is 60 and policies will typically expire at age 65.
TPD Cover provides a lump sum payment if you are injured, sick or have an accident that stops you from working again.
A benefit payment is also made if you incur the loss of use of your limbs, sight, cognition, or independent existence. Make sure you refer to your insurer’s Product Disclosure Statement (PDS) for the definitions of these terms.
TPD cover can be used to ensure that living expenses, debts and medical costs can be covered if this was to occur.
The maximum entry age for TPD cover is age 60 and policies can cover up to age 70.
Also known as Trauma Insurance, this can be included with your Life Insurance Cover to provide a lump sum payment if you suffer a specified serious medical condition such as cancer or a heart attack.
The maximum entry age for Trauma Cover is age 60 and policies will typically expire at age 70.
The Benefits of Life Insurance For Seniors
Here are a few benefits of Australian seniors' Life Insurance:
Financial Security
Wealth protection and financial security for loved ones.
Guaranteed Insurability
Features like this one ensures coverage even if your health status changes.
Tax-free Payouts
Life Insurance payouts in Australia can be tax-free if paid to a dependant.
Australian Seniors Life Insurance FAQs
To check out how the different insurance policies compare with each other, use this advanced comparison tool.
Work with a Reliable Life Insurer to Protect Your Financial Future
Choosing between life insurers doesn't need to be confusing. Speak with one of our brokers to walk through options to fit your budget, needs and lifestyle. We'll also help you compare insurers for quality and cost.
