There are many specific reasons why you might want life insurance at this age. Even though you’re at a later stage of life, you may still have unpaid debts or mortgages that need paying after your passing.
These end-of-life expenses can be covered under life insurance. You may still be providing for your spouse, elderly parents, or grandchildren, and you want them to avoid the worry of settling your affairs after your death. Plus, you may want to leave them a legacy to secure their financial future.
You can also use life insurance to fairly distribute the assets in your estate. For example, you could distribute a business, holiday home, and life insurance payout amongst your various beneficiaries.
The biggest benefit of life insurance is that it could provide your family with much needed financial support in the event of your passing, or permanent disability.
This financial support could assist in paying rent, medical bills and other household bills, and other payments needed to carry on with life. On top of this tangible benefit, is the emotional benefit of knowing that your death won’t necessarily pass on an overwhelming amount of financial stress to your loved ones.
If you’re over 65, you’ve no doubt considered your future. Travelling, pursuing new hobbies, and spending more time with your family may be on your bucket list of things to do. Many people say it’s a golden time of life. But sadly, it won’t last forever, and it’s important to be prepared for the future in all respects.
Life insurance protects you and your family from unforeseen events. There are a number of life insurance products on the market designed for those aged 65 or over.
Life cover provides a lump sum payment following your death1: you can set the amount you’d like the beneficiaries to receive. The payment is made on your death or diagnosis of a terminal illness. The maximum entry ranges from 50 to 75 with a general expiry age of 100, depending on your insurer.
You may also choose to have additional features in your life insurance policy, such as:
As a senior, there are specific factors that affect your life insurance premium. The older you are, the higher your insurance premiums. Because you’re over 65 your likelihood of developing health problems increases, so your insurance premium reflects that risk. Your premiums will be determined by:
The right life insurance for you is the policy that suits your unique needs. Look for a policy that has all of the features that suit you, and sits in line with your budget.
If you’re not familiar with life insurance, it can be difficult to know what features are right for you and your family. That’s where we come in. Contact us to talk through your life insurance options, and see if we can help you find the right policy for your needs and budget.
At iSelect, we make it easy to compare life insurance policies side by side. Instead of gathering separate quotes from individual insurers, you can compare policies with iSelect, and then purchase the one that meets your needs.
You can compare online, or feel free to give us a call on 13 19 20. Our qualified risk advisers are on hand and ready to help you find the right policy, and answer any of your questions.