Life Insurance for Seniors
Life insurance can become even more important to consider as you get older, as you may want to protect all the hard work you’ve done over the years. Whether it’s your family home, a plan for retirement, or a financial future for your loved ones, life insurance can help you protect the most important things in your life. When taking out cover, there are policies and options to look for that may be suitable for your life stage. You may already have life cover included in your superannuation to take into consideration, as well as whether the cover provided is tailored to your family’s needs.
There are different types of life insurance covers to choose from, such as a full life insurance, term life insurance or a funeral insurance policy.
Many life insurance policies cover you for as long as you live (or until you decide to cancel the policy, or a claim is made). This means that once you’re approved, you can hold on to your policy for life1 although keep in mind with term life insurance that your premiums will increase every year. When you pass away, your loved ones can use the money for ongoing living costs, mortgage repayments, a funeral, or any other expenses.
Term life insurance covers you for a set number of years or until you reach a certain age - whichever comes first. This can be a useful option if you need to protect your financial plans during a specific period in your life, such as if you are paying off a mortgage or are in retirement. Depending on the insurer, you might also find that term life insurance is easier to apply for as you get older, as there may be fewer underwriting questions involved. Premiums are also stepped and increase each year.
Funeral insurance is cover that is usually guaranteed to provide you a payout when you pass away, so long as you continue to pay your premiums, but there are limits in the level of cover that can be obtained. Some funeral policies also come with premiums that reduce over time.
Read more about Real Term Life Cover.
1. As long as you continue to pay your premiums.