INSURANCE FOR 50 TO 60-YEAR-OLDS

Your fifties are when things start to slow down. The kids have probably finished up at school and are thinking about moving out or have already. Your mortgage is almost paid off, and there are hopefully only a few debts you still need to settle. But you also know that you always kept putting off enquiring about life insurance cover. But, there is hope; you can still find life insurance for seniors, even accessing over 60 life insurance, depending on personal circumstances.

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LIFE INSURANCE FOR SENIORS, INCLUDING 50 TO 60-YEAR-OLDS

Your fifties are when things start to slow down. The kids have probably finished up at school and are thinking about moving out or have already. Your mortgage is almost paid off, and there are hopefully only a few debts you still need to settle. But you also know that you always kept putting off enquiring about life insurance cover. But, there is hope; you can still find life insurance for seniors, even accessing over 60 term life insurance, depending on your financial situation.

WHY LIFE INSURANCE IN YOUR 50s AND 60s IS NECESSARY

Is there a need for life insurance in your fifties or sixties, and what is the maximum entry age? You may think that you’re past investing in term life insurance, but what would happen if you or your partner became seriously ill or injured? Would you have to drain your savings to pay for treatment costs? Poor health, injury, and retirement are all excellent reasons to invest in life insurance to secure your future without unnecessary worry.

BUY LIFE INSURANCE TO SAFEGUARD YOUR FUTURE AND RELIEVE THE STRESS

Instead of stressing about missing opportunities, access an information service that will provide excellent advice about the maximum entry age limits. Knowing if you are still within the insurable range and can obtain life insurance will help you plan your financial strategy moving forward.

PROTECT YOUR FAMILY WITH LIFE INSURANCE

Even as you move towards retirement, life remains unpredictable, and you will still need to protect your family in the event of an emergency. However, a little backup in the form of a life insurance policy is necessary, and taking out life insurance in the mature years translates into solid support for your family. So, make some room in your budget and ask for more information about the life insurance cost for over 50s from reputable life insurers.

ASK THE RIGHT LIFE INSURANCE QUESTIONS

Besides asking obvious questions like what is the maximum entry age from life insurers, you should also ask about all the available features that come with the best life insurance policies. Other critical questions are what different types of life insurance policy you qualify for at your age and whether you can secure your future by adding to an existing life insurance policy.

TYPES OF LIFE INSURANCE PRODUCTS TO CONSIDER

Life Cover
Income Protection Insurance
Trauma Insurance
Travel Insurance
Funeral Insurance/Advanced Payments

Let’s take a closer look at each of these life insurance types to understand better how they will contribute to your living expenses in the future.

LIFE COVER

Even though your children may no longer depend on you, would there be any debts left for them to settle if you were to pass away? Have you got a legacy to leave behind for your children and grandchildren? If not, a life insurance policy is definitely worth considering because life insurance policies will pay out a lump sum benefit to relieve the stress on your loved ones.

While you may not think you need it, life insurance is a crucial investment to ensure you and your family are protected in the event of your death. Life Cover will provide your beneficiaries with a lump sum payment when you die, so seriously consider buying life cover up to 75 years of age.

The average cost of life insurance for 50-year-old people will be significantly higher than that for 40 or 30-year-olds. To save on the costs of hefty life cover policies (which can be higher if you’re above 50 years old), you may want to consider Couples or Family Life Insurance. Buying a policy to cover multiple people will lower the premiums, sometimes with a discount of up to 10%.

Of course, an insurance provider will require a current health status check by a medical professional, who will also need your medical history. In addition, any critical illness cover, like a standard insurance policy and most other types of insurance policies, require this type of information for a life insurance application.

INCOME PROTECTION INSURANCE

While you may be winding down the hours at work or stepping away from some of your responsibilities, if you’re in your fifties, it’s likely you’ll still be in the workforce for another decade. Of course, you don’t know what will happen to you over the next ten years, but if you were unable to work and suffered a lost income, how would you, your partner and your family cope?

Income Protection will provide regular payments of up to 75% of your lost income if you cannot work due to injury or illness. However, you cannot purchase Income Protection insurance after 59 years of age, so you must act quickly to protect yourself and your family.

Income Protection policies expire at an agreed age, generally 65 to 70 years old. So make haste and take out income-protection life insurance for 60-year-old females as well as male members of your family.

Learn more about Income Protection.

TRAUMA INSURANCE

As you get older, your health becomes more of a priority since as your body inevitably ages, your health can deteriorate, possibly leading to a terminal illness or being permanently disabled.

If you’re diagnosed with a terminal illness or a permanent disability, would you and your family be able to support the costs of your medication and treatment? Permanent disability can lead to trauma, which is why any reputable insurance company offers Trauma Insurance.

This type of life insurance provides you with a lump sum payment if you’re diagnosed with a serious or terminal illness, providing much-needed support and financial peace of mind at a time when you and your family need it most.

Imagine suffering a total and permanent disability and having no or insufficient financial means to pay for medical expenses or living expenses cover? The thought is unbearable, which is why some sort of life insurance in the form of trauma cover is vital to support you for the remainder of your life. If you take out trauma cover, you invest in and protect yourself from unfortunate events.

In this type of situation and other similar ones, life insurance for a 50-year-old man can save your retirement fund, ease your financial load, and relieve you from out-of-pocket expenses. In addition, investing in this type of life insurance also relieves family members of an enormous amount of pressure, providing them with the means to ensure you have affordable care with a monthly benefit payout.

Although age limits vary depending on the type of life insurance you want, the maximum entry age to purchase a Trauma insurance policy is up to 65 years. However, this type of life insurance policy expiry period can vary between insurance companies.

Learn more about Trauma insurance.

TRAVEL INSURANCE

You can also check out travel insurance, for which the maximum entry age is currently over 50 years old, to help you make your journeys safer. But, with all insurance companies and products, it is advisable to compare life insurance terms and conditions. And, as with any insurance policy, it is vital to read all relevant product disclosure statement documents carefully.

FUNERAL INSURANCE/ADVANCED PAYMENTS

When you look at funeral costs these days, you will understand why taking out death cover, funeral insurance, or both is necessary.

When purchasing life insurance, you should check your policy for funeral cover or the option of an advanced payment following your death. You can buy insurance for funeral expenses separate from your Life Cover, but many policies and advanced payment options, which is a portion of your cover paid out to your beneficiaries immediately to cover funeral costs.

If you already have Life Cover and are not sure if you have an advanced payment option, contact a Wealth Smart expert today who can advise you on your policy, age limits, and opportunities.

CAN AN INSURANCE PROVIDER REFUSE ME A POLICY?

Unfortunately, you become a higher risk for any insurance company as you get older, and they can refuse your application. So don’t be discouraged if you’re declined the policy you want. Instead, seek professional advice for buying life insurance from several insurance companies before giving up on your mission to acquire that lump sum benefit for unexpected circumstances.

GET LIFE INSURANCE QUOTES FROM A REPUTABLE INSURANCE COMPANY

If you are over 50, you fall within the target market determination for an insurance policy for the mature years. And, if you don’t yet have one but would like to buy an insurance policy, we recommend you contact one of our Wealth Smart advisers.

Our Wealth Smart advisers can help you with personal advice in choosing the right insurance company, completing your application, and comparing life insurance products to find the best policies for you at competitive prices. Call us at 1800 765 100 to find the best life insurance for 50-year-old men and women in Australia that pay out a lump sum benefit when needed most.

FAQs

SHOULD I BUY LIFE INSURANCE IN MY 60S?

Yes, there is no limitation on someone in their 60’s purchasing term life insurance from a recognized, registered insurance credit provider.

CAN YOU GET TERM LIFE INSURANCE AT AGE 60?

Yes, you can still take out life insurance in your 60’s. However, it can become more difficult to obtain other types of cover such as TPD, Trauma and Income Protection but give us a call if you are approaching this age. We can assist with life insurance quotes, keeping in mind your financial situation.