LIFE INSURANCE OVER 60 IS POSSIBLE

Your sixties are a wonderful time in your life when things start to really slow down, and you can see the results of all the hard work you've put in over the years. Whether your finances are coming together or you've got a growing group of grandchildren, this is one of the most rewarding times of your life.

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LIFE INSURANCE FOR OVER 60 YEARS OF AGE

Your sixties are a wonderful time in your life when things start to really slow down, and you can see the results of all the hard work you’ve put in over the years. Whether your finances are coming together or you’ve got a growing group of grandchildren, this is one of the most rewarding times of your life. So while you bask in the light of your golden years, get a quick life quote for life insurance for seniors if you haven’t already.

Investing in life insurance might not be an optional cover priority, but it should be–despite your financial situation because it is an excellent investment in yourself. When you make the responsible choice to take out a life insurance product, you prepare for your financial future. And there are several other important reasons to buy life insurance cover, mainly to provide peace of mind and financial support to your family in the event of your death or illness.

Although life insurance policies work best when you get them in your younger days, there is no reason not to play catch up now. Just like you can purchase car insurance in your mature years, the entry age to obtain term life insurance is still valid when you’re over 60 years old. So, what types of life insurance for seniors is available no matter your personal circumstances?

TYPES OF AFFORDABLE LIFE INSURANCE AT 60 YEARS OF AGE

Life Cover

You can buy a Life Cover policy until the age of 75, and it won’t expire. Depending on your life insurance, you may not have to pay premiums after the age of 90. Your life cover insurance policy will also provide a lump sum payout to your beneficiaries in the event of your death, significantly helping to improve their financial situation.

Trauma Insurance

Trauma insurance is another type of life insurance that will provide a lump sum payment to you or your beneficiaries if you are diagnosed with a terminal illness, permanent disability or other medical condition.

You can purchase a Trauma insurance policy until 65 years of age. When you do, your policy will only expire on your 70th birthday, making this seniors life insurance product a valuable choice.

Funeral Insurance

Most life cover policies will include an added funeral benefit, which is an immediate payment to your family to cover funeral expenses. This funeral advance benefit helps relieve a significant degree of stress when times are already challenging. But if you don’t have Funeral Insurance to cover funeral costs, you can arrange it separately to secure peace of mind for you and your family’s financial future.

WHY BUY LIFE INSURANCE COVER?

If you are still wondering whether to buy life insurance at the specific entry age for over 60-year-old men and women, here are a few facts that might help you reach a decision.

One of the most important reasons for buying seniors life insurance is to provide peace of mind and financial support to your family in the event of your death or terminal illness. Buying a Life Insurance policy at this time will create significant improvements to your retirement planning, and will help in a number of unexpected situations that may arise, such as developing a serious medical condition.

Dependant Spouse

The death of a spouse is devastating, and continuing to survive financially once you lose a partner is especially difficult without life insurance. While some families may have children who can help out financially, providing your own financial security for your partner is incredibly important.

While they will continue to grieve, you will have solace knowing that you have provided them with a meaningful life insurance payout that can ease their suffering with this and other life insurance products.

Dependent Children

Most Australian seniors will no longer have dependent children for whom they’re financially responsible. But those who had children later in life, or have children with disabilities, may still need to provide for their children past their retirement. This provision is even more important if you have never taken out income protection insurance.

If you need to provide support to a child for the rest of your years, a Life Insurance policy helps provide financial support. This term life insurance or life insurance can provide for their education, pay off their debts, or medical expenses. You can learn more about our life insurance products by talking to an expert insurance provider.

Leaving a Legacy

In today’s uncertain financial climate, it’s only natural you’ll want to leave a legacy for your children in the form of a lump sum payment. While you may own a house and have a number of assets, you always have the choice to take out term life insurance to benefit your family with a lump sum benefit once you’re gone.

If you have few assets, term life insurance in the form of a Life Cover policy is even more important if you want to leave your family in a comfortable position should the worst happen. The sum insured by your life insurance if you qualify for the specific entry age can provide some degree of financial support for family members. And if you suffer from a terminal illness, the need for life cover increases further, so speak to our experts about your options.

WON’T LIFE INSURANCE BE EXPENSIVE?

The simple answer is yes; Life Insurance premiums are higher for Australian seniors, with many of these products having a maximum entry age. Also, many of these products will depend on your current health status, among other issues such as medical history, terminal illness, permanent disability and other elements.

But with a qualified Wealth Smart expert in your corner, you’ll be able to find the right policy to suit your needs at an affordable price. We will even help you design your life insurance quote to create the most attractive and realistic benefits to help secure your financial future.

Buying a policy as a couple or a family will provide a discount, but the peace of mind for you and your family once you have the right insurance in place will be invaluable. So make good use of the time you have at hand to invest in a life term insurance policy. Our life insurers will help you find the best life cover for you if you fall within the maximum entry age range, so call us at 1800 765 100 to learn more.

FAQs

CAN YOU GET LIFE INSURANCE IF YOU ARE OVER 60?

Although age limits vary, life insurance policies are available for people in their 60’s and beyond, but not every life insurer offers this type of product. So please give us a call, and we can assist. And while our life insurers are experts, we always recommend that our clients thoroughly read the relevant product disclosure statement when purchasing life insurance.

WHICH TERM LIFE INSURANCE POLICY IS BEST FOR SENIORS?

It is always best to contact us if you’re interested in a term life insurance policy. Once you do, please provide us with your medical history and other relevant information to develop a personalised quote. There is no one size fits all policy regarding life insurance.

WHO HAS THE CHEAPEST LIFE INSURANCE FOR SENIORS?

Obtaining the cheapest life insurance depends on a range of factors, including date of birth, gender, occupation if you are still working, and your medical history. Give us a call, and we can provide you with a personalised quote that suits your exact circumstance. We can also answer any questions about this and other insurance products.

CAN A 70-YEAR-OLD BUY LIFE INSURANCE?

Yes, there are life insurance policies available for people in their 70’s but not all life insurers offer a term life insurance policy at the maximum entry age. Give us a call so we can assist.