Reaching the half century is a significant milestone in anybody’s life. It’s also a time to think wisely about your savings plans, retirement goals, and family’s future. You may also want to consider life insurance during this period to ensure your family’s debts are covered.
Aussies over 65 years of age have so much to look forward to – retirement, travel, and relaxing. Unfortunately it’s not all smooth sailing, and overtime your health will likely become a big factor in determining where you choose to allocate your resources.
When you’ve matured to beyond the age of 70, now is the time (if you haven’t already) to seriously consider your health status. If you’re considering Life Insurance then please take the time to read the insurer’s Product Disclosure Statement. Features and benefits, terms and conditions, or maximum entry age are all factors you will want to consider. If you’re unsure of any clauses in your product, it might be wise to speak to a life insurance expert to discuss your options.
NB: Applicants may not be eligible to take out the required cover due to specific entry age limits, or other requirements set by an insurer.
While there is no simple way to answer this question, it’s always wise to consider your circumstances, without forgetting about your family’s future and livelihood. If your family’s finances are in order, and you have taken your household debt into consideration, then you may only require a low level of life insurance cover, or may not require cover at all.
You may want to acquire life insurance after retirement for a variety of reasons:
Another component of life insurance you need to be aware of is your policy’s expiry age. These age limits vary between providers and policies, but are generally:
These expiry ages are a guide only. It’s imperative to always read your policy brochure to find out what age your cover becomes void or may change to a different type of cover.
Compare the Market understands that people have different circumstances, so finding the right life cover even as a senior is an important decision to make. For that reason, we give you a hand finding a policy that caters to you by offering a simple online life insurance comparison tool. In just a few minutes you’ll be able to select a range of options that matter to you the most so you can compare the results.
Pure Profile Survey 2017