We understand that life evolves as we age. You might be retired, less active, and more susceptible to illness or injury. The most beneficial action you can take for yourself is to secure your financial future by selecting the appropriate life insurance for your present stage of life.
Do you still need life insurance if you’re a senior?
Securing a suitable life insurance policy during your senior years is essential, as it not only assists your loved ones with final expenses but also potentially provides your family with a financial cushion after your passing. It is advisable to review and compare policies from several leading insurers to identify the policy that best meets your needs in your later years.
Advantages of senior life insurance:
In general, there are numerous advantages to maintaining a life insurance policy as you age. These benefits include:
- Settling your debts: If you have any remaining mortgage payments or debts, a life insurance policy can assist your beneficiaries in covering these costs.
- Supporting your financial dependents: As you age, your children might no longer rely on you financially, but you might be supporting an elderly parent or your spouse. Life insurance could ensure that you continue to provide this support even after you’re gone.
- Financial stability in uncertain times: Your later years might bring uncertainty, such as needing regular medical care or refinancing your mortgage. Life insurance can help secure your financial future.
- Leaving an inheritance for your loved ones: If you lack assets to bequeath to your family, a life insurance policy can help you leave a legacy for them.
How much does life insurance cost?
Typically, the cost of your coverage is influenced by several factors, including your age, gender, current health status, medical history, and smoking habits. In general, the older you are, the more costly your policy will be. However, by comparing and evaluating the available options, you may find a policy that meets all your needs.
Compare life insurance for seniors over 60
Finding the right life insurance for a senior over 60 in New South Wales is simpler and more affordable than you might think. With coverage starting at $94.79 per month for a non-smoking male seeking $200,000 in protection, you can secure peace of mind and financial security for your loved ones without straining your budget. As you embrace retirement and new life chapters, choosing a policy tailored to your needs ensures that your family’s future is protected, allowing you to enjoy today knowing tomorrow is taken care of.
Tips for finding affordable life cover:
- Evaluate all options: By collecting multiple quotes from different insurers, you can typically compare them to find one that fits your needs.
- Choose variable premiums: Variable age-stepped premiums usually increase as you age. In contrast, variable premiums are more stable. Although they may be pricier initially, they tend to be more economical over time and are based on your entry age into the policy.
- Look for discounts: Some insurers might offer discounts for including multiple lives on a single policy. By examining all special offers from insurers, you might save on your premiums.
- Opt out of CPI increases: You might save on your life cover by notifying your insurer that you prefer not to have your coverage level adjusted for inflation.
- Modify your lifestyle: You may reduce your insurance premiums by 30-50% if you quit smoking for at least 12 months before applying for coverage.
- Premium Freeze: Consider freezing your premiums. With a variable age-stepped premium, your monthly payment remains stable with your level of cover, decreasing each year accordingly.
Frequently Asked Questions and Answers
What is the oldest you can be and still get life insurance?
It usually depends on the insurance company. Some let you sign up until you’re 74, while others might cover you until you’re 99 or even 100. It’s smart to check the age limit on a policy before you make a decision.
What is the age limit for life insurance?
The expiration age of your life insurance policy typically indicates the age at which your coverage will end. Most life insurance policies expire at around 99 or 100 years old. However, this can differ based on the type of policy, whether it is within super, and your insurer. If you have any doubts, it’s advisable to consult your insurer or broker.
Want to know more?
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Author Profile: Jeffrey Liu, JP, is the founder and principal adviser of Hippo Insurance (aka: Hippo Wealth), with a deep expertise in wealth protection. His extensive experience includes roles in the wealth management divisions of Westpac, ANZ, and a local multi-family office. As the host of “Riches Talk,” a podcast dedicated to cultivating personal and business growth, Jeffrey has established himself as a thought leader in developing life riches. His insights have been featured on SBS, The Australian, and Channel 7. Notably, he was a semi-finalist on Australia’s Got Talent in 2010. Learn more at http://www.hippoinsurance.com.au
