As many of us get older, we begin to start worrying about our health and wellbeing. It is important that you have the right measures in place to ensure that your family members and loved ones are well supported in case of your death. The last thing your loved ones want to deal with upon your death are your expensive funeral arrangements! Many providers sell funeral plans that are specifically catered towards seniors and retirees, dealing with the costs of a funeral and any unresolved financial obligations.

What type of policy is this?

Life insurance plans for over 50′s (often referred to as ‘funeral plans’) are available to any Australian resident between the ages of 50 and 80. The policy is specifically catered towards seniors with more modest needs, and is designed to help protect your family from the financial burden of your funeral and other unexpected costs.

A cash payout of up to $15, 000 is made to your beneficiaries without delay, and can be used to pay off outstanding debts and cover your funeral costs.

Life insurance plans for over 50′s offer generous payouts and great peace of mind. It is imperative to be prepared for any eventuality!

Benefits of life insurance for over 50′s

• guaranteed acceptance for Australian residents aged between 50 and 79 – provided that you are an Australian citizen or permanent resident living in Australia between the ages of 50 and 79, and you have no plans to relocate outside of Australia at the time of application, you can be covered! And this extends anywhere around the world, 24/7. Unfortunately, if you are any younger or older, you will not be eligible to apply.
• no intrusive questions about health and lifestyle – there are no questions about existing medical conditions or about whether you smoke. There are no blood tests or medicals; you’re just covered, as simple as that!
• payouts are made immediately once the claim has been processed – policies usually make a payout within two business days of a processed claim, in order to ease the financial burden on your family.
• premiums start from under $5 a week and do not escalate with age – unlike other costly life cover plans, life insurance policies for over 50′s do not increase with age and will not be adjusted due to lifestyle or changes in health.
• paying your premiums ceases at 90 years of age but cover continues for life – when you reach 90 years of age, your premium will be waived and no further payments are required. However, your policy will still pay out upon your death!
• triple benefit paid in the event of accidental death (up to $45, 000) – policy holders will be eligible to claim an additional 3 times the initial payout where death is caused accidentally and is not self-inflicted. Many policy options also cover accidental injury for an additional cost. This covers defined injuries including: quadriplegia, blindness, deafness, and total and permanent loss of use of two limbs.
• monthly and fortnightly payment options
• 30 day cooling off period – if you cancel your life insurance policy within the first 30 days, your provider will grant you a full refund of the premiums that have already been paid! However, if you cancel

Cover levels

Many life insurance for over 50′s policies are designed for seniors with more modest needs. Cover options generally begin from a $3, 000 benefit and range through to a $15, 000 benefit.
For an average $5, 000 policy, you will be typically spending just under $5 per week!

Single or family cover

If you have a family, you may eligible to apply for a Family plan, which includes cover for your spouse/partner and your financially dependent children (until they reach the age of 21).

What is the best life insurance for over 50′s policy for me?

The most important thing to do is SHOP, SHOP, SHOP! Strive to find a policy that has the cheapest premium rate compared to other policies in the same category, but still provide solid cover.
Conduct a comparison shop! Browse the internet and compare the various policies offered by different companies. Get lots of quotes and make an informed decision.

And most importantly, budget. Make sure you do your maths and find out how much you want to spend and how much cover you need. At the end of the day, your payout is ultimately going to affect your family and loved ones. Consider their financial position and then your own. Do you have any loose ends or financial obligations? Will your loved ones be able to afford your funeral and all relevant arrangements? Research and purchase the best plan for you and your family’s needs.

And finally:

Do I actually need this cover?

You may be in the best of health and the best of finances, but ultimately no one knows what lies around the next bend! Rain or shine, accident or illness, securing your policy early ensures that you’re covered in case of any eventuality!