#Seniors #life #insurance #australia
Life Insurance over 60
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 youвЂ™ve put in over the years. Whether your finances are coming together or youвЂ™ve got a growing group of grandchildren, this is one of the most rewarding times of your life.
Investing in Life Insurance might be well past your mind, but there are still a number of important reasons to buy insurance, particularly to provide peace of mind and financial support to your family in the event of your death or illness.
Types of insurance to purchase in your sixties:
- Life Cover: You can buy a Life Cover policy until the age of 75, and your policy wonвЂ™t expire. Depending on your policy, you may not have to pay premiums after the age of 90. Your policy will provide a lump sum payout to your beneficiaries in the event of your death.
- Trauma Insurance: Trauma insurance will provide a lump sum payment to you or your beneficiaries if you are diagnosed with a life-threatening illness or medical condition. You can purchase a Trauma insurance policy until 65 years of age, and the policy will expire on your 70 th birthday.
- Funeral Insurance: Most life cover policies will include an added funeral benefit, which is an immediate payment to your family to cover the cost of arranging your funeral. But if you donвЂ™t have Funeral Insurance included in your cover, you can arrange it separately to secure peace of mind for you and your family.
Why buy Life Insurance?
One of the most important reasons for buying insurance in your sixties is to provide peace of mind and financial support to your family in the event of your death or illness. Buying a Life Insurance policy now will provide significant benefits to your retirement planning, and will help in a number of unexpected situations which may arise.
- Dependant spouse: The death of a spouse is devastating, and continuing to survive financially once a second pension is lost is difficult. While some families will have children who can help out financially, providing your own financial security for your partner is incredibly important.
- Dependent children: Most people in their sixties will no longer have dependent children who theyвЂ™re financially responsible for. But those who had children later in life, or have children with disabilities, may still need to provide for their children past their retirement. If you need to provide support to a child for the rest of your years, a Life Insurance policy helps provide financial support. Find out more by talking to one of our qualified experts.
- Leaving a legacy: In todayвЂ™s uncertain financial climate, itвЂ™s only natural youвЂ™ll want to leave a legacy for your children and their own families. While you may own a house and have a number of assets, Life Cover will provide even more for your family once youвЂ™re gone. If you have few assets, a Life Cover policy is even more important if you want to leave your family in a comfortable position after youвЂ™re gone.
WonвЂ™t it be expensive?
The simple answer is yes; Life Insurance premiums are higher the older you are. But with a qualified Wealth Smart expert in your corner, youвЂ™ll be able to find the right policy to suit your needs at an affordable price.
Buying a policy as a couple or a family will provide a discount, but the peace of mind for