Fifty is around the age when you are near retirement, but are still healthy enough to enjoy your life to the fullest.
It is also the time when many of our clients think about life insurance for the first time. Our clients in this age group consider some of the following aspects when deciding upon taking out life insurance:
Life insurance is one of the best ways to protect and secure your loved ones future.
Most insurance companies will offer coverage all the way up to age 99; however, in general you need to take out your policy before you turn 70. There are a number of companies that offer cover up to age 75 (cover is not offered after this age).
As your age increases, so does the level of premiums you have to pay in line with the risk of death increasing with your age.
It thus helps to use a comparison site like Rate Detective to make sure you get the best bang for your buck in terms of premiums paid vs. level of cover. Here are some of the things you need to consider:
After 50, the choice of coverage in many cases comes down to budget. Many of our clients go for the highest premium/level of cover their budget can afford.
For $100,000 in cover for a 50-year-old male, premiums are less than a dollar a day, which is reasonable considering the increase risk associated with insuring people in their 50s.
Your beneficiaries may also use the money to cover their other expenses, including their utilities and education.
Many of our clients are unaware that most life insurance plans come in with a built in funeral cover which comes off the total lump sum payable.
The funeral proportion is generally paid within 24 hours of death upon presentation of a death certificate. The balance of a successful life insurance claim is then paid after the necessary paperwork and investigations are carried out.
Funeral benefits are often set 20% of the value of the amount covered capped at $20,000. The terms and conditions vary between insurance policies so be sure to ask our advisors.
You deserve to get the best insurance policy for yourself and your loved ones. It is thus important that you have a clear understanding of your policy before signing up for it. The consultants at Rate Detective can help you decide on the right policy for you based on your lifestyle and your financial situation. They will also give you a comparison of the top 9 insurers in Australia, which further helps you make the right choice.