Life Insurance if You're Over 65

According to the Australian Institute of Health and Welfare, the average life expectancy of male and female citizens is 79.7 and 84.2 years, respectively. Thus, for those who have reached retirement age, this could mean more than a decade or so of enjoying life to the fullest.

Knowing these facts, it helps to be extra prepared for what could happen in the future. While you are living your life, it is also important to take into consideration how your loved ones will cope with your loss, especially when it comes to their finances. That is where senior life insurance comes in.

Senior life insurance is designed to help protect the loved ones of seniors when they die. Those left behind could then use the payment for the funeral expenses and other expenses and financial obligations the deceased might have left behind. These include credit card debts, car loans and home loans.

With this type of insurance, the person's loved ones don't have to worry about their finances because the insurance could provide them with adequate coverage. This also means they won't have to make out of pocket expenses unless necessary.

Various Types of Senior Life Insurance

As with other types of insurance policies, senior life insurance comes in different varieties. These include:

  1. Term life insurance - this is probably the most common type of life insurance for persons of every age. This helps ensure that the insured's loved one will have financial security in case of the insured person's death.
  2. Single-pay insurance - those with enough funds could make a single payment on their premium. Unlike term life insurance, this can be used as an investment vehicle as this can increase in value over time.
  3. Guaranteed acceptance life insurance - a person's health condition could prevent him or her from getting insured by some companies. To prevent this, one could take out a guaranteed acceptance life insurance instead. This doesn't require a medical exam, so the policy is easily approved. However, there are certain restrictions that come with this type of insurance, and it is typically more expensive than those with the required medical exam.
Of course, it always helps to compare life insurance quotes first before choosing a policy. Here at Rate Detective, our consultants are ready to guide you by providing you with rate comparisons of Australia's top insurers. Contact us today for more details!

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Published on May 5-rd, 2013 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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