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: