Over 50s Life Insurance
Peace of mind for the ones you love!
If you're over 50, you'll value the years that have gone into creating a quality of life for you and your family that you want to continue, even into retirement and beyond.
There are a few types of insurances that anyone over 50 should consider, depending on your stage of life and what you want to leave behind. Life insurance is a great option to help meet any financial obligations and provide your family with peace of mind, while those with more modest needs can benefit from seniors life insurance. If you just want to alleviate your family from the burden of your funeral and final costs, funeral insurance will be just the cover for you.
If you're still providing the main source of income for your family and have dependents who are financially reliant on you, life insurance is a great way to help ensure that they will continue to be taken care of even when you're no longer around. With the benefits of a tailored life insurance policy, your family can pay down major debts, like the mortgage, and continue the quality of life that you've worked so hard to provide.
Life insurance policies can start from as little as $5.44 a week*, and your beneficiaries can then receive a lump sum payment on your death. This could be as little as $100,000 or as much as $1.5 million, depending on the amount you nominate when you apply for your policy.
If you're over 64, you may no longer be eligible for life insurance, but senior's life insurance may be an option for you to consider.
Seniors Life Insurance
Seniors life insurance, such as the Real Silver Life Cover that you can access through Choosi, is tailored specifically to those aged 50 plus. The Real Silver Life Cover policy does not require any medical or blood tests and anyone aged between 50 and 79 receives guaranteed acceptance for benefits up to $15,000 upon death, or up to $45,000 in the case of Accidental Death.
Premiums start from under $4.45 a week** and they don't escalate with age. Your premium payments stop when you reach 90 years old but your cover will continue for life.
Whether you choose a regular life insurance policy or seniors life insurance, you're choosing to protect your estate and leave behind a legacy for your children and/or grandchildren.
The average Australian funeral costs between $4,000-$7,000***, so the benefits of your funeral cover will help alleviate this burden from your family members at an already difficult time.
For both the Financial Expenses and Funeral Cover polices you can access through us there is guaranteed acceptance for Australian residents under the age of 70 (some policies are available for those up to 79 years old), making funeral cover an ideal way for over 50s to tidy up any financial obligations at the end of life. Your benefit could provide your beneficiaries with a benefit of between $3,000 and $15,000 (depending on what level you nominate) to cover your funeral costs and any final bills you may leave behind.
In the case of Accidental Death, the benefit could be automatically tripled in some policies, meaning that they receive up to $45,000.
You can also add Accidental Serious Injury Insurance with some policies for added protection, in case you're seriously injured and need medical care you couldn't otherwise afford.
Most funeral insurance policies available on this website do not require a medical or blood tests.
So if you're over 50 and looking at insurance as a way of providing for your family even after you've gone, start comparing life insurance, seniors life insurance or funeral insurance with Choosi today.
* Real, Family Life Cover, Single, Female, 50 Years, Non-Smoker, $100,000 Benefit, $5.45 per week premium. (June 2012)
** Real, Silver Life Cover, Male/Female, 50 Years, $5,000 Benefit. $4.45 per week premium (June 2012)
*** Choice, Funeral Insurance Review, By Uta Mihm, 16 Feb 2011.
These articles are provided as reference material to allow more informed decision making, but are not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.
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