Empty nesters life insurance

 
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Your final years of working are essential to funding a comfortable retirement: Life insurance has you covered if things go awry.

You are active, well advanced on the mortgage, and making plans for the future. The kids? Well, they are off on their own exciting adventures of relationships, work, home ownership, and even kids of their own.

Your final years working are about ensuring that you have the retirement savings and finances in place to fund a retirement that is about living, and not just surviving. But if you suffer a serious setback like a terminal illness diagnosis, life insurance is one way to make sure your plan does not go by the wayside and that your partner and their lifestyle is protected.
 
Life insurance can help your partner meet financial obligations and maintain their lifestyle if you pass away or are diagnosed with a terminal illness.
Life insurance can help your partner meet financial obligations and maintain their lifestyle if you pass away or are diagnosed with a terminal illness.

Life insurance can help with the future costs your partner may face if you pass away or are diagnosed with a terminal illness. These costs could include:
  1. Paying the mortgage 
  2. Credit card debt
  3. Property maintenance
  4. Replacing an aging motor vehicle
  5. Travel
  6. Aged care costs such as residential care
  7. Contributing to the kids wedding
 
With the kids finally looking after themselves, these are the years to boost your retirement savings
With the kids finally looking after themselves, these are the years to boost your retirement savings.

You have enough experience to know that life doesn’t always go to plan. One of life's twists might be that you pass away during these vital earning years, before you accumulate enough through savings, investments and superannuation for your partner to be comfortable long into retirement. Or, if you suffer a serious illness or have a major accident during this time, the impact will not only be on your ability to work, but could also compromise your retirement goals.

Health facts

The probability of dying before the age of 70 is 26% for men and 17% for women, based on 2012 factors.1 Just under one in 10 between the age of 30 and 70 will die from the 4 major non-communicable diseases being cancer, cardiovascular disease, chronic respiratory disease or diabetes.1

With Life insurance, your beneficiaries could receive a lump sum of up to $1.5 million depending on your age and policy in the event of your death or terminal illness. This could be used for paying off the mortgage and other debts, with any remainder going towards helping your partner manage in the years leading up to and during retirement. It might make the difference to your older children too, who might otherwise have to pick up the pieces and assist their widowed parent financially. 

Types of insurance

The products Choosi arranges direct have the following features.

Type Description Benefit
Life Insurance

Cover for death or diagnosis of a Terminal Illness.

  •  Lump sum up to $1.5 million, generally tax-free. +
  •  Tailored cover.
Children's Insurance

Covers your child for Accidental Death, or a specific injury or serious illness.

Usually available as optional cover with Life Insurance policies.

  •  Lump sum payment.
  •  Cover additional costs such as medical expenses and school tuition.
Total and Permanent Disability Insurance

Cover for when you become totally and permanently disabled.

Usually available as optional cover with Life Insurance policies.

  •  Lump sum payment to help you and your family manage the costs of treatment and rehabilitation. Benefit paid in full. 
Serious Illness Insurance

Cover for a range of serious illnesses that may include Malignant Cancers, Stroke, Heart Attack or Coronary Artery Bypass Surgery.

Often available in as optional cover with Life Insurance.

  •  Assists with paying extra expenses during a life-threatening illness.
Accidental Death Insurance

Additional cover in event of Accidental Death.

Often available as an optional cover with Life Insurance.

  •  Death: Provides an additional lump sum payment to your life insurance benefit to financially support your family if you pass away as a result of an accident.

How much will it cost?

The premium for your life insurance policy will be based on, among other things, your age, gender, whether you smoke and your level of cover.  

As an empty nester, life insurance can offer you:

  • Financial security

    Rest easy knowing that your partner and loved ones have a backup plan. Life insurance can help ensure that your partner’s financial future is secure.

  • Peace of mind

    Have peace of mind knowing that your partner will receive a lump sum payment up to $1.5 million (depending on your age and policy) when they need it the most.

  • Quality of life secured

    Whether it is overseas cruises, dinner at the local club, trips down the coast or spending relaxing nights at home in front of the television, life insurance can secure the lifestyle you were planning on for your partner in the event of your death.


Taking a moment to look at everything you have achieved and what is yet to come, these final earning years might be the most vital to you and your partner's retirement plan. If the worst happens before you retire, your partner's potentially long future without you could be far less comfortable than what you would want. If you do not have sufficient life insurance cover or are not covered at all, Choosi can help.

For assistance, contact Choosi's team of Choosers on 1300 363 526 or request a quote today.

 


This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.

References  



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