You've spent decades providing for your family and creating a life that allows for a comfortable and secure retirement. So now, more than ever, you want to make sure that the life you've worked so hard for is protected against financial hardship.
There are two main types of insurance that seniors could benefit from: funeral insurance and seniors life insurance.
Funeral insurance is one way for you to take control of the financial costs that accompany the end of life. It is a measure of care and consideration to remove the financial burden of your funeral from your family during an already challenging and difficult time.
Taking out funeral insurance, can provide your beneficiaries with a lump sum payment on your death, and depending on the policy you apply for, it could be between $3,000 and $15,000. In the case of Accidental Death, the benefit could triple up to $45,000. These funds can cover the costs of your funeral, which could be anywhere between $4,000-$15,000*, as well as any other financial expenses and obligations you leave behind.
A lot of the funeral insurance plans available through Choosi, don't require medical tests and the acceptance age is usually up to 79 years. Benefits are payable upon Accidental Death from day one, and death by any cause after 12 months.
Seniors Life Insurance
For those aged over 50, particularly if you're over 64 years old and no longer eligible for the traditional life insurance policies available through Choosi, specifically tailored life insurance policies available through our adviser partner may be an alternative option for you to consider.
In that way, you can ensure your life continues to impact those you love even after you've gone.
Apply for cover with Choosi
Choosi offers a range of funeral insurance and life insurance policies, so you can apply for one that suits your needs. Request quotes today!
* Paying for your funeral, MoneySmart by ASIC, July 2014.
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.