22 Mar 2022
Is life insurance worth it for seniors?
Life insurance may act as a safety net, giving you confidence to enjoy your retirement worry free.
However, it’s reasonable to wonder whether, after a certain age, it’s still worth it.
Can seniors take out life insurance?
There are several things to consider when purchasing life insurance as a senior. Most importantly, check your eligibility and what is covered at which age, as these factors will be important in your decision making. Generally, you can apply for life insurance if you’re between 16-75 years of age. Australian citizens, permanent Australian residents, or New Zealand citizens residing permanently in Australia aged 16 to 75 (at their next birthday) are generally eligible to apply for life insurance. Each insurance provider has their own eligibility criteria, so always check the Product Disclosure Statement (PDS) of the policy that you’re considering before deciding if that’s right for you.
Benefits of life insurance for seniors
A significant benefit of life insurance is the lump sum that could be paid out to your family and loved ones in the case of your death or terminal illness. If you’re over a certain age, a lump sum payment might help your loved ones to tackle any unexpected fees or costs associated with a death in the family, leaving your savings as a valuable inheritance. It can also help any dependents who rely on you to pay debt or meet their living expenses.
Life insurance can help give you the confidence to live life and enjoy retirement, knowing that the future of your loved ones will be protected.
Does your cover still match your needs?
To make the most of these life insurance benefits, it’s important to ensure that your cover still aligns with your personal situation. When was the last time you reviewed your policy to ensure that your cover matches your current circumstances? Some policies can expire or become invalid after you reach a certain age, so when reviewing your policy have a careful read of your life insurance PDS.
If you have any questions or your personal circumstances have changed please do not hesitate to contact your financial adviser.
Any advice included in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation or needs.
