Life insurance for seniors

Do seniors need life insurance?

Just because you’re older and wiser, doesn’t mean that you don’t worry about what the future holds. If you want to protect your financial future and that of your loved ones, it’s not too late to look into life insurance as a senior. Here are a few reasons why you may want to consider applying for cover:

• Financial protection for your loved ones: If the worst happens, your family’s lifestyle can be protected. Your spouse or children may not have to face financial worries when you’re no longer around because you took steps to ensure they can continue to live comfortably.
• Debt and mortgage protection: While your mortgage may be smaller, it may still be something that needs to be paid off. You may also have other outstanding debts that will still need to be paid, even if you’re not around.
• Covering final expenses: Funerals are not cheap, and a life insurance payout can go towards covering your final expenses. With Real Life Insurance, your family can receive an advance funeral benefit up to 20% of your benefit amount, up to a maximum of $20,000, subject to approval. This can assist with the immediate costs of a funeral while your claim is assessed.

You can work out how much cover you may need by using the Real Life Insurance calculator.

Life insurance for seniors over 70

Getting cover later in life is a definite possibility. With Real Life Insurance, you can apply for cover up to age 74. This allows even more Australians to get the cover they want to protect their loved ones’ financial future.

How long will my life insurance cover last?

A key component of life insurance you should be aware of is the expiry age of your policy, which can vary between insurers and whether your policy is through your Super. So be sure to do your research before choosing a policy. With Real Life Insurance, depending on your underwriting outcome, you can be covered continuously each year. This means that your policy won’t expire in most cases, so long as you continue to pay your premiums.

Super food for thought

You may already have life insurance included in your superannuation, but it’s important to review it and see if the cover provided is sufficient for your specific needs, if it expires at a specific age, and whether it offers options suitable for your age and lifestyle.

Did you know?
According to the Australian Government’s Moneysmart website, life cover through superannuation usually ends at the age of 70.

Some things you should know about Real Life Insurance

• The benefit amount you can be covered for and ability to add optional Serious Illness Insurance or Total & Permanent Disability Insurance are dependent on your age and underwriting outcome. Optional covers may expire.
• Terminal illness diagnosis of 24 months or less to live.
• Cover excludes claims as a result of a self-inflicted injury in the first 13 months.
• Depending on your underwriting outcome your life cover may expire, and exclusions may apply.
• For full details, read our Product Disclosure Statement.