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Senior’s Life Insurance

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Purchasing life insurance as a senior is a way to ensure your loved ones are provided for financially in case you pass away. You can also purchase a policy that will protect your finances if you develop a terminal illness or a serious disease. While life insurance options may be more limited for someone aged 50 or over, there are still plenty of great senior life insurance policies out there that will offer you the coverage you need.

What is senior life insurance?

Senior life insurance is a life insurance policy specifically targeting someone aged 50 to age 75. Most insurance companies will offer special over 50 life insurance policies designed for an older crowd buying life insurance as they begin to think about the possibility of eventual illness or death.

Who can buy senior life insurance?

If you are in the target age group of age 50 to 75, you should be able to purchase senior life insurance. You may be required to undergo a medical examination to ensure you are in good health. However, there are guaranteed issue policies that provide limited coverage for things like funeral expenses regardless of your current health status.

Because every insurance company may have slightly different policy terms, browse around available options to determine what level of coverage you are interested in, what the premium costs are, and what the requirements are for qualifying for a policy.

Should you buy senior life insurance?

Buying senior life insurance is a good idea for most people. You can choose a policy that will cover you in case you develop a serious medical condition. A policy with a sickness benefit pays a lump sum to you in case an illness leaves you incapacitated or coping with high medical bills. You can protect your savings and retirement assets if you have a sickness policy to cover you in case of a health problem.

You can also ensure your loved ones can pay off a remaining mortgage balance, pay down credit card debt, and continue paying for other necessary expenses after you pass away. A death benefit on your policy will provide the money your family members need if you unexpectedly pass away.

Why is it important to have a senior life insurance policy?

As you get older, the chances of a serious illness or a death increase and it becomes more important than ever for you to plan to protect yourself and your loved ones from the financial damage this can cause.

If your spouse is young when you get sick or pass away, there is time to recover financially if there are high medical expenditures. Your young spouse may also be able to move to a higher paying job or explore other ways to earn income if you pass away. While this is not ideal and you should have life insurance at a young age (as well as when you are older), a death will not always mean financial ruin for your family members in their younger years.

Senior’s Life Insurance

Purchasing life insurance as a senior is a way to ensure your loved ones are provided for financially in case you pass away. You can also purchase a policy that will protect your finances if you develop a terminal illness or a serious disease. While life insurance options may be more limited for someone aged 50 or over, there are still plenty of great senior life insurance policies out there that will offer you the coverage you need.

What is senior life insurance?

Senior life insurance is a life insurance policy specifically targeting someone aged 50 to age 75. Most insurance companies will offer special over 50 life insurance policies designed for an older crowd buying life insurance as they begin to think about the possibility of eventual illness or death.

Who can buy senior life insurance?

If you are in the target age group of age 50 to 75, you should be able to purchase senior life insurance. You may be required to undergo a medical examination to ensure you are in good health. However, there are guaranteed issue policies that provide limited coverage for things like funeral expenses regardless of your current health status.

Because every insurance company may have slightly different policy terms, browse around available options to determine what level of coverage you are interested in, what the premium costs are, and what the requirements are for qualifying for a policy.

Should you buy senior life insurance?

Buying senior life insurance is a good idea for most people. You can choose a policy that will cover you in case you develop a serious medical condition. A policy with a sickness benefit pays a lump sum to you in case an illness leaves you incapacitated or coping with high medical bills. You can protect your savings and retirement assets if you have a sickness policy to cover you in case of a health problem.

You can also ensure your loved ones can pay off a remaining mortgage balance, pay down credit card debt, and continue paying for other necessary expenses after you pass away. A death benefit on your policy will provide the money your family members need if you unexpectedly pass away.

Why is it important to have a senior life insurance policy?

As you get older, the chances of a serious illness or a death increase and it becomes more important than ever for you to plan to protect yourself and your loved ones from the financial damage this can cause.

If your spouse is young when you get sick or pass away, there is time to recover financially if there are high medical expenditures. Your young spouse may also be able to move to a higher paying job or explore other ways to earn income if you pass away. While this is not ideal and you should have life insurance at a young age (as well as when you are older), a death will not always mean financial ruin for your family members in their younger years.

When you and your loved ones are older, it may no longer be possible for your spouse to save up enough for a comfortable retirement or to go back to work if your nest egg is spent on medical costs. When you depend upon your savings and your spouse, children or other loved ones are depending upon you, it is important to have insurance coverage that provides financial protection.

What types of coverage does senior life insurance provide?

Depending upon your health status and the type of policy you purchase, your life insurance coverage should pay out a sickness benefit and a death benefit. If you opt for a policy with a sickness benefit, you will receive a lump sum payment when diagnosed with a qualifying illness. Your death benefit will pay out if you pass away and the money will go to your beneficiaries.

How much coverage do I need?

You should consider all of the debts you would want your loved ones to be able to pay off after your death and factor those costs in when calculating the amount of coverage you need. For example, your policy should allow for the payoff of a mortgage, of credit card debt, of educational debt, and of car loans and other money owed. If you have a spouse or dependents counting on income you are bringing into the house, be sure your policy will provide for the loss of the income. Consider the number of working years you had left and your salary over each of those years and decide how much replacement income your policy needs to provide.

How to buy senior life insurance cover?

After you have a good idea of what coverage level you want, shop around for how much senior life insurance policies will cost. Compare the types of coverage (including sickness and death coverage); the premiums; the policy terms; and the requirements to get covered. Based on this review of different policies available, you can find the right coverage to meet your needs.

When you and your loved ones are older, it may no longer be possible for your spouse to save up enough for a comfortable retirement or to go back to work if your nest egg is spent on medical costs. When you depend upon your savings and your spouse, children or other loved ones are depending upon you, it is important to have insurance coverage that provides financial protection.

What types of coverage does senior life insurance provide?

Depending upon your health status and the type of policy you purchase, your life insurance coverage should pay out a sickness benefit and a death benefit. If you opt for a policy with a sickness benefit, you will receive a lump sum payment when diagnosed with a qualifying illness. Your death benefit will pay out if you pass away and the money will go to your beneficiaries.

How much coverage do I need?

You should consider all of the debts you would want your loved ones to be able to pay off after your death and factor those costs in when calculating the amount of coverage you need. For example, your policy should allow for the payoff of a mortgage, of credit card debt, of educational debt, and of car loans and other money owed. If you have a spouse or dependents counting on income you are bringing into the house, be sure your policy will provide for the loss of the income. Consider the number of working years you had left and your salary over each of those years and decide how much replacement income your policy needs to provide.

How to buy senior life insurance cover?

After you have a good idea of what coverage level you want, shop around for how much senior life insurance policies will cost. Compare the types of coverage (including sickness and death coverage); the premiums; the policy terms; and the requirements to get covered. Based on this review of different policies available, you can find the right coverage to meet your needs.

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