Life insurance is a valuable financial instrument, offering a safety net for your family in the event of your passing. That makes getting a life insurance policy a crucial part of financial planning for Australians of all ages. Contrary to popular belief, life insurance for seniors doesn’t have to be expensive. In fact, there are several affordable options for Australians under 70. A wide array of choices are available, allowing you to find the most cost-effective life insurance plan no matter your stage of life. Start a search today to find affordable life insurance plans.
What Is Life Insurance?
Life insurance is a financial product designed to provide financial protection and support for your loved ones in the event of your death. It involves entering into a contract with an insurance company, where you agree to pay regular premiums in exchange for a predetermined lump sum, known as the death benefit, that will be paid out to your beneficiaries upon your passing.1
Patchareeporn Sakoolchai/GettyThe purpose of life insurance is to help ease the financial burden on your loved ones in case of your death. It can be used to cover funeral expenses, pay off outstanding debts, replace lost income, fund education for your loved ones, and ensure the financial security of your family. By investing in life insurance, you and your loved ones can have invaluable peace of mind.
Over50insurance.com
Operated by NobleOak, Over50insurance.com offers life insurance coverage for individuals aged 50 to 99. In addition to the standard death benefit, their policies include funeral advance and grief counseling benefits, among others. Their policies are affordable and provide valuable peace of mind.
NobleOak, through Over50insurance.com, is designed for seniors, and Over Fifty Insurance members receive a 17% lifetime discount on Life Cover. Furthermore, coverage can be renewed until age 99.2
Key Highlights:
- Max entry age: 69
- Max benefit: $25,000,000
- 17% discount on Life Cover
- Renew until age 99
TAL Life Limited
Formerly known as Tower Life Insurance, TAL Life Limited was founded in New Zealand and has become a leading life insurance company. With over 150 years of experience, they have served millions of customers in Australia. Last year, the company paid out claims totaling $2.7 billion.3
Additional benefits are available to TAL Life Limited customers, such as the ability to pause payments for up to three months without incurring premiums during financial difficulties. Furthermore, a $25,000 funeral advancement can be claimed from the total coverage after processing a valid death certificate to assist with immediate funeral arrangements.4
Key Highlights:
- Max entry age: 74
- Max benefit: No set limit
- Example monthly premium – female: $18.82
- Example monthly premium – male: $20.00
- 15% discount for BMI within a specific range
Zurich Australia Life Insurance
Zurich Australia, part of a Swiss insurance brand established in 1872, gained traction in Australia after acquiring Commonwealth General Assurance Corporation LTD in 1961. They served nearly 3,000 life insurance customers and paid out over $350 million in claims in 2021.5
Their life insurance policies are available to those up to age 69 and offer a lump sum payment to beneficiaries upon death or terminal illness diagnosis. They also provide up to $15,000 in advance from your death benefit for funeral expenses.6
Key Highlights:
- Max entry age: 69
- Max benefit: $1,500,000
- Example monthly premium – female: $18.15
- Example monthly premium – male: $23.49
Finding the Right Life Insurance Policy
It’s essential to assess your needs and compare various life insurance policies to find the right fit for your unique circumstances. Factors to consider when choosing a policy include the type of coverage, premium costs, policy term, and additional benefits or riders.
Conduct thorough research online and compare quotes from multiple insurers. This step can help you identify the most affordable policy that meets your needs. Remember, investing in the right life insurance policy is an important decision.
The Takeaway
Life insurance is essential for Australians of all ages, and affordable options exist for those under 70. Companies like Over50insurance.com offer cost-effective policies with comprehensive coverage. Even for individuals over 50, it’s not too late to find an excellent policy that provides peace of mind for you and your loved ones.
When selecting a life insurance policy, it’s crucial to carefully consider your coverage needs and budget. Be sure to compare the different options available to find the policy that’s right for you. Begin your search online today to gather more information and discover the right life insurance policy to suit your needs.
