What are the Benefits of Life Insurance?

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Life insurance can benefit you and your family when the unexpected happens by acting as a financial buffer for any immediate bills if you were to pass away or suffer from a terminal illness, which can be of growing concern for all of us as we get older. An advantage of life insurance is that there are no restrictions on how you, your family or your beneficiaries spend the money, so it can go towards anything such as a mortgage, medical bills, funeral costs, legal fees, or any other expenses.

With life insurance, you can choose your cover amount, so you can decide how much money you think your family would need. As we get older, it’s important to have our financial plans securely in place and protected, to ensure peace of mind throughout retirement. Many insurers only offer limited cover for older Australians, and a benefit of Seniors Life Insurance is that you can apply for cover between age 45 and 79, giving you financial protection when you need it most.

Benefits of Seniors Life Insurance

There are many benefits of Seniors Life Insurance that you may not have yet thought through. When someone passes away, there are usually immediate bills that need to be paid, such as funeral costs, legal fees for settling an estate, or medical bills; and then there are the ongoing bills of life, such as household expenses and a mortgage.

Consider things like; your current lifestyle and whether this would be difficult for your family to retain on just your savings, the Age Pension or your superannuation if something unexpected was to happen – would this leave you or your family in financial strife?

Here are some more points to consider when deciding if life insurance is right for you.

Life insurance can bring peace of mind

By the time you hit your forties and beyond, life may have thrown many curveballs your way and you will have seen the good times, and possibly hit some challenging times too. By this age you begin to think about your retirement, or you may have already retired, and you want to know how to make your life as comfortable and secure as possible.

Having life insurance in place can give you the peace of mind that allows you to get on with living your life, and not be endlessly worrying about what would happen to your family if something were to happen to you that you didn’t expect or plan for. At Australian Seniors, we know that having this peace of mind can be important, so we have custom-designed a policy that’s meant for older Australians, so you can have cover when you need it most, and get on with living the good life.

Life insurance can cover costs associated with terminal illness

Often by the time we get to middle age we have seen people we know and love get sick or in some cases even suffer a terminal illness, and we understand how devastating this can be for their families. Suffering the approaching loss of a loved one is hard enough but coupled with the financial burden that terminal illnesses often bring, the pain can be immeasurable.

Terminal illnesses might generate both expected or unexpected costs, such as medical bills, medications, ongoing treatment, alternative therapy and health bills, travel and accommodation costs and more. Having life insurance can help protect you from having to deal with all these expenses on your own, with no financial support, or from having to lean on your family to cover bills.

Life insurance designed for over 50’s

Seniors Life Insurance is designed for older Australians, which is why residents aged 45-79 can apply, as we understand that the needs of older Australians are different, and we know how important financial security can be to our policyholders. The flexible cover options even allow you to choose your own cover amount between $10,000 and $200,000, so you know what the payout will be if you were to pass away or suffer a terminal illness where the doctor advises that you have 24 months or less to live.

If you’re retired, or heading towards retirement, budgeting your finances becomes increasingly important, so Australian Seniors offers lower starting premiums for those who do not smoke. Seniors Life Insurance even offers a triple payout for Accidental Death up to $600,000. This means that if you pass away from an accident, we’ll triple your family’s payout to help with any unplanned expenses.

Regardless of your life stage, you will not have to do a medical assessment or have a blood test when you apply. All you need to do is answer eight questions about your health over the phone. Learn more or request a quote now.

Life insurance can help provide financial security for your beneficiaries

You can nominate up to five beneficiaries; these might be your partner, your children or grandchildren, other family members, or friends. Your beneficiaries will be the recipient/s of your payout, if you were to pass away. Beneficiaries might be the people you nominate in your Will, or they might be others, the choice is up to you. For many Australians, the idea of leaving something behind for family members is important, to assist financially when you are no longer able to provide for loved ones.

With Seniors Life Insurance, you’ll also get the benefit of immediate cover, so you’ll have that peace of mind right away. Your policy covers you for any cause of death or terminal illness, with the only exclusion being suicide for the first 13 months.

Your beneficiaries may even receive a 20% advance funeral payout, which is calculated as 20% of your cover amount. They could get this payment as soon as completed documents are received, to help cover funeral costs while the claim is being assessed.

How Australian Seniors can help

There are so many reasons to choose life insurance with Australian Seniors. It’s a product that’s designed with older Australians in mind. Here are some of the features.

Benefits of choosing Seniors Life Insurance

A flexible cover amount that suits you

Choose how much you or your family could receive if you pass away or become terminally ill. You can set a benefit amount from $10,000 up to $200,000.

Cover for when you need it most

We know that the older you get, the more you have to protect, so Seniors Life Insurance allows you to apply from age 45 up to 79.

Immediate cover

Once your policy is set up, you’ll be covered straight away for death and for terminal illness.

Easy to apply with no medicals

Simply answer eight questions about your medical history over the phone. Once approved, you can get covered in minutes.

20% advance payout to cover funeral costs

When your family makes a claim, 20% of the benefit amount may be paid in advance, so they won’t have to worry about the cost of your funeral or other immediate expenses while the claim is assessed.

Triple payout for accidental death

Your family’s benefit amount will be tripled up to $600,000 if you pass away from an accident, helping with any last-minute expenses they might face.

Non-smokers can enjoy lower starting premiums

You’ll have lower starting premiums if you’re a non-smoker.

Your own Australia-based personal claims specialist

If you or your family need to make a claim, we’ll assign one of our local claims specialists to look after everything. No need to explain things to multiple people.

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Things you should know

Suicide is excluded for the first 13 months.
This policy expires at age 85, regardless of what age your cover started.
Terminal illness with diagnosis of 24 months or less to live.

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Get peace of mind when choosing Australian Seniors. Talk to one of our friendly team members today. We're here from 8am to 8pm Monday to Friday on 1300 050 510. Or, if you prefer, we can call you back when it suits.

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