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.