Senior Life Insurance
As many people get older and closer to retirement, and particularly if their children have left home, they place less importance on the value of life insurance and may discard it altogether.
While it’s true that insurance becomes gradually less important once debt has been re-paid, or at least substantially reduced, and there are no longer children or other financial dependants to provide for, it still has a place in most Australian homes.
Why do I need senior life insurance?
Senior life insurance, also commonly called ‘over 50 life insurance’, can help your family financially in the event of the unexpected death of you or your partner. Even if you won’t need insurance to pay off the mortgage, senior life insurance can be used to pay off credit cards and other debts, cover bills and living expenses during a difficult time, and cover funeral expenses. Often senior life insurance policies will include a sickness benefit, which pays a lump sum of money if you become ill for a certain period of time.
When selecting senior life insurance, it’s important to assess what level of cover is best for you. Often people will choose a modest amount, without taking the time to verify that it will be enough to retire debt and cover lost income. It also pays to do your homework because some insurers charge significantly higher premium rates for people over age 50.
Where can I access quality senior life insurance?
You can find out more about the various life insurance products offered by Suncorp by calling us on 1800 177 549.