Life Insurance for Seniors
Insurance for whatever stage of life you're at
Make sure your life is protected financially
While you may not have the financial obligations associated with raising a family, you still have to cover everyday expenses, day-to-day living, travel and entertainment costs, plus the mortgage, if it's not already paid off.
Whether you're into an evening out on the town, overseas cruises, trips to wineries and art galleries, or whether you prefer the quiet life at home, spending relaxing nights in front of the television, it's important to secure that lifestyle for both you and your partner.
What cover might you consider
If life throws you a curve ball, you still want your family to continue living the life you planned for them. Our customers in your stage of life often buy these products.
An illness or injury could prevent you from working
If you or your partner still work, you probably rely on that income, perhaps to pay the bills, to cover the rent or mortgage, or even to pay for little luxuries, such as travelling. However, if you were to get sick or injured and you were unable to work, how well would you be able to cope without that income? Your savings or other income may help out for a while, but what happens when that runs out?
You could get injured in an accident
Accidents happen to everyone, no matter what their age. You could fall and break your arm on the way to the shops, you could fracture your hip taking a tumble, or you could break your leg taking the dog for a walk. Unfortunately, accidents happen all too easily. If you were to get injured in an accident, could you afford to take time off work? Could you afford the expensive medical bills?
You could leave your family to cover your funeral costs
While death can often be unexpected, that doesn’t mean we can’t prepare for it. Funerals can often be expensive. Finding the money to cover those costs at short notice isn’t easy, especially while grieving. If you were to pass away, would your partner or family be able to cover the cost of your funeral at short notice?
Life Insurance through Superannuation – Is It Enough?
What is Life Insurance through superannuation? And how do you know if life insurance through superannuation is enough? Samantha Rush explains the basics of life insurance in these two videos.
What is Life Insurance through superannuation?
This means paying for Life Insurance with the money that sits in your super fund. You’ll generally get the default level of cover your super fund offers. You can choose this option through your employer or when you set up your super fund. As long as your employer, or you, contributes super to your account regularly, you will have some level of Life Insurance cover.
What am I covered for under Life Insurance through superannuation?
Life Insurance through a super fund usually includes one or more of three different kinds of cover:
- Death cover, which pays a lump sum or an income stream benefit amount to your beneficiaries if you die.
- Total and permanent disability cover, which pays you a benefit amount if you’re seriously disabled and not likely to work again because of this.
- Income protection to cover loss of income over a certain period if you can't work because of a temporary illness or injury.
How do I work out how much Life Insurance I need?
To get an idea of how much insurance cover you need, start by tallying up the total cost of the things you pay for that your loved ones would still need if you’re no longer earning an income.
This might be things like your bills, debts, mortgage, and personal loans. The total sum of these gives you an idea of the amount of cover your loved ones would need to continue to meet your financial responsibilities in your absence.
Try our life insurance calculator online now.
What’s the difference between my super Life Insurance policy and a policy through an insurer?
Life Insurance through an insurance provider is different in a few ways. Firstly, there can be more flexibility around the kind and level of cover available, meaning the amount you pay can be adjusted to increase or decrease the level of cover. Also, benefit amount payable to you or your family are usually delivered quicker by an insurance provider because they are passed directly to the beneficiaries rather than to a super funds trustee.
Is Life Insurance through super enough?
When thinking about Life Insurance, consider what you need cover for, the premium you can afford, and the benefit or limits you and your loved ones require to keep the lifestyle that you want. For example, if someone has an underlying medical condition they might opt for Life Insurance through an insurance company to make sure they’re covered in particular circumstances. On the other hand, another person might only need a benefit amount if they’re injured at work and can no longer do that job.
Try our life insurance calculator online now.
Life Stages & Events
Whatever stage of life you're at, Suncorp could help you plan for life's unexpected turns. See what some people in your stage of life buy to help protect themselves financially and why.
Need to talk?
Our friendly team of insurance specialists at our Australian based call centre can answer all your questions. Alternatively, if you feel your financial requirements are more complex and you require financial advice, you can turn to a Suncorp Financial Planner for help in assessing your risk and working out the cover that could meet your needs.