Life insurance is designed help you secure your or your family’s financial future, if you were to pass away or suffer from a terminal illness. As you get older, you might be thinking about your family’s outlook, and you might have to keep a tight budget as you may be on limited savings. Having peace of mind can help you get on with living your best life.

If you’re worried about what life’s later stages can bring, it’s not too late to look into life insurance. Many Australian insurance companies make it difficult for older people to get affordable life insurance, but with Seniors Term Life Insurance, you can rest assured that once you are approved your family will be protected with a product designed specifically for people aged between 45–79. In fact, you might even find that the benefits offered are of great advantage for later in life.

With Seniors Term Life Insurance, you don’t need complex medical assessing, blood tests or other medical checks to apply, you simply answer just eight health questions over the phone. There’s no complicated paperwork either.

As we near retirement, many of us find that our needs and financial plans can change quite a lot. Whether it’s helping our adult children get a financial head start, or even treating ourselves to the comfortable lifestyle that we’ve worked hard for, our financial commitments don’t just disappear over the years. It can be a good idea to have a contingency plan in place, to help our family keep up with everyday bills or immediate expenses if we suddenly passed away.

Life insurance for older Australians works just like any other policy. If you pass away or are diagnosed with a terminal illness, you or your family will receive a lump-sum payout. The money can be used to help with living costs or any other potential challenges that might come up, such as funeral or estate fees.

Different types of life insurance

Before looking for the best policy, it’s important to first understand the differences between the types of life insurances available in the market.

Term life insurance is a type of insurance policy that covers you for a set period of time (or until you reach a certain age). You are able to choose a policy with a term to suit you, for example, choosing one that expires after ten years, 20 years, or once you reach a certain age, for example. Term life insurance can be a good way to make sure you and your loved ones are financially protected during certain stages of your life. Some life insurance products guarantee to remain in force for the insured's entire lifetime, however, many older people find that this type of insurance can be difficult, or even impossible to apply for once you are in your 60s, as there are generally lower entry age requirements and more substantial health and lifestyle questions. Read more about term life insurance.

Group life insurance is often available through your superannuation, depending on your particular fund. It is often not tailored to your specific needs or budget as your employer/super fund purchases a single contract where multiple people are insured, those being the fund's members. I If you have retired and already received your super, reached retirement age, or if you have been out of the workforce for more than six months, your group life insurance may lapse.

Which life insurance could be suitable for older Australians?

The best policy for your individual needs depends on what exactly you want to be covered for and how much you think you or your family would need if something unexpected happened, which is why it is a personal decision. It’s also important to consider your age and future plans. If you’re retired (or hoping to jump on board soon) and no longer have dependent children, you may only need cover for a shorter period of time. You may consider choosing a term life insurance policy in that case; as some insurers make it easy, allowing you to apply quickly over the phone with no blood tests or medicals required.

You can also consider a term life insurance policy to add extra coverage if you feel you may be underinsured with your current cover, but it’s important to understand any limitations when claiming on more than one policy with the same insurer.

However, we all have our own plans and financial needs that should be taken into account. For more information about what Australian Seniors can offer, request a call back now.

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Do we really need life insurance?

The best way to determine whether life insurance is right for you is to think about your family’s quality of life and how much it costs you to maintain. You’ll also need to consider any future changes in your situation as well, such as retirement or downsizing. On top of that, it can be a good safety net for any unexpected setbacks that could come your way. For example – as we get older, we may have a slightly higher risk of developing certain illnesses, so it’s always wise to be mindful of our health and wellbeing (and how it could impact our plans for the future).

Even if you’re not the main provider, it’s worth thinking about the changes that your family would need to make if you were no longer around. Many of us care for our grandchildren while their parents work, but if that option were no longer available, they may need to take on expensive childcare costs or even quit their job.

If you think any of these changes could potentially disrupt your family’s plans or quality of life after your death, then it may be worth looking into life insurance for that extra security and peace of mind.

How much cover should we get?

Your cover amount, payment frequency and beneficiaries can be personalised based on your, and your family’s, specific needs, so it’s important you consider your own financial situation to establish how much cover you might need. You should discuss your options with your family to find out what type of costs they would have, such as a mortgage, household bills and loan payments.

Here are some key things to consider when setting a cover amount:

  • whether you are currently working
  • how long until you retire
  • any personal savings, investments, or other forms of income you have
  • your assets
  • your current health
  • the number of dependents that rely on you (spouse, children, or grandchildren)
  • the expected quality of life for you and your family.

Read about how much life insurance you may need here >

How Australian Seniors can help

Seniors Term Life Insurance helps put you back in control of your family’s financial future, with up to $100,000 in cover right when it’s needed most.

Benefits of choosing Seniors Term Life Insurance

A flexible cover amount that suits you – choose how much you or your family will receive if you pass away or become terminally ill. You can set a benefit amount from $10,000 up to $100,000.

Cover for when you need it most. We know that the older you get, the more you have to protect. That’s why our cover is designed for people aged 45 to 79, protecting you for up to 20 years or until age 85, whichever comes first.

Immediate cover. Once your policy is set up, you’ll be covered straight away for death by any cause, and for terminal illness (excluding suicide for the first 13 months).

20% advance payout to cover funeral costs. When your family makes a claim, we’ll give them 20% of the benefit amount in advance, so they won’t have to worry about the cost of your funeral or other immediate expenses.

Triple payout for Accidental Death. Your family’s benefit amount will be tripled if you pass away from an accident, helping with any last-minute expenses they might face.

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.

We’ll keep your premiums manageable. Unlike some life insurance policies, your annual premium increase won’t be based on your age which will help with budgeting later in life. Plus, we offer lower starting premiums for non-smokers.

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.

See more benefits

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