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. With Seniors Life Insurance, you can rest assured that once you’re approved, your family will have protection with a product designed with over 50s in mind, which is why you can apply for cover from age 45 up to 79. In fact, you might even find that the benefits offered are of great advantage for later in life.

With Seniors 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.

All of life insurance is a type of term policy that covers you for as long as you live, make a claim, or until you decide to cancel your policy. This type of life insurance product usually has an application process, where you may be asked a number of health and lifestyle questions or undergo a medical exam before being approved.

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.

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. 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.

You can also consider a 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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Protect your family’s future with Seniors Life Insurance

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 Life Insurance helps put you back in control of your family’s financial future, with up to $200,000 in cover right when it’s needed most.

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.

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.

Need more help deciding?

Request a FREE information pack

You’ll receive detailed information about Seniors Life Insurance

Tools & Resources

Calculate the cost of a funeral

See how much a funeral could really cost in your area and why it's more important than ever to be prepared

Ready to choose Australian Seniors?

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.