Life insurance provides a lump-sum payout to you if you become terminally ill, or to your family when you pass away. The process starts by getting approved by a provider and then setting your benefit amount (how much you want your family to receive). This will vary depending on the exact insurer you choose – you might be asked to undergo a medical test before taking out cover, or your benefit amount may be capped depending on your age bracket.
Life insurance covers death by any cause, although suicide is usually excluded for a set period of time. That means your family will receive a pay out if your death is related to an event such as:
Life insurance also covers you for terminal illnesses, so you can access your benefit amount if a doctor concludes that you will likely pass away in the near future. Although every provider has their own criteria for a terminal illness, the diagnosis from a doctor is usually at having 12 or 24 months or less to live in order to claim.
It’s important to remember that every life insurance policy has specific exclusions and limits. Make sure you read the Product Disclosure Statement carefully to know what you’ll be covered for and what limits are placed on your cover.
Some insurers offer policies designed more closely for seniors. For example – some policies let you apply for cover at an older age than others, or even offer specific discounts. Depending on the insurer, you may be able to apply without going through the usual hassle of a blood test or medical exam.
Find out more about how life insurance works for seniors >
If you’re considering life insurance, the first thing you should check is whether you already have cover. Despite decades in the workforce, a lot of us don’t realise that life insurance is sometimes included in our superannuation fund. However, keep in mind that life insurance through your super isn’t always tailored to your exact needs, which could mean you are under-insured. You should contact your superannuation provider to check how much you may already be covered for.
Don’t forget to review any other insurance policies you have in case you are already covered for your expected needs. It’s also important to understand any limitations when claiming on more than one policy with the same insurer.
Finally, don’t forget to consult your loved ones when considering life insurance. The amount of cover you need will depend on what your plans are for their future, and whether they could manage financially if you passed away. Without a financial safety net, your family may need to make some lifestyle changes. This might include relocating, downsizing and selling the family home, or even postponing their retirement.
The sooner you consider getting life insurance the better, because as you age it may become harder to get approved for cover. Applying for, and taking out cover while you’re still healthy generally works out easier, since your premiums and insurability depend on whether or not you have any pre-existing medical conditions and if you’re of an eligible entry age.
If you’re considering life insurance, then it’s also worth looking at how long the cover period is. Some life insurance policies can last 10 or 20 years, or until you reach a certain age, so make sure your policy covers the portion of your life where you will need it most.
When you first set up your policy, you’ll need to nominate your beneficiaries, which are the people who are authorised to make a claim and receive your cover amount if you pass away while the policy is active. While every insurer has their own claims process, here is a quick run-down of what it’s like to make a claim with Australian Seniors:
You (if you are diagnosed with a terminal illness) or your nominated beneficiaries (if you pass away) will need to let us know that a claim will be lodged. At this stage, a dedicated claims agent will contact you to discuss the claims process and provide further instructions.
You will need to complete the required claim forms, depending on what exactly you are making a claim for (i.e. death or terminal illness).
Send the completed forms back to us. You will receive a notification that your claim has been lodged, and we will keep you updated on the outcome.
You will need:
Any official documents that you supply to your insurer (such as a death certificate or identification) need to be certified copies according to Australian law.
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.
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.
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.
Once your policy is set up, you’ll be covered straight away for death and for terminal illness.
Simply answer eight questions about your medical history over the phone. Once approved, you can get covered in minutes.
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.
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.
You’ll have lower starting premiums if you’re a non-smoker.
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.
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Financial Matters1. Older Australia at a glance – Australian Institute of Health and Welfare
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