What type of life insurance is best for you?
While some life insurance products offer lifetime cover, many seniors may find this type of insurance can be difficult or even impossible to obtain once in your 60s due to low entry age requirements and substantial health and lifestyle requirements required to be met. Before choosing a life insurance policy, it’s important to understand the differences between the types of policies that are available, so you can make the best decision for your individual situation.
Also known as ‘all of life insurance’, this type of policy covers you for as long as you’re alive, or until you make a claim or decide to cancel your cover. This type of life insurance can offer protection over the course of your entire life, however cover may be subject to certain restrictions as you get older which can make it difficult to take out a policy after you reach a certain age.
Term life insurance
Term life insurance is a policy that covers you for a set period of time or until you reach a certain age, and can be a great way to make sure you and your loved ones are protected during the stages of your life, when you need cover most.
Seniors Term Life insurance was designed with the over 50s in mind:
- You can apply over the phone by answering eight questions about your health, and there’s no need for blood tests, medicals or paperwork.
- You can choose a benefit amount that suits you and your family’s needs, between $10,000 and $100,000 and once approved, rest easy knowing you and your family are covered for the next 20 years or until you turn 85, whichever comes first.
- When your family claims, Seniors Term Life insurance offers a 20% advance payout to cover funeral costs so your loved ones have fast access to money for your funeral
- Your family’s benefit amount will be tripled if you pass away due to an accident.
- We’ll even assign you your own personal claims specialist to look after everything, so there’ll be no need for your loved ones to explain things to multiple people.