Life Insurance Information for Seniors
Discover how Life Insurance can help to improve your financial circumstances.
Trends and statistics
In our recent customer survey addressing attitudes towards Life Insurance for seniors, it was recorded that many Australians may be neglecting their personal insurance needs. The survey revealed that 53% of older Australians, aged 55 – 60, are likely to have Life/Death cover compared to 30-34 year-olds (72%) and 35-44 year-olds (68%).
The survey of more than a thousand people also discovered Baby Boomers are least likely to have Total and Permanent Disability Insurance (TPD), with the survey revealing just 37% of 55- 60 year-olds are likely to be covered, considerably less than 30- 34 year-olds (47%), 35- 44 year-olds (53%).
The need for Life insurance is perhaps more apparent to us when in our 30s and 40s when achieving milestones such as buying a house or starting a family, which prompt us to think about how we can reassess our personal financial circumstances to help protect the people we love.
Despite taking fewer risks in life, the need for cover arguably remains as relevant now as it has ever been. Being insured can provide you with that added sense of security that, regardless of what life throws at you, there is a safety net to help you through uncertain times.
Over 50's Life Insurance
You may still be in full-time work or have made prior arrangements towards retiring but if you are contemplating what Life Insurance at this stage of your life can offer, you’ll be pleased to know you have several options to explore. The maximum entry age for Life Insurance products extends to 59 in some cases (Income Protection, Trauma Insurance) 69, (Term Life Insurance), and 64 (TPD Insurance) with NobleOak.
Financial support through your choice of cover can assist with rent, medical bills, household expenses, and other payments needed for everyday living. Aside from financial assistance, with term Life cover you can find comfort in knowing that your death won’t necessarily contribute to any financial-induced stress for your loved ones and beneficiaries.
Over 60's Life Insurance
As you reach retirement, you’ve no doubt given more considerable thought to your future plans. Your window of eligibility for receiving cover will naturally shrink as your circumstances change. NobleOak offers two main types of insurance which are accessible for people over 60, being standard Life Insurance cover and TPD Insurance cover (available as an option with life cover), with maximum entry ages of 69 and 64 respectively.
Life Insurance cover offers a Funeral Advance Benefit (an upfront payment to cover funeral costs), Financial Advice Benefit (an extra amount to cover financial advice) and Terminal Illness Benefit (a payment upon terminal illness diagnosis), whilst TPD is equipped with the Financial Advice benefit with NobleOak.
People aged 65 and over are at a higher risk of contracting chronic lifestyle conditions and illnesses, such as diabetes, heart problems, cancer and head and brain injury. NobleOak, as your potential insurer, may require you to undergo medical testing for compliance prior to your cover being approved.
Consider this – even if you and your partner are ‘empty nesters’, you may want to hold on to a reasonable level of Life insurance. If you’re working and continuing to save for your retirement dreams, it can be easy to forget the financial difficulties your family could face if you or your partner became severely ill, were in a bad accident or worse still, passed away. Would such circumstances prevent either of you from fulfilling your retirement plans? What impact would this have on the people who you love the most? This is where having the right Life insurance cover in place can help.
If you are reviewing your existing Life cover, make sure you spend the time to conduct the necessary research first. NobleOak can provide a comprehensive quote for you that includes Life Insurance cover (apply up to age 69 next birthday), Total and Permanent Disability cover (apply up to age 64 next birthday), and Trauma cover (apply up to age 59 next birthday).
Over the years, you’ve worked hard to raise your family and make sure they’ve been comfortable. As your retirement approaches, now’s the time to focus on all those adventures you’ve been daydreaming about and also to help ensure your financial security. You deserve it!
Types of Life Insurance
Whatever your circumstances, you can find out more about applying for award-winning cover with NobleOak below.
Life Insurance has a maximum entry age of 69 and guaranteed renewable age up until 99 years of age. You can take advantage of a Funeral Benefit and Terminal Illness Benefit as part of your cover.
Income Protection Insurance
As with all other age groups above 18, the Benefit Period for Income Protection for seniors is 2 years or to age 65. The maximum age of entry is 59, and cover is guaranteed renewable to age 65.
TPD Insurance with NobleOak offers a maximum cover level of $5,000,000 with an added Financial Advice Benefit of $2,000. Maximum age of entry is 64, and Cover is guaranteed renewable to age 75.
NobleOak’s Trauma, or Critical Illness Insurance, covers 38 health events for men and women in Australia. This includes stroke, cancer, heart attack, and diabetes. Maximum age of entry is 59, and Cover is guaranteed renewable to age 70.
How much does Life Insurance cost?
It should come as no surprise that age is an important factor for an insurer when determining whether you are able to get cover. You’re likely to be seen as higher risk as you get older, and people over the age of 50 can be expected to pay a bit extra for Life Insurance products than younger adults, but less so than people beyond 60. Life premiums will vary from person to person based on criteria which include but are not limited to:
- The amount of cover you need
- Your bill of health
- Whether you smoke (non-smokers pay much less on average than smokers)
- The types of hobbies and pastimes you enjoy
The NobleOak Life Insurance calculator is here to help you determine the amount of cover you may need in 5 easy steps.
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