Life has never been predictable. It does not matter if you are 20 or 65 years old, you will still be clueless about what is around the corner for you. The last thing anyone wants to do is have their loved ones drown in bills because they got terminally ill, leave the world by being a burden on their family which has to bear the funeral expenses, and become financially unstable because they were dependent on you.
However, the good news is that older people are eligible for life insurance; in fact, 2 in 5 Australians get life insurance because they are getting older. Even when you build up a nest egg over time, life insurance makes sure that your family does not have to deal with such sudden costs.
What is the Eligibility Criteria for Seniors?
Life insurance for seniors is available to most Australians as long as they do not suffer from any serious medical condition. In many cases, you may be required to take a medical exam or have blood tests when filling out the insurance application. But this is not different from the process that you would have had to go through had you decided to get life insurance earlier in your life.
The Perks of Getting Insured as a Senior
You probably get to hear a lot about how premium costs are low when you apply for insurance in your 20s and 30s, but there are some advantages to applying as a senior as well. According to Australian statistics, you have a 1 in 3 chance of developing a serious medical condition before you reach 75 years of age; if you are a woman, there is a 1 in 4 chance of that. You also have the same odds of developing a disability.
However, many people who get ill realize that they opted for the wrong insurance plan, the one that does not suit them at all. People who opt for life insurance earlier in life opt for a plan that seems good enough when they have no idea how their life would turn around, and whether they would need medical insurance more than life insurance or a mortgage protection plan.
When you are old enough, you start figuring out the things that could provide you with a bit of security and would give you immense peace of mind. This is exactly why applying for insurance plans in your old age is highly favoured and is a smart move. There is always convenient funeral insurance product to help you safeguard your family’s future.
It is possible that you are leaving behind kids who are too young, or a spouse that you don’t want to go through any financial hardship. In this case, you should go for life insurance if you feel you do not want to burden your family with the cost and expenses associated with arranging a funeral.