Life Insurance for Australian Seniors
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Posted On :
Jan-29-2012
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Article Word Count :
774
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life cover could help these senior citizens to be able to feel at peace that they are leaving their family without the burden of outstanding bills or funeral costs
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Nowadays, with rampant unemployment and housing foreclosures ravaging families across the globe, more and more households are still headed by senior citizens who are either working or enjoying life in retirement. More often than not, due to the recession, there are many families where three generations are living together and sharing scarce resources, with more and more grandparents responsible for grandchildren living with them and with or with no parents present.
An Overview of Australian Senior Citizen's Life Insurance
With these kinds of situations, it would be if seniors take steps to ensure that their family is taken care of if they are no longer there. For seniors in Australia it could and help provide senior citizens the opportunity to live without worrying about their family's financial situation when something happens to them.
Most importantly, life cover could help these senior citizens to be able to feel at peace that they are leaving their family without the burden of outstanding bills or funeral costs.
To be eligible for life cover, Australian resident senior citizens aged between 50 and 79 are guaranteed acceptance for this insurance. Once policy is in place provided premiums are regularly paid when due, the this cover for senior citizens of Australia is guaranteed renewable for life, regardless of changes to their health or lifestyle.
Benefits of Life Insurance for Senior Citizens aged 50 plus
Australian residents aged 50 to 79 years old have guaranteed acceptance
There is NO medical or blood test required
cash payout is made to your beneficiaries without delay, and can be used to pay off outstanding debts, or even cover your funeral costs
Your chosen benefit is paid in the event of your death by natural causes - up to $15,000 (after the first 12 months)
There is a triple benefit paid in the event of accidental death - up to $45,000 (from day 1)
once cover is in place, the benefit will not decrease, benefit level stays the same
Premium doesn't increase and will stay the same as you get older as long as you keep your cover
Single or family cover options
Cover for your dependent children until they reach 21
Premiums stop at age 90 and cover can continue for life
There is a monthly or fortnightly payment options
There is a 30 day cooling off period
covered anywhere in the world 24/7 provided that you are an Australian Citizen or permanent resident living in Australia and have no plans to relocate outside of Australia at the time of application
Australian Senior Life Insurance Cover Options
Australian senior citizens can select a cover option that suits their needs and budget, from a $3,000 to $15,000 life insurance benefit.
Moreover, seniors can also apply for a Single Plan, or Family Plan that can include their spouse, partner, and/or defacto, plus their financially dependent children until they reach age 21. There is no limit on the number of financially dependent children they can include on their Family Plan.
An Accidental Death Insurance that equals 200% of their insurance benefit is also provided in addition to their life cover insurance benefit.
Seniors may also have the option to add Accidental Serious Injury Insurance to their life insurance, which provides a benefit in the event of Quadriplegia, Paraplegia, Hemiplegia, Blindness, Deafness, or Total and Permanent Loss of Use of two limbs.
Things to Consider about Life Insurance for Australian Seniors
As with all life covers, the older you are, the higher your premiums. Although Australian senior citizen insurance plans cost more than the policies for younger people, seniors can still make a significant amount of savings on life insurance by comparing multiple insurance quotes and by opting for online deals from reputed insurance companies. They can also get the best life insurance quote rates by opting for package deals and taking care of one's health.
Moreover, male senior citizens have to pay more for life insurance than women because they have a lower life expectancy. Smokers as well as those with illnesses or health problems are charged with a higher premium compared to those who are healthy for their age and do not smoke. Most life insurance companies will only consider you as a non-smoker if you have not smoked for 12 months or more.
Seniors who are in good health or have a few minor health issues such as high blood pressure or high cholesterol are most likely accepted for a standard life insurance policy.
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Article Source :
http://www.articleseen.com/Article_Life Insurance for Australian Seniors_140652.aspx
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Author Resource :
Insure4U has all your insurance information from life insurance quotes to compare income protection. Let us guide you through the process of finding the right insurance for you and your loved ones.
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Keywords :
life cover could help these senior citizens to be able to feel at peace that they are leaving their family without the burden,
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Finance
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Insurance
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