Australia’s population is aging rapidly. Between 1990 and 2010 the number of people aged 65 years and older increased from 11.1 percent to 13.6 percent. And the number of people aged over 85 years more than doubled during this time. An aging population puts a strain on health costs and also affects the care industry and the job market. As individuals live for longer this also puts a strain on their finances and the finances of their family. But too few seniors think of the benefits of senior life insurance. Many think that the financial product is not for them. Here we debunk some popular myths about senior life insurance so you can make the right financial decision for your later years.
I’m Healthy So I Don’t Need Insurance
Whether you are 25 or 75, if you are healthy and enjoying life you are less likely to consider the necessity of life insurance. But it is at this point, when you are healthy and without any serious disease or condition, that you should buy life insurance. The premiums will be lower and you can benefit from locking in a policy that will still apply when you get older and may be in poorer health. You never know what will happen in the next few years. Continue to enjoy your good health by all means, but make sure you protect yourself for the future.
Life Insurance is Only for Funeral Expenses
If you have made arrangements to pay for your funeral expenses then you may wonder why you would want to take out a life insurance policy – aren’t they only for the costs of a service and a funeral? No – life insurance is much more than that, although it can be a big help if financial problems affect your ability to save for your final goodbye. Life insurance for seniors can also provide a range of other benefits including cover for injuries in your later years or for permanent disability. Did you consider how you would pay for your care if this were to happen to you? How would you continue to maintain your standard of living in the face of large medical bills?
I’m Too Old for Life Insurance
It is easier today for seniors to get a life insurance policy and there are a range of policies available for people of all ages – look online to find seniors life insurance estimates from a trusted insurance provider. In many cases you will not even need to have a medical examination. You simply fill out a form detailing your health and your personal information and the policy is calculated depending on your needs.
I Can’t Afford Life Insurance
When you look at the policies on offer you will be able to find something to suit your budget. The premiums are usually fixed so you don’t need to worry about the cost escalating as you get older. There may also be a waiver element that allows you to halt payments when you reach a certain age, for example, the age of 90. Seniors life insurance is surprisingly affordable. Plus, the younger you are when you start the policy, the better the deal you can find.