Over 65 Life Cover

As you get older and into your senior years, you may start to think that you may no longer need life insurance or other types of insurance, especially if your home is paid off or your mortgage is reduced, your children are no longer financially dependent, you have no other debt to pay off and you are no longer working.

Published November 1, 2013

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However you may still have other expenses which can be passed onto your children or family when you pass away and you could potentially suffer from a critical illness or a significant injury.

A life trauma, TPD or income protection insurance policy can help alleviate any financial concerns for you and your family.

Important Things to Consider

Premium Conversion Age

Generally, at the age of 65 or 70 (depending on your insurer) your policy will convert from Level Premiums to Stepped Premiums. This is to reflect the increased risk to the insurers as you age.

Life Insurance

Entry and Expiry Ages

The life insurance companies we work with generally offer a maximum entry age between 60 and 75, depending on your premium structure and chosen insurer. So, you can generally still take out a new policy well into your 60’s. Generally, a number of factors will determine your ability to get cover, not just your age. These include your health, occupation and past times.

Policies generally expire at the age of 99 or 100. In some cases, there is no expiry age at all. This means you can stay financially protected well into your senior years.

Important Life Insurance Benefits for over 65’s

Life Companies provide a number of built-in benefits with their policies, some of which are particularly important to those over the age of 60 or 65:

Income Protection

Entry and Expiry Ages

The policies we compare generally offer entry ages for Income Protection of 16 – 60 for Blue Collar Occupations and 16 – 64 for White Collar Occupations.

Expiry ages again differ depending on your occupation and you may find that by age 65, your income protection policy has expired. Generally Blue Collar occupations do expire at age 65 and White Collar at age 70, however, this may also depend on your policy and you should consult the PDS or speak to our specialists.

Important Income Protection benefits for over 65’s:

Important Additional Options for Over 65’s

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Trauma Insurance

Entry and Expiry Ages

Trauma Policies generally offer entry ages of 16 – 64, regardless of your occupation. At the age of 65 or 70, the policy will generally convert to a Modified TPD policy, providing you with limited cover if you suffer from the loss of limbs or sight, loss of independent existence or cognitive loss.

You will need to consider whether or not it is worth keeping this type of policy going into your 60’s and 70’s.

This policy will then generally expire when a Modified TPD policy expires, which can be at the age of 100.

Important Trauma Benefits generally available for Over 65’s:

Total and Permanent Disablement Insurance

Entry and Expiry Ages

General entry ages for TPD Insurance are 16 – 64, however, this may differ between insurers. Expiry age is generally up to age 70 so your policy may still be available to you after the age of 65.

Important TPD Benefits generally available to over 65’s

Funeral Cover

Funeral Insurance may be an option for those over 65 who want to maintain a small amount of cover to help pay for their funeral but cannot afford a full life insurance policy or cannot obtain one due to medical reasons. 

Important Funeral Insurance Benefits generally available for over 65’s

Policy Reviews for over 65’s

We can provide seniors and those aged older than 65 with regular policy reviews to make sure your cover is still relevant to you. If you have no mortgage, have significantly reduced your mortgage, no longer have any financial dependents or you simply cannot afford your level of cover, you may still want to maintain a smaller level of cover.

If you are over the age of 65 and are looking for life insurance, contact us today on 1300 135 205.

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