Finances impact your life. Earning sufficient income enables you to pay your bills and cover extraneous expenses, such as recreational items and vacations. You can also afford more luxury items, such as sports cars, instead of purchasing economy cars.
As people age, they’re more likely to face economic challenges. More than 33 percent of Australians 65 or over live in poverty, which rises to 41 percent for Australians over 75. Health issues may affect your ability to generate revenue, making it crucial you have a valid life insurance policy that provides a death benefit your beneficiaries can use to cover your final expenses. Individuals 50 years of age or older can use the tips outlined here to find a life insurance policy and discover some additional benefits of having a life insurance plan.
Life insurance comparison tools make it easy to find insurance policies.
You don’t have to worry about heading to life insurance company offices to discuss policy options and compare policy information. Instead, you can use a life insurance comparison tool on your smartphone or computer to receive a life insurance quote from every life insurance company that offers a policy you qualify for. The tool prompts you to enter crucial information, such as your gender, age, and location.
Next, the tool asks for some basic health information by asking if you smoke. It also asks about your occupation. Different occupations have risk factors that can affect your life expectancy. For example, Scientific American reported that in 1858, the average lifespan of a teacher was 30–35 years, while lawyers and doctors enjoyed a lifespan of 55–60 years. Life expectancy matters because the policy premiums will factor in how many payments you’ll likely make before your beneficiary claims death benefits.
Next, the tool asks how much coverage you want and whether you want total and permanent disability (TPD) coverage included with your policy. TPD coverage replaces your income if you become disabled and are unable to work. You can also indicate if you want trauma cover, which pays a lump sum of cash to insured parties if they sustain a critical injury or develop a severe illness.
Once you’ve provided all the requested information, the insurance comparison tool reviews potential policies and identifies those that meet your needs. It compiles a list of those policies and provides critical information about the policy terms, such as the type of insurance policy, the coverage amount, and the monthly premiums. You can follow the information provided to select and secure a policy. Those 50 years of age or older may pay higher premiums than younger applicants but can use the tool to find a suitable policy for the best price possible.
Your life insurance policy can be a financial safety net.
Life insurance policies are versatile and provide a financial safety net for insured parties. Policyholders can also use their life insurance policy to obtain a life settlement or viatical settlement. These options have been popular in the United States for decades, and an Australian company introduced viatical settlements more than a decade ago.
With a life settlement, any life insurance policyholder can sell their insurance policy to a buyer. The buyer pays a cash amount that’s more than the cash-in value of the policy and less than the death benefits. The buyer becomes the policy’s beneficiary and recoups their investment when the insured party dies. Viatical settlements are like life settlements, but the seller receives higher premiums. Viatical settlements are limited to policyholders diagnosed with a terminal illness and life expectancy of two years or less.
You can get a life insurance quote via your computer or smartphone. Life insurance comparison tools make it easy to access policy information, enabling Australians of any age to secure a life insurance policy.