Although it can be extremely discomfiting to think of a time when you are not around anymore, knowing that your family will be well taken care of when your time comes gives you some peace of mind. For more senior citizens, the reality of death is even closer making the need for life insurance even more pressing. In Australia, there is a wide selection of companies you can choose from when looking for a life policy that will guarantee your family a good life if something happens to you.
In this article, we are going to look at a few pointers to use when choosing the best life insurances as well as mention a few of the more reputed names in life insurance operating in Australia.
How to Choose a Life Insurance Company/Policy
Because of the high stakes involved, you want to make sure that you choose a reputable and trustworthy company that will not scam you and your loved ones out of your patiently contributed premiums. Many people have fallen foul to deceptive policies offered by unscrupulous companies, and only realize when they are years into the scheme that their investment won’t pay off. The reputation of the company can be determined by looking through the company’s profile and more importantly customer feedback. Today, social media and internet come in handy in seeing how an insurance company treats its customers. If a company has a track record of failing to pay claims or reneging on terms, it is best to stay clear even if their premiums may be lower.
One thing that you need to realize as a senior is that life insurance will be more expensive than for someone in their younger years. When exploring for a company to insure you, ensure that your age bracket is covered in their policies. Some companies will insure you even when you are above 100 years.
Another important factor to keep in mind is the terms for specific policies that the company offers. Some common issues that might mediate the deal the insurance company offers include pre-existing medical conditions, late premiums penalties and income stability. It is important to peruse the fine print, preferably with the help of an attorney, to ensure the terms are not punitive. If a company is exceedingly harsh in their terms, it is wise to reconsider signing with them.
You might also want to look into the company’s financial stability and ascertain that it will continue to exist to the end of the term. It would be extremely heartbreaking for you to spend years making contributions only for the company to go bankrupt leaving you and your family back to zero.
Some Prominent Life Insurance Companies for Seniors
TAL Life Limited: one of the most prolific Australian providers of life insurance, having paid out billions of dollars since its founding in 1990. TAL Life offers all major life insurance types as well as highly customized policies combining aspects of different life insurance types. This company is highly acclaimed in Australia, regularly topping the country in various categories of insurance.
Zurich Australia Limited: this company, a branch of the Zurich-based Zurich Insurance Group offers four types of life insurance: trauma cover, life cover, income protection and permanent disability cover. Specific customizable packages such as Sumo, Ezicover and Zurich Active allow you to allow you to combine different life insurance in a way that provides you protection that suits your future outlook.
MetLife Insurance Limited: another international brand, this company entered Australia in 2005 and offers most of the conventional forms of life insurance. The company covers people between 16 and 79 years of age and offers a 10% discount for policies over $500,000. MetLife also has customizable packages that take into account your age, lifestyle and income to provide an optimal cover.
Allianz Australia Insurance Limited: having entered the Australian market in 1914, this company has a long track record of great service to Australians. The company offers life insurance for citizens or residents aged 16 to 65, with the possibility to renew the policy up to 99 years of age. There is no medical exam required to start your policy but premiums change each year depending on a number of factors including lifestyle, age and health status.
Resources:
1. https://www.nation.com/best-life-insurance-for-seniors-in-australia/
2. https://www.thebalance.com/5-best-life-insurance-policies-for-seniors-4172913
3. https://termlife2go.com/best-life-insurance-for-seniors/
4. https://secureseniorlifeinsurance.com/best-life-insurance-for-seniors/#How-to-Choose-the-Best-Life-Insurance-Company-for-Seniors
