Insurance for over 60s

As you grow older, life insurance can become an important consideration to help safeguard your achievements and the lifestyle you’ve worked hard to create for you and your loved ones. Whether it’s your mortgage, or the financial future of your family - including your grandchildren, life insurance can help you to financially protect what matters the most in your life if you are no longer here or are unable to work anymore due to serious injury or illness.
 

Do I really need life insurance now that I’m over 60?

Just because you’re older and wiser, doesn’t mean that you don’t worry about what the future holds. With life expectancy rising, and the average retirement age soaring, turning 60 isn’t what it used to be. These days, being 60-plus doesn’t necessarily mean you’ll have fewer financial commitments in later life. So, while your financial objectives may have shifted over the years, the need to protect your financial future and that of your loved ones still exists.

Here are just a few considerations for maintaining the right type and level of insurance as you move through your 60s.

Protect your family

The right insurance cover offers financial support for your family if the worst were to happen. It can help pay down mortgages, any credit cards or other debts, and help your partner and family with living expenses if you’re no longer able to. Having the right insurance in place may also protect your family against having to cover unexpected medical expenses or even the costs associated with moving into an aged care facility if you were to lose the capacity to care for yourself due to serious injury or illness

Protect your income

As more and more Australians are working into their late 60’s and even 70’s, income protection insurance for over 6o’s is becoming increasingly important. Without the right insurance in place, you and your family may be left in a difficult financial position should the worst happen. To ensure that you are protected against loss of income in your later life, income protection insurance could help you and your family to continue living your lives as well as potentially contribute to your super, if you have a serious injury or illness and can't work.

Protect your retirement

If you’re working hard to pay off the mortgage or build up your retirement savings in your final years of employment, an accident or illness could derail your plans. Life insurance can help protect your financial goals and assist you achieve the type of retirement you had planned for. And given the high cost of housing, it’s very common for parents in their 60s to have their adult children living with them in the family home. If you were to die, a life insurance payout could help your family by contributing towards the mortgage, education costs and other expenses.

Protect against illness and accidents

Health issues can become more top of mind as we get older. Total and permanent disability (TPD) insurance can help you cover out of pocket medical expenses and treatment costs, home modifications and rehabilitation expenses allowing you to focus on recovery.

Leave something behind

Life insurance can provide your loved ones with a financial bolster if you pass away, so you’re got peace of mind that they're taken care off. This not only includes leaving something for your children and possibly grandchildren, but you may also be providing financial and caring support to an elderly parent. Having the right insurance in place could potentially ensure that you can continue to provide that support after you are no longer around.

Cover final expenses

Funerals are not cheap. Your life insurance policy may provide an advance of up to $20,000* to cover your funeral and final expenses. This can assist with the immediate costs of a funeral, reducing the financial burden placed on your family. (* not available if cover is within a superannuation arrangement).
 

Understanding cover options

Resolution Life’s insurance products can help you stay financially protected against illness and injury as you contemplate the next stages of life. Your insurance cover with Resolution Life is flexible and there are ways you can change it to make sure it is appropriate for you. You may need to check your policy’s terms and conditions to see which options are available for you.