Many mistakenly assume life insurance for seniors is expensive, but this isn’t always the case. Fortunately, there are several cheap life insurance options for Australians under 70. Start a search today to find cheap policies.
While choosing a life insurance policy may not be the most fun thing you do today, it may be the most meaningful. Life insurance, after all, is a beneficial financial tool that provides a safety net for your loved ones.
TAL Life Limited
TAL Life Limited, previously known as Tower Life Insurance, was founded in New Zealand and has gained recognition as one of the leading life insurance companies. It has been in the business for over 150 years and has served more than four million customers in Australia. In 2018, the company paid out claims amounting to nearly $1.62 billion.
The company offers different types of insurance policies, including life coverage, which provides a lump sum benefit to beneficiaries in case of death or terminal illness. The funds can be used for any purpose, including settling outstanding bills, maintaining one’s lifestyle, saving for the future, or covering other expenses.
In addition to the life coverage policies, TAL Life Limited offers additional benefits to its customers. For instance, if a policyholder is going through financial difficulties, the company allows them to pause their payments for up to three months without incurring any premiums. Moreover, a $25,000 funeral advancement can be claimed from the total coverage after a valid death certificate is processed, to help with immediate funeral arrangements.
Highlights:
- Maximum entry age: 74
- Maximum benefit: no set limit
- Example monthly premium female: $18.82
- Example monthly premium male: $20.00
- 15% discount for BMI within a specific range at the time of application
Zurich Australia Life Insurance
Zurich Australia is part of an insurance brand that originated in Switzerland in 1872. The company gained momentum in Australia when it acquired Commonwealth General Assurance Corporation LTD in 1961. They offer various types of insurance and have served over two million customers, paying out over one billion dollars annually in claims.
If you’re looking for life insurance, Zurich Australia has affordable options available. Their website can assist you in selecting the best policy for your situation and may offer discounts for purchasing more than one Protection Plus policy type, or if a family member also purchases a plan.
Their life insurance policies are available for those up to the age of 69 and offer a lump sum payment to your beneficiaries in the event of your death or if you are diagnosed with a terminal illness. Additionally, they provide up to $15,000 in advance from your death benefit to cover funeral expenses.
Since there are several insurance plans to choose from, it’s advisable to consult with a Zurich specialist to determine which plan is ideal for you.
Highlights
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- Maximum entry age: 69
- Maximum benefit: $1,500,000
- Example monthly premium female: $18.15
- Example monthly premium male: $23.49
NobleOak Insurance
NobleOak Insurance is a prominent Australian provider committed to offering comprehensive and tailored life insurance solutions. With a customer-centric approach, NobleOak places a strong emphasis on providing transparent, high-quality policies at competitive rates.
Australians can benefit from its customizable policies, which cater to their unique needs and financial situations. For example, a 30-year-old non-smoker in NSW earning $70,000 annually and seeking $500,000 worth of life insurance cover can expect to pay approximately $15.19 per month for NobleOak Life Insurance. In this specific case, the price increases to $22.20 per month for male policyholders.
Over50insurance.com
Over50insurance.com is a life insurance company operated by NobleOak which provides coverage for people aged 50 to 99. On top of the standard death benefit, their life insurance coverage includes a funeral advance benefit and grief counseling benefit, among others. Their policies are affordable and they have one of the highest claims acceptance rates in the industry, at 98.10%.
NobleOak through Over50insurance.com is tailor made for seniors as Over Fifty Insurance members are entitled to a 17% lifetime discount on Life Cover. One more feature keeping seniors top of mind is that coverage can be renewed until age 99!
Highlights
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- Maximum entry age: 69
- Maximum benefit: $25,000,000
- 17% discount on Life Cover
- Renew until age 99
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The Bottom Line
Life insurance is a vital component of financial planning for Australians of all ages, and there are affordable options available for people under the age of 70. Companies like Over50insurance.com, Noble Oak Life Insurance, TAL Life Insurance, and Zurich Australia Life Insurance offer affordable policies that provide comprehensive coverage. Even for those over the age of 50, it’s not too late to find a great policy that will provide peace of mind for both you and your loved ones. It’s essential to carefully consider your coverage needs and budget when selecting a life insurance policy, and to compare the different options available to find the one that’s right for you. Search online today to get more information and find the right life insurance policy for you.
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