Celebrating Grandparents Day

Sunday 28 October is Grandparents Day. It’s a day to recognise and celebrate the role of grandparents and also mature age citizens generally in our community.

There are now around 3.8 million people aged 65 and over in Australia who make up some 15% of our population. This figure is projected to grow to 8.8 million, or 22% of the total population, by 2057.

The latest statistics confirm that grandparents in NSW alone provide on average 11 hours of unpaid care for over 280,000 children every week, most of who are their grandchildren. This allows the parents to either work (full time or part time) or enjoy some time away from their family obligations.  We also know that grandparents contribute in many other ways to enrich the lives of their children and grandchildren.

Health and financial wellbeing

Grandparents Day is a great time to say ‘thank you’ to all grandparents  in addition to other  mature age  family members who play an important part in our everyday lives.  This may also be a good time to make sure they are fit,  well and happy.

NobleOak recently surveyed over 1,000 Australian adults between the ages of 30 and 60 about the types of Life insurance cover they have in place.

Surprisingly, this survey revealed that many of the people aged 55 and over (49% of the survey participants) didn’t have any type of Life Insurance in place. This compared very unfavorably to their younger counterparts.

From a medical perspective, it’s estimated that today some 70% of our mature age citizens are overweight and are prone to possibly developing Coronary Artery Disease, Cancer or Alzheimer’s disease which are amongst the major causes of death today.

Becoming sick is not only a distressful and emotional time, it can also become a major financial burden for the person involved and their families, especially if costly ongoing medical care is needed and the patient is of a mature age.

Life Insurance for older citizens

Many mature age citizens may believe they aren’t eligible to take out Life Insurance, however, this isn’t the case at all. At NobleOak people can apply  for fully underwritten Life insurance cover up to age 70 next birthday.

Once their Life Insurance cover is in place, it is guaranteed to be renewed up until age 99. NobleOak’s Life Insurance cover also includes a terminal illness payment facility and also an advanced payment facility of $15,000 for funeral expenses.

A gift for parents or children

With Grandparents Day approaching,  this may be the ideal time for your grandparents to consider applying for Life insurance cover. They may wish to take out cover which not only could cover their own debts and estate but also provide benefits to financially protect their children’s and also their grandchildren’s future.

Click here to find out more about NobleOak’s award-winning cover  and you can also arrange  a Life Insurance quote. Or click here for a comparison of NobleOak Life Insurance.

Sources:                                                               

https://www.grandparentsday.nsw.gov.au/home

https://www.aihw.gov.au/reports/older-people/older-australia-at-a-glance/contents/demographics-of-older-australians/australia-s-changing-age-and-gender-profile

 

Margaret Rochford

26 October 2018 - 5 minute read