Enjoy Life After 50 Knowing You’re Covered

You would have heard that fifty is the new forty so there’s still plenty of years ahead to enjoy! With perhaps the mortgage paid or nearly paid and possibly the kids having moved out, you may start to think about yourself and your partner for a change. You still have your dreams for the future and you wouldn’t want something untoward to affect those dreams. – By Anthony R Brown

One of the ways life might start to change for us mere mortals not of celebrity stature, is the fact that you might now have a greater focus on your upcoming retirement. Statistics are beginning to show that we are working longer and in many and more varied ways than ever before. However at some point, you may want to scale down your work commitments and this will mean re-examining your superannuation account balance and your living expenses budget.

Your financial situation may include still paying off your mortgage and other debts or supporting school aged, or even adult children and potentially older relatives in aged care. This means that some form of Life insurance should remain a priority, as your family’s overall financial circumstances still need to be secured. Even if you consider your family to be in a decent financial position, every dollar you earn has a purpose or is being used to consolidate your family’s future.

Why the need for Life insurance after fifty

The reasons for life insurance shouldn’t be about age, but about your individual needs and peace of mind. What if something was to happen to you or your spouse, and those retirement plans and dreams you had for your family, were forced to change? That’s where Life insurance at this later stage of life should be considered as a vital component of your financial plans.

Having in place some level of Life insurance can provide the additional security in knowing that if you or your partner were to become severely ill or were in a bad accident or worse still, were to pass away prematurely, the financial impact will be minimised on the people you love the most.

Buying Life insurance in your 50s

If you are reviewing your existing Life insurance cover, you will need to spend some time conducting the necessary research. Life insurance premium rates usually increase annually with age and unfortunately it’s more expensive to purchase, as you get older. If you’ve had any major health issues over the years, this too could have an impact on the premium you will need to pay.

Even if you have already paid off the mortgage and substantially reduced your outgoing financial commitments, a review of your existing Life insurance cover could provide considerable savings for you.

Please note that the information we provide is not advice but general information only.

Sources

Yeates, C., 2015, ‘Working stronger, for longer’, The Sydney Morning Herald, September 1,2015.