Ageing Australia: What It Means For Your Life Insurance Cover
We regularly hear that Australia has an aging population, and that has never been more true than right now. By 2050, the number of people aged between 65 to 84 years is expected to more than double, and those over 85 will more than quadruple! 2
As a population, Australians are living longer than ever before due to advancements in medical technology and a better awareness of a healthier lifestyle. Compared to a century ago, the average life span has increased by around 25 years.1 Couples are also deciding to have children and retire much later in life.2
So how do these trends impact Life Insurance?
Australia’s Changing Population Trend
With these segments of Australian’s over the age of 65 set to expand rapidly over the next thirty years, access to healthcare and supportive services is going to be in more demand, resulting in a substantial expenditure in this area.
Most of these medical care costs will fall to the Federal and State Governments, however with such an exponential growth in those ageing figures, their budgets will be spread quite thin.3 This is one of the reasons why people are electing to take up Life Insurance to financially protect them and their families in the future, should something happen to them.
How Is This Changing Life Insurance?
People are much more vulnerable to illness and risk of death the older they become. The increasing lifespans of Australians is also affecting Life Insurance as people look for a way to protect their families for longer periods of time.
This impacts Life Insurance in two main ways:
- Life Insurance companies are more inclined to ask more detailed questions in the assessment stage, to ensure that you are covered specifically for the duration you require.
- With couples having children and retiring later in life, they are raising a family at much older ages. As a result, they want a way of ensuring that their dependants and beneficiaries are fully covered in case tragedy was to occur.
By taking out Life Insurance, you and your loved ones are covered to ensure your financial security and peace of mind.
What Are Your Life Insurance Requirements?
Life Insurance can provide you with much needed relief knowing that you and your family are in good hands, regardless of what age you may be.
If you have been considering Life Insurance, it’s important to know more about the impact that certain age factors can have on your cover.
To learn more about Life Insurance, visit our website or speak to one of our Specialists today on 1300 041 494. At NobleOak, our Life Insurance is tailored to you offering comprehensive cover and peace of mind so that there are no surprises at claim time.
1. The Australian Government. Health and ageing – impact on local government. Accessed 27 October, 2017.
2.The Australian Bureau of Statistics. Australian Demographic Statistics, June 2016. Accessed 27 October, 2017.
3. The Australian Bureau of Statistics. Teenage fertility rate lowest on record, Nov 2016. Accessed 27 October, 2017.