Life Insurance

Turning 60 And Unsure If You Still Need Life Insurance?

Life Insurance by Life Stage

The choices you make today can impact your long-term health, wealth and happiness. Understand the important role Life Insurance can play in key life events.

For many reasons the need for Life insurance is realised progressively as we move through various life stages. For some, the need for Life insurance is more apparent in their 30s and 40s when achieving milestones such as buying a house or starting a family prompts them to consider how to provide ongoing financial protection for themselves and their family.

However towards our 60s the need for Life insurance may no longer seems as necessary as we might not need to cover the same risks or expenses, such as mortgage repayments and children’s education. So is there a need for Life insurance in your 60s?

Planning for uncertain times

Nearing retirement we all hope for our life plans to have eventuated, but what happens when the reality may not be as we expected? What would happen if you suffered a sudden health crisis and you still have financial responsibilities which you had thought would have been behind you? Having Life insurance in place can provide you with that added sense of security that regardless of what life throws at you, you will have a safety net to help you through uncertain times.

NobleOak Life insurance – key benefits explained

Many Life insurance policies help protect families by releasing some funds early to help look after any immediate funeral and legal expenses at the time of a death occurring. NobleOak Life insurance has a Funeral Advance Benefit of $15,000 for this purpose, as part of the cover at no additional cost.

NobleOak Life cover also provides up to $2,000 to cover financial advice and preparation of a financial plan when a death or terminal illness benefit is paid and up to $1,000 for grief counselling. Both these benefits may help beneficiaries of a life insurance payment with navigating through a difficult time.

Having Life insurance in place remains as relevant for a 60 year old as it is for a 30 or 40 year old. By maintaining Life insurance through the various stages of life, from young family to middle age and on to retirement, you will always have the peace of mind that you are providing for your family as best you can.

 

 

Sources:

ASIC’s Moneysmart: Getting ready for retirement – 01 August 2016

Australian Governement: Australian Institute of Health and Welfare 2012 – Risk factor Trends, Age patterns in key health risks over time

NobleOak Life insurance – Life cover

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