You’ve had to make many life decisions over the years – including what to study, whether to buy a house, whether to have children, and how to progress your career.
So what happens now you’re older?
Decisions for this life stage
If you’re a senior, retirement planning is likely to be a key concern. An important part of the decision to plan for your post-employment future includes arranging for Life insurance to protect your family in the event that you or your partner suddenly passes away.
If you are heading into the senior years of your life, you may well have paid off the bulk of your mortgage and be asset rich but cash poor. In particular your income stream, even if you are a self-funded retiree, is likely to be limited. This means that you might be looking for best value Life insurance, with a lower premium and potentially a lower payout than would have suited you in your younger years.
Some of the considerations
It’s important you obtain a Life insurance policy which will provide sufficiently for your family members in the event of your death, including paying for unpaid bills and funeral costs.
If you are reliant on the pension, you might want to make sure that your Life insurance policy has the potential to leave a lump sum cash payment to your partner, to assist them when they become reliant on the single pension.
In addition to Life insurance, you may find it helpful to have a Total & Permanent Disablement policy in place if you’re still working into your later years. In the event that you are prevented from returning to work due to illness or injury – possibly before you have adequately prepared for your retirement – then a TPD policy can pay you out a lump sum which can assist you to pay off any debts, and cover medical and hospital fees.
Getting the cover you need
There is such a thing as leaving it too late to arrange Life insurance. Don’t risk leaving yourself unprotected in your senior years, arrange a Life insurance quote today. NobleOak provides personal and dedicated service designed to cater to your individual needs, and offers security during claim time.
We can tailor your cover to include Life insurance, Total and Permanent Disability cover (apply up to age 64 next birthday), and Trauma cover (apply up to age 59 next birthday) so you can focus on enjoying your retirement years without financial worry.