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ARE YOU OVER 50 AND UNDERINSURED?

Many Australians in their fifties believe they are “too old to have Life Insurance”.

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Many people assume that Life Insurance is a young person’s game. In research conducted by Pureprofile in 2018, NobleOak found that only 53% of older Australians, aged 55 – 60, are likely to have Life cover compared to 30-34 year-olds (72%) and 35-44 year-olds (68%). However, that doesn’t mean that people stop needing Life Insurance at age 50.

If you’re over fifty, and either don’t have Life Insurance or you are considering cancelling your policy, now might be a good time to assess whether you’re underinsured. If you are considering cancelling an existing policy, it’s important to assess whether you can afford to retire it.

What is the value of taking out Life Insurance?

Life cover pays your beneficiaries a lump sum in case you die or become terminally ill, helping to clear your debts (such as a mortgage) and support your family in your absence. It’s something that many people decide to purchase at some of life’s biggest moments – getting married, buying a house, or having children. Like the kids say, it’s something you think about when you’re properly ‘adulting’.

With the average age of first time motherhood steadily rising, your nest is probably still full of baby birds well into your fifties. When you have dependents that rely so heavily on you for their financial security and wellbeing, Life Insurance gives you the peace of mind that you can help continue to provide for your loved ones should you pass away suddenly or be diagnosed with a terminal illness.

I am not raising a family anymore, so why do I need Life Insurance?

This is a valid question to ask. As you get older, the cost of supporting your dependents might not be as much of a consideration as they (hopefully!) become more financially independent. However, if you have been diligently saving up a nest egg over the past twenty or so years, wouldn’t you prefer for this to go to your beneficiaries rather than using it towards paying off any debts you may still have?

I have a mortgage, but I should be able to pay it off by the time I retire. Why do I need Life Insurance?

A 2015 survey of income and housing by the Australian Bureau of Statistics shows an increase in the number of homeowners who owe money on mortgages across every home-owning age group between 1990 and 2015. The sharpest increase is among homeowners approaching retirement. The survey showed that 47% of home owners aged 55 to 64 years still owed money on their mortgages.

If something were to happen to you before you paid off the mortgage, and you don’t have enough money set aside to pay this off, the lender might be able to foreclose on the property and sell it in order to recoup its money. Rather than being part of the foundation of your children’s financial future, for example, the house could represent debt and financial stress.

Won’t my Life Insurance expire at age 65 anyway?

At NobleOak, the maximum age of entry for term life insurance under our Premium Life Direct product is 69. Once accepted, and providing that you continue to pay your premiums, you are guaranteed to have your cover renewed every year until age 99.

I already hold Life cover through my superannuation, so why would I need another policy?

In many cases, Life Insurance cover held through your superannuation fund expires once you reach the age of 65 or 70. With life expectancy for Australian men and women being 80.5 and 84.6 respectively, this could potentially leave you underinsured for the last fifteen to twenty years or so of your life.

Are there any drawbacks to taking out Life Insurance later in life?

As with most things in life, there are always pros and cons to consider. Insurance premiums do tend to increase sharply from around age 50, due to the increased risk of insuring you.

As the number of candles on our birthday cake go up each year, so too does the number of health conditions that we are statistically more likely to develop, such as certain cancers.  This doesn’t just apply to age. Any increased risk for the insurer – such as a pre-existing condition or a dangerous hobby – results in more expensive premiums (a loading) or even an exclusion.

Is the application process any different for me if I am older than 50?

If you’re over the age of 50 (or requesting a high level of cover at any age), it’s very likely that you will be asked to take a medical exam as part of your application. However, it’s nothing to stress about – it’s quite simple and straightforward. You don’t need to worry that we’ll stick wires all over you and make you run on a treadmill for thirty minutes!

If we need you to provide a urine or blood sample, or to take your measurements for BMI, a nurse from our healthcare provider will come to your work or home. The cost of this test will of course be covered by us.

When would Life Insurance be unnecessary?

If you have already paid off the mortgage, you have never had kids or the kids have already flown the nest, and you and your partner have a sizeable nest egg, then you might consider that you have no need to take out a Life Insurance policy in your fifties. You don’t want to pay for something you don’t need, especially when premiums in your fifties do cost more than in your younger years.

Just to be on the safe side, our award-winning Life Insurance calculator can help you determine whether you are underinsured.

To insure or not to insure …

…that is a question that only you can answer, perhaps with the help of some professional advice. This is general information only and does not take into consideration your individual circumstances, objectives, financial situation or needs.

This is general information only and does not take into consideration your individual circumstances, objectives, financial situation, or needs.

To learn more about NobleOak’s Life Insurance products request a quote today and mention ‘Seniors Card – NSW” or call 1300 041 494.

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Here's What Our Clients Are Saying

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Dear Noble Oak claims Team, Thank you for all your help and assistance during this difficult time. You guys have all been fantastic every step of the way, and have been really helpful in communicating with me during rehab etc. My family and I would have really struggled during this period without your financial support. Once again thank you and all the best. Special mention to Sophie for having to deal with me early on!
,
09 March 2020
Affordable insurance and fast friendly service.
,
11 December 2019
I was kept up to date through the whole process, very friendly service.
,
27 March 2019
Their Customer Service was first rate. Everyone I dealt with through the application process was fabulous. They kept me informed every step of the way and I didn't need to follow up on anything. Very impressed. Would thoroughly recommend them.
, SA
26 March 2019
Great to deal with. Kept me in the loop throughout the whole process. Good level of communication and I made significant savings on my life insurance premiums over the competitors.
,
11 March 2019
Excellent customer service. The process to buy Income Protection Insurance was very easy and the customer service team very helpful and knowledgeable. After I had applied I requested some additional information which was sent to me within a day. That's great customer service to have a good response time even after the initial sale had been made by Noble Oak.
,
04 March 2019
Your representative was patient, concise, understanding and above all very pleasant to speak and deal with. It was his influence that had me convinced to proceed with your product.
,
27 February 2019
Excellent to deaf customers. They communicate well to deaf customers by using sms texts and emails. Other companies just ring my number all day long.
,
26 February 2019
Great service. The customer service is great. They are friendly and very helpful and it was a pleasure dealing with them.
,
20 February 2019
I am very pleased with Noble Oak and the ease with which the transaction was finalised. I wouldn't hesitate to use them again or to recommend them to my family and friends.
,
06 February 2019
Each phone call and email was answered by a person who knew the answers to my queries very polite and courteous at all times.
,
24 January 2019
Very helpful, informative and great communication. I’m very happy to have been approved into the Noble Oak community Happy customer that’s me!
,
16 January 2019
It's good for elderly people. Quite affordable and good conditions.
,
19 December 2018
Great service, honest advice, prompt follow up, extremely competitive premium and deal. Thanks Noble Oak.
,
23 November 2018
Superb and excellent! The premium is much lower compared to the others. The process of getting their insurance is fast and well coordinated.
,
21 November 2018
They were helpful, friendly and nothing seemed to be an issue for them even when I needed to amend some of the questions on the proposal. I received phone calls to advise of the next step and the Nurse that came to our house on a weekend was so friendly and professional in her duties.
,
20 November 2018
Fantastic customer service, competitive costs for income protection attracted me to switch over from other insurance. Follow up by NobleOak team including approval of quote is excellent and made me comfortable and happy. Highly recommend this income protection policy.
,
15 November 2018
Was a quick and easy process. Price is a lot cheaper than other providers.
, NT
31 July 2018
Fantastic customer service and the explanation of the product was clear and concise. Value for money.
, NSW
26 July 2018
Very professional, helpful and friendly service. My new life insurance policy was processed efficiently and I was contacted during each step of the process.
, WA
26 July 2018

Terms & Conditions

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Seniors Card Members - Terms & Conditions

*17% Lifetime Discount for Seniors Card members

My Protection Plan is issued by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247 302. Address: 66 Clarence Street Sydney NSW 2000. Phone: 1300 041 494. Email: [email protected]. Cover is available to Australian residents and is subject to the terms and conditions of the My Protection Plan Product Disclosure Statement (PDS). The information on this website is of a general nature only and does not take into consideration your individual objectives, financial situation or needs. Please also read the NobleOak Financial Services Guide. Before you purchase an insurance product you should carefully consider the PDS to decide if it is right for you. People who seek to replace an existing Life insurance policy should consider their circumstances including continuing the existing cover until the replacement policy is issued and cover confirmed. NobleOak cannot provide you with personal advice but our staff may provide general information about NobleOak Life insurance. By supplying your contact details, you are consenting to be contacted by NobleOak, in accordance with the NobleOak Privacy Policy.

Initial quotes are indicative only. Cover is subject to underwriting and confirmation of acceptance by NobleOak, including the terms and conditions of the PDS. Your age, occupation, pastimes, gender, sum insured, smoker status and health will determine the actual premium amount (including any applicable premium loading) charged by NobleOak.

Premium discounts apply to the standard premium offering for term Life cover in the NobleOak My Protection Plan product and are available for applications received from Seniors Card members under this program. Seniors Card  member premiums  include a 17% discount which remains for the life of the cover. The discount is not available in conjunction with a discount from another program or offer.

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Seniors Card Members - Terms & Conditions

*17% Lifetime Discount for Seniors Card members

My Protection Plan is issued by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247 302. Address: 66 Clarence Street Sydney NSW 2000. Phone: 1300 041 494. Email: [email protected]. Cover is available to Australian residents and is subject to the terms and conditions of the My Protection Plan Product Disclosure Statement (PDS). The information on this website is of a general nature only and does not take into consideration your individual objectives, financial situation or needs. Please also read the NobleOak Financial Services Guide. Before you purchase an insurance product you should carefully consider the PDS to decide if it is right for you. People who seek to replace an existing Life insurance policy should consider their circumstances including continuing the existing cover until the replacement policy is issued and cover confirmed. NobleOak cannot provide you with personal advice but our staff may provide general information about NobleOak Life insurance. By supplying your contact details, you are consenting to be contacted by NobleOak, in accordance with the NobleOak Privacy Policy.

Initial quotes are indicative only. Cover is subject to underwriting and confirmation of acceptance by NobleOak, including the terms and conditions of the PDS. Your age, occupation, pastimes, gender, sum insured, smoker status and health will determine the actual premium amount (including any applicable premium loading) charged by NobleOak.

Premium discounts apply to the standard premium offering for term Life cover in the NobleOak My Protection Plan product and are available for applications received from Seniors Card members under this program. Seniors Card  member premiums  include a 17% discount which remains for the life of the cover. The discount is not available in conjunction with a discount from another program or offer.