How can someone prepare those who they care about for the time when they’ll no longer around? While being emotionally prepared is important, ensuring a family’s financial security is also a significant factor to consider. This is especially important when considering how quickly funeral and burial fees can add up. Luckily, life insurance can be the solution to these concerns.
But with so many plans each providing a wide range of benefits, it can be a struggle to pick the right one. To help navigate the decision-making process, we’ve put together some information on the top life insurance policies in Australia.
One issue with finding a life insurance policy as a senior is qualifying for one after 50 years of age or older, especially those that come at an affordable rate. Yet it’s the very persons in this age group who may require life insurance for reasons such as providing for a surviving spouse or partner, ensuring funding for a child’s college or postgraduate education or to pay off outstanding debts after they pass. Maximizing a pension survivor’s benefit, leaving money to their heirs or charity, and paying for estate taxes are all valid reasons that any one person may be interested in life insurance.
With this information in mind, here are three top life insurance options for seniors to consider in Australia.
TAL Life Limited
TAL Life Limited has won numerous industry awards including the ANZIIF Australian Insurance Industry Award for Women’s Employer of the Year and six awards from the Strategic Insight Direct Life Insurance Awards. Consumer rights organizations rate their plans highly, and the company provides competitive and comprehensive policies.1
With TAL Life Limited, it’s possible to purchase custom insurance policies that suit specific needs and get terminal illness benefits, death benefits, a benefit for grief counseling, and the option to take 10% of the total benefit after an issued death certificate. Furthermore, there are permanent and total insurance plans (TPD), insurance for critical illness, business expense plans, and insurance for income protection.
Zurich Australia Limited
The Zurich Insurance Group is among the most affordable and oldest insurance companies in the world, and it has a branch in Sydney, Australia.2 Through the Life Insurance Code of Practice, Zurich commits to being open, fair, and honest with its clients. From purchasing a policy all the way to the options available should they fall on financial hardship, rest assured that this information is covered in this code. They provide their clients four main plans for life insurance, which include:
– Zurich Wealth Protection (death coverage, TPD, trauma insurance, income protection).
– Ezicover (life insurance, income protection, trauma insurance, accidental death insurance).
– Funeral Advantage for funeral expenses.
– Zurich Active (life insurance, trauma coverage, optional income protection).
Zurich Insurance Group provides affordable policies if someone purchases multiple protection plans in addition to family savings, making it a great option to consider when looking for life insurance.
MetLife Insurance Limited
MetLife only recently opened an Australian branch, even if it has been around for a long time, but they provide very competitive policies.3 Virtually every Australian between 16 and 79 can purchase MetLife insurance. The company also provides 10% savings on coverage for plans worth $500,000 or more.
MetLife has a customizable life insurance plan with TPD, trauma coverage, term life coverage, and protection for income. To determine premiums and find the right policy, one will need to state their desired amount of coverage, their gender, age, and whether they’re a smoker. Moreover, MetLife will ask for their occupation, hobbies, and health.
Allianz Australia Insurance Limited
Forbes ranks Allianz SE and by extension Allianz Australia Insurance Limited among the biggest insurance companies on the globe.4 The company provides a lump sum payout upon death or get diagnosis of a terminal illness that’s likely to end in death within the next year.
Anyone with an Australian or New Zealand citizenship between the ages of 16 and 65 can apply without a medical exam. Upon approval, coverage can be renewed until the 99th birthday. Premiums start at $9.50 per week for $500,000 of coverage and they are recalculated annually based on age, gender, tobacco use, pastimes, health status, and other Allianz policies that may be held.
What Life Insurance Policy is the Right One?
Before purchasing a life insurance policy, it is important to make sure that research and comparisons with other available options have been made. Check out customer reviews, talk to friends and neighbors, compare the prices, and weigh the pros and cons. It is also essential to find out if the potential company has been around for a long time. Older companies tend to have better reputations and greater experience. Remember, there are many different policies to choose from in Australia which provides various benefits depending on the situation. Sometimes it’s even possible to find the right solutions through a third-party broker, rather than the life insurance companies themselves. So be sure to thoroughly look into that option too.
Most individuals who choose to get life insurance do so for particular reasons. For example, some people might get life insurance in order to provide for their surviving spouse or partner. Others hope that their life insurance policy will ensure that their child or children’s college and postgraduate educations are funded. Still more people find life insurance useful for paying off outstanding debts, maximizing a pension’s survivor benefit, leaving money to heirs, donating money to charity, and paying for estate taxes. Whatever the motivation is for getting life insurance, choose a life insurance policy and company wisely.
Different life insurance plans may be more useful than others depending on the context. motivations more than others. If still worried about leaving behind plenty of funds for the family, choose a larger policy with a correspondingly larger fee. If, however, it is only small additional expenses that are pf concern, a small plan with a low premium is the better suggestion. It is better to determine what type of coverage will be needed sooner rather than later as this strategy will help the applicant find the right insurance plans and prices for their specific situation.
 “TAL Life Insurance,” Comparing Expert, 30 November, 2017. https://www.comparingexpert.com.au/life-insurance/tal/
 “How it works,” Zurich Australia Limited. https://www.zurich.com.au/personal/life-insurance/types-of-life-insurance.html
 “Who we are,” MetLife Australia. https://www.metlife.com.au/about-us/who-we-are/
 “Allianz Insurance,” Allianz Australia. https://www.allianz.com.au/