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Your financial needs may change over time, but your need for life insurance doesn’t! A life insurance policy for the over 50’s ensures spouses, partners, children and grandchildren, can have future financial stability. We take a look at why affordable life insurance for seniors is so important.
Do senior citizens need life insurance?
Life insurance policies pay a lump sum amount to a beneficiary or beneficiaries on the death of the life assured for a valid claim. This amount is tax free, doesn’t form part of the life assured’s estate and can be used as the beneficiary or beneficiaries wish! Life insurance is a must have when you have a young family, but did you know that life insurance policies for the over 50s are just as essential?
Many senior parents help children and grandchildren with extras, both in time, such as babysitting and having grandkids for the holidays, and financial support, such as a deposit for a new car or home. The pay-out from a life insurance policy can ensure your loved ones continue to benefit from your assistance after you pass on.
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The role of life insurance for seniors
Depending on your needs and circumstances, life insurance for senior citizens can play a role in:
- Protecting your loved ones by ensuring they have funds available when you pass on to ensure ongoing financial support.
- Covering outstanding debts such as any credit or store card debt or personal loans you may have, even vehicle finance and the balance in a home loan.
- Covering a debt where there is a surety, such as a student or home loan where a parent has stood surety for a child, that can be repaid with the proceeds of a valid claim pay-out.
- Funeral and estate costs, such as gathering costs and the cost of winding up an estate and paying taxes due on death such as estate duty.
- Making up for reduced or discontinued pension payments. When the recipient of a pension passes on the partner or spouse may qualify for a reduced pension or no pension. The pay-out from a life insurance policy can make up for these pension gaps.
- Paying end of life expenses. Many life cover policies pay a terminal illness benefit if the life assured is diagnosed with a terminal illness and has a short time to live. These funds can be used to make the last days comfortable and pain free.
- Leaving a legacy, such as funds for a child or grandchild’s new car, home or further education.
These are just some of the ways a life cover policy for the over 50s can change lives!
Key features to consider when choosing a life policy for senior citizens
Always ask your insurance company or financial adviser about key features, terms and conditions of life cover policies for the over 50s, including:
- Premium amount: make sure the premium and any premium increases are affordable
- Entry age limits: don’t wait too long to take out cover - most policies have a maximum entry age of 65 years after which you may not qualify for cover - and the older you are, the higher your premium will be
- Policy flexibility: find out if you can increase or decrease cover if you need to
- Waiting periods: these are times during which premiums are payable but claims cannot be made
- Ease of policy updates: make sure you choose a policy where it is easy to update personal details such as bank account and beneficiary details
You can read more about life cover policy terms and conditions in this article.
Tips to find the best life insurance for seniors in South Africa
The first step is to work out your needs to determine the ideal amount of cover. You can use online calculators or speak to a financial adviser for assistance with this amount. You should then investigate different companies and compare policies, premiums and service to ensure you have the most appropriate and affordable life insurance for seniors.
When you take out life cover, you will need to answer personal and health-related questions such as whether or not you have chronic conditions. You may also need to have medical tests, such as an HIV test, blood pressure and cholesterol checks.
You can read more about applying for life cover in this blog.
1Life Insurance for all your insurance needs
1Life Insurance is a licensed life insurance provider offering a range of flexible life cover policies that you can tailor to your needs and budget. You can take life cover for a sum assured of between R300 000 and R10 million at a competitive premium, and save up to 13% on premiums if you buy online. You can manage your life cover policies on the online policyholder portal or WhatsApp service centre. Claims can be submitted online and valid claims are assessed and paid quickly. 1Life Insurance was awarded the Life Insurance Category winner in the 2023/2024 Ask Afrika Icon Brands Benchmark survey. You can follow 1Life Insurance on Instagram, Facebook, X and Youtube.
Take the first step towards peace of mind
Your life insurance policy continues offering financial support when you are no longer around. It is a lasting legacy for your family that can change their lives for the better! Contact a skilled 1Life Insurance consultant today about affordable life insurance for seniors.