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The Top 3 Life Insurance Companies For Australian Seniors

Published February 11, 2020

4 minute read

By WalletGenius Staff

If you’re a senior and haven’t considered life insurance yet, it’s not too late. Making sure your family is financially secure after you’re gone is one of the greatest things you can do for them. At the very least, it alleviates the burden of funeral and burial costs. That will help prevent financial stress for your family.

Choosing a life insurance policy isn’t fun, but it is important. There are a lot of factors to consider — like perks and benefits — that are offered by different companies. Some of them are specifically made with seniors in mind.

To help you find the life insurance policy that’s right for you, here are three of the best companies to consider signing up with.

TAL Life Limited

Tal Life Limited, formerly known as Tower Life Insurance, started out as an office in New Zealand. It eventually became one of the most prominent companies recognized for life insurance policies. The company has over four million Australian customers and 150 years of experience securing finances for adults of all ages.

In 2018, TAL Life Limited paid almost $1.62 billion in claims. The company has a long list of awards for its work: Life Insurance Company of the Year, Innovation Award, Employer of the Year and many more.

Among the different insurance plans offered is life coverage. Policyholders can get a lump sum benefit for beneficiaries in the event of death or a terminal illness. This money can be used for anything they might need. It doesn’t matter whether it’s to maintain their lifestyle, settling outstanding bills, saving for a financial future, or covering other expenses that might come up after you pass away.

There are three different policies you can choose from: accident, illness, or adventure sports coverage. Depending on your lifestyle, you can choose just one of these policies, or more if you wanted to. The choice you make will determine what situation you can claim for.

There are additional benefits that come along with this life insurance coverage. The company allows you to pause your payments for up to three months without premiums if you are going through a financial hardship. There’s also a $25,000 funeral advancement from your total coverage. Your family can claim that after a valid death certificate is processed, to help with immediate funeral arrangements.

Zurich Australia Limited

Zurich Australia is part of a global insurance brand that was founded in Switzerland in 1872. The business started to boom in Australia in 1961 when the Commonwealth General Assurance Corporation LTD became part of Zurich Insurance Group. They’re a multi-line insurer that’s served more than two million customers and pays more than one billion dollars annually in claims.

This company provides a number of affordable life insurance products. Their website can help you decide which is best for your situation, along with offering some discounts. You can get a discount by purchasing more than one Protection Plus policy type, if at least one other person in your family purchases a plan.

You can sign up for one of Zurich’s life insurance policies until the age of 65. This coverage will give your beneficiaries a lump sum either when you die or are diagnosed with a terminal illness. The company also offers up to $15,000 advance from your death benefit to help your loved ones cover funeral expenses.

There are a number of plans that offer different variations of insurance, so talk to a specialist at the company to see which one is best for you. 

MetLife Insurance Limited

MetLife Insurance is a company with 150 years of experience in 40 different countries. In 2005, the company launched in Australia. It paid $488 million in claims in 2017 and offers a variety of different life insurance policies.

Seniors are eligible to sign up for the Term Life policy until age 79. MetLife will pay a lump sum to your beneficiaries when you die or are diagnosed with a terminal illness. A ten percent discount on your premium is offered with this plan when you take out $500,000 or more worth of coverage.

Your loved ones can receive a cash advance of $10,000 out of the lump sum for your funeral expenses. You can also choose to freeze your premium payments or opt out of payments for six months due to illness, injury, or permanent disablement. 

MetLife also has other insurance policies to choose from as well. LifeCare Trauma Insurance will give you a lump sum payment of up to two million dollars if diagnosed with a critical illness such as Alzheimer’s, blindness, major head trauma, or severe burn.

How To Choose The Best Life Insurance

Picking a life insurance policy is one of the most important things you can do. It will leave your loved ones with the lasting comfort of knowing that you chose to take care of them even after you’re gone. That’s why you should consider opening an insurance plan, even if you’re a senior.

There are plenty of companies and plans to choose from. Find one that fits your lifestyle and financial situation. Look for discounts offered for certain policies or to seniors who sign up for specific plans. 

Many life insurance policies have an age limit for sign ups. Take the time now and research life insurance policies before you miss out by exceeding the required age of eligibility. To start your search, consider looking to see if your bank has any programs for you to sign up for. 

Also make sure to research reviews of life insurance companies, both from the customers insured and their beneficiaries. Learning about the different options available to you will make you feel better informed and more at ease if something unexpected happens.

Elderly Hand Signing Documents

Fizkes / Shutterstock

WalletGenius Staff

Contributor

This article was worked on by a number of the WalletGenius staff, including freelancers, full-time writers, and editors.

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