Over 50’s Insurance
Over 50’s Insurance:
How many Australians would not be rich if they’d been given a dollar for every worry they’d had before the age of 50? Worries don’t work like the Midas touch, but come with more wrinkles, less hair, and an achy joint or two instead. Well-seasoned maturity isn’t without its monetary rewards though, especially when over 50’s insurance is available.
What is over 50’s insurance? It is insurance available only to seniors over 50, to bring peace of mind to situations that might not have seemed quite so important before that big five-o birthday celebrations.
Details vary from one accident policy to another, but they all provide money to senior policyholders who suffer an accident that results in medical expenses and impaired mobility. Monthly premiums are quite low, but vary according to the level of coverage a person or a person and a spouse choose.
Pre-enrolment medical examinations aren’t necessary and coverage often starts immediately. Some situations protected by personal accident coverage include broken or dislocated bones and burns.
In addition to payment made because of the accident itself, many over 50’s plans also supply financial assistance for everyday needs such as food, extra cash and assistance with care in and of the home.
Family members benefit, as well. They’ll know the financial burden is being managed as well as the medical care but they’ll benefit even more directly than that. With an over 50’s accident insurance policy, family members can obtain emergency legal and medical advice, help in the home, and even the assistance needed to make any home modifications that will make life easier after the accident.
Personal accident insurance, exclusive to the golden years, pays full benefits to anyone aged 50 to 85. Benefits are reduced to 50% of the policy value for Australian seniors between 85 and 95 years of age.
Over 50’s funeral insurance is available to Australians, too, from age 18 to 79; seniors can elect to cover just themselves, just themselves and their spouses, or they can include younger family members, too. Coverage is guaranteed to age 79.
Premium rates depend on the benefits package chosen by the individual but rates are affordable. Fixed rate premiums are an option as are premiums that adjust with the policyholder’s age. Regardless, monthly premiums are not collected after the policyholder turns 90 but his or her funeral insurance plan remains in effect throughout the policyholder’s life.
Also known as burial insurance, these policies help offset or completely cover funeral expenses. Benefits are released to the policyholder’s beneficiaries almost immediately so they’ll have the financial means to fulfil the policyholder’s last wishes.
Many funeral plans pay the full value of the policy to beneficiaries, even if the value exceeds the cost of funeral expenses. Beneficiaries can use this extra money to pay outstanding debts owed by the deceased or do with it as they wish.
Worries won’t stop just because a certain age has been achieved but over 50’s accident and funeral insurance can certainly free up some mental energy for enjoying life. After all, now there are grandkids to worry about.
About the Author
George Pettit is a journalist and financial specialist from Australia. He writes for several magazines about topics such as real estate, investments, life insurance, currency trading and much other which attract attention of many readers.