If you are 35 years old or more then chances are that you have a lot happening in your life and are planning for marriage, a child or other important things. Life insurance plans can ensure that your partner and family do not have to worry about money issues when you are no longer there to fend for them.
This is especially true in the case of working adults who have dependants. Insurance companies in Australia offer various life insurance plans for people above 35 years old and the cost of these plans will depend on certain factors which include your age, your gender, your smoking status and the level of protection you require.
Finding the Right Policy for 35 Years and Older Men and Women
On an average a non smoking male who opts for a $500,000 life insurance policy can expect to pay $30 – $35 a month. This cost will increase or decrease depending on your age, if you opt for additional benefits and other risk factors. Usually women can expect to pay a little lesser than men for insurance however; this will also depend on the woman’s smoking status and other risk factors.
Age & Gender
Your age and your gender are very important factors that will determine how much you will end up paying for insurance. As you grow older you will be asked to pay higher premiums however; this is not always a bad thing since good life insurance plans will provide financial security for your family and peace of mind for you.
Weight
The weight of the person plays an important role in determining how much he will pay for insurance since overweight people tend to be charged higher premiums. This is only because, overweight people tend to develop certain health conditions that trim people do not face in their lifetimes.
Pre-existing health conditions will have to be declared and all declared conditions will be taken into account before you are given a premium. Failure to declare one or more pre-existing conditions can lead to a lapsed policy or a declined claim.
Income
The term of the plan and the income factor will also affect the policy you purchase. Since all life insurance plans in Australia are term life insurance plans, you will have to select a plan for 5 years, 10 years or a fixed term of your choosing. The amount you earn will not only affect your capacity to pay premiums but will also tell the insurer how much you can save.
It should be noted that there are many insurers in Australia and each of these insurers offers competitive plans which means that you have many options irrespective of your age. If you plan to purchase a life insurance plan then before doing so, you should consider comparing a few policies on comparison websites to understand better which policy is actually worth purchasing.
Remember life insurance plans may cost $35 a month however; they will ensure that your family is well taken care of when you are not around to look after them.