If you are 55 years or older and you are trying to find a life insurance policy for yourself and your spouse then chances are that you are having a hard time finding a policy that is cheap and good at the same time.
This page will help you understand how to select a good life insurance plan for yourself and your spouse within your budget and the following paragraphs will also elaborate on how much you will have to pay for a life insurance policy with maximum benefits.
Free Term Life Insurance Quote Online for Ages 55+ Male and Female
Life insurance companies in Australia offer competitive priced life insurance plans for people of all ages. Since majority of the plans offered for people above 55+ years old have a free term you can choose how many years you want to purchase the plan for. You should note that a free term implies that you can choose a plan for 10 years – 20 years. A free term does not mean that the life insurance plan will be valid for an indefinite period of time.
What Affects Your Policy
- Depending on your age, gender and other risk factors you will have to pay $37 – $50 for life insurance plans. If you are a 55 year old man who doesn’t smoke and wants a cover of $100,000 then you can expect to pay $37 a month. However; if you are a 55 year old man who smokes and wants a cover of $100,000 then you can expect to pay $40 a month or more. If you have pre-existing health conditions such as heart problems, hypertension or diabetes then you may be asked to pay higher premiums. If you have a pacemaker or have had other surgeries for your health then your premiums may go up more. People who are overweight or indulge in risky behaviours can expect to pay higher premiums. Women can expect to pay a little lower for life insurance plans provided that they do not smoke and are in the low risk category for their age.
- The cooling off period, the waiting period and the term of the plan will also determine the final amount you will have to pay. Generally, people who choose plans with a longer cooling off period and a longer tenure tend to benefit; however the cooling off period should be selected with care. Some policies offer the option to choose an additional waiting period of 30 days – 2 years in order to lower the premiums.
- The best way to purchase a policy within your budget is to look for an insurance comparison website that not only allows you to compare various policies and understand the terms before purchase but also, purchase a policy online with discounts and other perks. It should be noted that reputed insurance comparison websites are safe to use and purchase policies from. Reputed insurance comparison websites offer various deals for non smoking adults and other adults that are in the low-medium risk category.