Most of us, at some point in our lives, especially seniors will realize that owning life insurance is very important to ensure our sense of security. It can offer funds to support a spouse, pay debts and perhaps leave some money for grandchildren and loved ones.

Life insurance quotes for seniors or the elderly can be gained from the internet or from a financial adviser. The internet provides an excellent platform to compare different types of policies without having to visit or speak to multiple companies. Information from online is often quick to return, and you have the opportunity to ask questions that you may not understand when comparing different policies.

A specialist adviser that compares life policies day in and day out, is often better qualified to identify important issues and can make meaningful recommendations for better policy coverage.

Types of life insurance policies for seniors in Australia
Term life insurance – The main type of life cover available in Australia is term life insurance. This type of cover pays a lump sum benefit to your estate or beneficiaries should you pass away. In Australia, the word ‘term life insurance’ usually means a policy you can hold until the age of 99 years (however refer to the product disclosure statement as each company can differ).

The cost for seniors depends on the answers you give in your application. Typical factors which can affect your premiums include your age, gender, smoking status and health. A medical exam may be required to show if you have a history of medical conditions. This in turn may increase your premiums if you have a number of conditions which may be classified as a higher risk. However each life insurance company will assess you on an individual basis so it pays to look around and compare policies.

An affordable policy comparison is a good idea for anybody who is married or has children or grandchildren. Avoid narrowly defined life policies that only cover specific loss of life, such as accidents, plane crashes or cancer as you might be limiting yourself.

Funeral insurance – this type of cover does not ask any medical questions, so it is another alternative if you have been declined for term life due to health reasons.

Funeral plans pay a lump sum benefit to beneficiaries should you pass away. Another positive factor is that the acceptance age is slightly higher at around age 79 years, giving seniors an alternative to term life cover.

How much should seniors be insured for with life insurance?
The most agreed upon rule of thumb is that an individual should be insured for about 10 times his or her annual salary. However seniors generally just want to cover any outstanding debts. Total assets are subtracted from the total financial obligations to determine the amount of life insurance needed. And with life insurance quotes for seniors it can give a better look into the choices you may have available to you.

Compare and save on life insurance for seniors
You may like to get a term life and a funeral comparison to make it easier to make a final decision. A financial adviser can review your needs, determine what you want your policy to cover and go from there.

If you are ever in doubt, speak to a financial adviser. A financial adviser can offer you policy comparisons free of charge. Their information is often educational and can save you valuable time and money.

Author Bio: http://www.xlife.com.au/ operates Australia-wide providing a Kamagra Soft FREE online life insurance comparison service, allowing you to compare the most competitive life insurance quotes. xLife also offers a funeral insurance comparison service where you can find the right funeral insurance plans for you.

Category: Finance/Personal Finance
Keywords: life insurance, life insurance quotes, compare life insurance, term life insurance, life insurance australia, funeral insurance, funeral cover