Income Protection Insurance Over 60 – Solutions For Seniors

income-protection-insurance-over-60-image1 Most people over 60 are retired or approaching retirement. At this age, your financial obligations have probably changed. Despite the fact that your children may be all grown up and no longer directly dependent on you, there is still a myriad of financial commitments that fall squarely on you. For instance, you may need to cater for final arrangements to cover your funeral costs. These expenses and others such as mortgage and credit expenses, medical bills, housekeeping expenses and estate planning should not be passed on to your spouse or children. Income protection insurance over 60 offers solutions to seniors over 60 so that they can leave their affairs in order.

Why You Should Consider Income Protection

The years prior to your retirement are crucial. In fact, these are your make it or break it years. During these years, most people are accumulating savings to enable them enjoy a comfortable retirement, both for them and their children. The sad reality is that people at this age are not in perfect health compared to their earlier years. This makes them more susceptible to taking time off work due to illnesses or injury. Insurance premiums also increase at this age because seniors are more likely to file a claim.

At this age, you cannot afford to dip into the savings you have accumulated during your working years. An income protection cover ensures that if you have to take time off work, your daily expenses and financial obligations are taken care of. Having a steady stream of income gives you the peace of mind you need to recover. The lifestyle of your family is not affected and they can continue leading a normal life. Even if you are not as active in work as you once were, the chances of injuries or accidents cannot be ruled out.

Musculoskeletal Conditions

As you age, you become more susceptible to musculoskeletal conditions affecting the bones and joints. A study conducted in Australia revealed that about 50 percent of Australians over the age of 75 suffer certain conditions that trigger weakness and pain, such as osteoporosis and arthritis. 98 percent of these claimants were not able to work for a period of at least 3 months. Some had to be away from work for longer periods, such as 18 months and over. In light of these statistics, it becomes prudent for seniors over 60 to carefully consider income protection insurance. Dipping into your savings could have far reaching consequences on you and your defendants in future.

Considerations For Income Protection Over 60

At this age, you will have to pay more in terms of premium charges due to the level of risk that you carry. You must also understand that there are several other factors apart from age that will determine the amount you pay on premiums. The most common include: gender, smoking status, current health status and any pre-existing medical conditions. You must also bear in mind that premium-style policies are differentiated into level and stepped policies. The features also differ from one provider to another, and you need to visit our website to find what suits you best.

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