Benefits of Life Cover for Seniors with OnePath
As we get older many of us start to worry about our health and wellbeing more of us are also consider putting measures in place for our loved ones in the event of our death. Whilst our own mortality is not something that any of us like to dwell on, many people want to make arrangement whilst they are still able to so that family members and loved ones aren't left to try and sort things out once you are no longer around.
For those that do not have any appropriate life insurance cover in place by the time they reach the age of fifty or so, it can become increasingly difficult to get cover, particularly at an affordable premium. However, having no financial measures in place could mean that once you die your family and even friends will be left trying to get all the money together to sort out your funeral, make final arrangements and sort out your financial commitments and obligations.
The main benefits of OnePath Easy Protect 50+ Life Cover
The benefits of the OnePath Easy Protect 50+ Life Cover plan are very straightforward and simple. Of course, it is important to anyone that is thinking of taking out this cover to ensure that they check through the entire policy carefully to ensure that this is the cover that they want or need – and to ensure that they meet the eligibility criteria. The plan does offer some degree of flexibility, which will make it easier for you so you can tailor it to your needs and budget. It also provides a good, effective and affordable alternative for those who don’t have any life insurance cover but don't want to leave their loved ones with financial issues in the event of their death. Some benefits of the OnePath Easy Protect 50+ Life Cover plan include:
- A lump sum payment of up to $15,000, which can be paid out as within as little as two days from the receipt of all completed claim requirements
- The ability to ensure that your family has enough money to cover things such as funeral expenses, outstanding debts, final expenses, and any other financial commitments and obligations that may need to be dealt with after your death
- The ability to use the money to leave as a small inheritance to a named beneficiary
- A choice of premium payment options to suit your needs. You can opt for the standard option, which involves paying a fixed premium until the anniversary of the policy following your 90th birthday, at which point your premiums stop but your cover remains in place until you die. The alternative is the capped premium option, which involves making payments until the total premium payments reach the chosen life benefit amount. You then stop paying premiums but you remain covered for life
- Being able to ensure that your loved ones are not left to sort out finances to deal with your affairs after your death, which offers both you and them peace of mind
Who will Benefit from OnePath EasyProtect Life Cover 50+?
In order to take out the OnePath Easy Protect 50+ Life Cover plan you must meet the eligibility requirements, which means that you need to be aged between fifty and seventy years and you need to be a citizen of Australia or New Zealand. You are also eligible if you have a Permanent Residency Visa and you are residing in Australia at the time of making your application.
Anyone that is aged between fifty and seventy can benefit from taking out this cover plan. Even if you have already made arrangements to cover the cost of your funeral and deal with your financial affairs after your death, as many older people do, you can still use the lump sum payment from this cover to leave your loved ones a little something by way of an inheritance after your death.
However, this cover is especially important for those that have not made any other financial arrangements to cover all the expenses, payment of debts such as credit cards, and payment of other financial commitments that will need to be met in the event of your death. Whilst the benefit from this cover is not huge, it is usually ample to allow your family to get these financial matters without the added stress of having to try and find the money themselves at a time that will already be very difficult for them.