Personal insurance when you're over 50

Life insurance

One of the key reasons to get life insurance is to protect your family's financial future, especially if you have a mortgage to pay off or family members who rely financially on you.

Now, while it's true that life insurance premiums increase with age, you may not need as much cover as you used to just a decade ago. For example, you might have paid off your mortgage, or your children have flown the nest. If that's the case, you may need just enough to replace some of your income or take care of other expenses.

In a nutshell, how much cover you need depends on your circumstances, but life insurance can be a powerful protection tool at any age. If you'd like to learn more, please don't hesitate to contact us or start your quote today.

Health insurance

“Your health is your wealth” — you might have heard this saying before. And your 50s can be an ideal decade to look after yourself.

When looking at health insurance, there are some key factors to consider. If you've become an empty nester or have repaid most of your mortgage, then your costs of living may reduce in your 50s. At the same time, the likelihood of making a claim on your health cover is higher, and so are your insurance premiums.

So, understanding your healthcare need is a good place to start. What medical services would you like to have covered? What are the extras that you can comfortably give up? Check out our guide on 'Health insurance for 50-plus' here to learn more, or start your quote today. And of course, don't forget that our team of friendly insurance advisers are always here to answer any questions you may have.

Income protection

Are you approaching retirement but will still need your income for a while — for example, to finally get mortgage-free? Then income protection is worth considering.

This type of cover is designed to replace up to 75 per cent of your gross pre-disability income if you're unable to work due to illness or injury. You can tailor your cover to your needs by choosing a waiting period, a payment period, and the percentage of income you'd like to replace.

Keep in mind that, in the event of an accident, you'll usually be covered by ACC. But ACC only covers accident-related injuries, whereas income protection can also step in if you suffer a severe illness. Click here to learn more or start a quote today.

Trauma insurance

The idea of experiencing a serious medical event or condition (like cancer, a stroke or a heart attack) is not something pleasant to think about. But unfortunately, no one can predict if or when they'll get sick. What you can do is minimise the financial impact of a serious medical condition, with trauma insurance.

Trauma cover pays out a lump sum upon diagnosis of 40+ serious conditions, and you can use the payout as you like. Some people, for example, use the lump sum to pay for experimental treatments. Others use it to book an extended vacation with the family. It's entirely up to you. Read more here or start a quote today, and get in touch if you have any questions.

Mortgage protection

Entering retirement mortgage-free can greatly reduce your housing costs. And with that in mind, if you still have some home loan debt outstanding, mortgage repayment insurance may worth considering.

As its name suggests, it's designed to help you take care of your mortgage repayments if you're unable to work due to a serious illness or injury. Read more here or start a quote today.

Like to talk?

At LifeDirect, we care about protecting your financial health. If you're looking for cover, our quote compare tool is a good place to start, but we're also real people and we're just a phone call away. Call us on 0800 800 400, start a Live Chat or fill in our contact form to get in touch with our team.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

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