The Importance Of Insurance After Age 50

A health crisis can occur at any time of life, but the risks obviously increase as we age. Unfortunately, due to this increased risk of illness or injury the cost of insurance for those over 50 can be high. As a result, people in this age group are tempted to drop their insurance cover altogether just when the need is at its greatest.

If age 50 is looming, or recently passed by, it’s even more important to continue to protect both your income-earning ability and the financial security of any dependents. Here are some solutions to consider:


· Review your level of insurance. As your investments and superannuation increase, you may be able to reduce your cover and still provide for your beneficiaries.


· Life and disability insurance can be arranged through most superannuation funds. Premiums can be lower and are paid from the superannuation balance thereby reducing strain on the household budget.


· If you have accrued a lot of annual or sick leave, you might want to increase the waiting period on your income protection insurance which can reduce your premiums. Depending on circumstances, this may allow you to retain an important benefit at a more affordable price.


· Pay in advance. Prepaying 12 months’ worth of income protection policy premiums before 30 June may allow you to bring forward a tax deduction for next year into the current year. This can potentially reduce your taxable income and the tax you pay this financial year.


Everyone is different so there might be other solutions not mentioned here. If you’re not sure what to do, you can always talk to us licensed financial advisers before you make any adjustments to your insurance cover.

We can help you achieve the right balance for your needs at any age.

Featured Posts
Recent Posts
Archive
Search By Tags

Toowoomba Financial Centre Pty Ltd ABN 88073088070, trading as TFC Financial is a corporate authorised representative of Charter Financial Planning Limited ABN 35 002 976 294 Australian Financial Services Licensee License number 234665. If you no longer wish to receive direct marketing from us you may opt out by calling us on 07 4639 1399. This article contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making any strategy or product decision.

CONTACT US

Phone:  (07) 4639 1399

Fax:       (07) 4639 6921 

Office:   9 Bowen Street

              Toowoomba QLD 4350

Postal:   PO Box 1591

              Toowoomba QLD  4350

SIGN UP FOR FINANCIAL UPDATES FROM US

Toowoomba Financial Centre Pty Ltd ABN 88 073 088 070, trading as TFC Financial is a corporate authorised representative of Australian Financial Services Licensee 234665, Charter Financial Planning Limited ABN 35 002 976  This website contains general advice only. You need to consider with your financial planner, your investment objectives, financial situation and your particular needs prior to making any strategy or products decision.

Your privacy is important to us and Australian Financial Services Licensee, which is part of AMP. You may request access to your personal information at any time by calling us on (07) 4639 1399 or contacting AMP on 1300 157 173.

Information collected will be subject to AMP's Privacy Policy. You can also contact us or AMP if you do not wish to receive information about products, services or offers available from us or AMP from time to time.