Aged population set to double by 2050
We regularly hear that Australia has an ageing population, and that has never been more true than right now. By 2050, the number of people aged between 65 to 84 years is expected to more than double, and those over 85 will more than quadruple!2
As a population, Australians are living longer than ever before due to advancements in medical technology and a better awareness of a healthier lifestyle. Compared to a century ago, the average lifespan has increased by around 25 years.1 Couples are also deciding to have children and retire much later in life.2
So how do these trends impact Life Insurance?
Australia’s changing population trend
With these segments of Australians over the age of 65 set to expand rapidly over the next 30 years, access to healthcare and supportive services is going to be in more demand, resulting in a substantial expenditure in this area.
Most of these medical care costs will fall to the Federal and State Governments, however with such an exponential growth in those ageing figures, their budgets will be spread quite thin.3 This is one of the reasons why people are electing to take up Life Insurance to financially protect them and their families in the future, should something happen to them.
How is this changing life insurance?
People are much more vulnerable to illness and risk of death the older they become. The increasing lifespans of Australians is also affecting Life Insurance as people look for a way to protect their families for longer periods of time.
This impacts Life Insurance in two main ways:
- Life Insurance companies are more inclined to ask more detailed questions in the assessment stage, to ensure that you are covered specifically for the duration you require.
- With couples having children and retiring later in life, they are raising a family at much older ages. As a result, they want a way of ensuring that their dependants and beneficiaries are fully covered in case tragedy was to occur.
What are your Life Insurance requirements?
Life Insurance can provide you with much-needed relief knowing that you and your family are in good hands, regardless of what age you may be.
If you have been considering Life Insurance, it’s important to know more about the impact that certain age factors can have on your cover.
To learn more about Life Insurance, visit the NobleOak website or speak to one of their specialists today on 1300 108 490. At NobleOak, Life Insurance is tailored to you, offering comprehensive cover and peace of mind so that there are no surprises at claim time.
Request an instant quote today
Call NobleOak’s friendly insurance specialists on 1300 108 490 or visit the dedicated OverSixty members page to get an instant quote online*.
This is a sponsored article written in partnership with NobleOak.
1The Australian Government. Health and ageing – impact on local government. Accessed 27 October, 2017.
Information provided by NobleOak Life Limited ABN 85 087 648 708 (AFS Licence 247302) which is the product issuer. This is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Always read the Product Disclosure Statement (PDS) available at www.nobleoak.com.au, for information on what cover is included and what exclusions might apply to any policy you’re considering. People who seek to replace an existing Life Insurance policy should consider their circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed.
*Terms and Conditions apply. Visit www.nobleoak.com.au/oversixty
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