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Life Insurance for Empty Nesters

Protect the lifestyle you've earned

  • Cover for as little as $2.50 a week3
  • No medical or blood tests required to apply
  • Premiums up to 25% less than other direct life competitors5
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Case study

Geoff and Janice

Geoff and Janice had been married for over 35 years, childhood sweethearts they had met at school. Together they had raised three children, the last of which, Tony had just finished university and he had finally moved out of home – suddenly they were ‘home alone’ and looking forward to their freedom.

Geoff had studied to be a chartered accountant and had set up his own accountancy practice several years ago, working close to home he was earning a good income of over $150,000 per year. Janice had been fortunate to be in a position to stay at home and look after their three children. They had almost paid off the family home, they owned two cars and a boat and certainly considered their financial situation to be healthy.

With the last of their children finally leaving the nest Janice had popped into the local travel store and picked up brochures, suddenly Janice could see that they now had the opportunity to embark on activities that had previously been impossible or they had put off for another year whilst the kids settled down.

Suddenly, all their plans were put on hold…..Geoff had been to his doctor’s for his normal annual medical, he was feeling fine and looking forward to choosing a holiday destination with Janice. His doctor sent Geoff for some routine medical tests and these had led to an unexpected diagnosis of cancer. Geoff and Janice were devastated and the following months were traumatic. Geoff underwent surgery to remove his cancer and embarked on a series of radiotherapy treatments to assist with his fight against the disease.

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The planned holiday was put on hold indefinitely and Geoff was unable to continue working the normal hours that his business required. Geoff had arranged life insurance cover when the kids were young but had decided to cancel paying the premiums a couple of years before his diagnosis. As a result of his treatment he could no longer work the hours needed to continue to run his business effectively and whilst they only had a small mortgage left on the family home finding the monthly repayment was becoming an additional strain. Geoff had to make some financial decisions one of which was selling his business.

Fortunately, Geoff’s specialist confirmed that his surgery had gone well and the radiotherapy had been successfully in preventing the immediate spread of the disease, whilst Geoff hadn’t been given the all clear yet, things looked positive.

The sale of the business had allowed them to pay off the last of their mortgage and pay any additional medical bills. However, without an income any thoughts of leaving nest eggs or spending money on exotic, extravagant holidays had disappeared. Facing an early retirement suddenly looked daunting and far less appealing that it had 12 months ago…..

What could they have done differently?

No one plans for the unexpected, but what you can do is to have a plan in place that could provide financial support in the event of a life changing experience. Geoff and Janice may not have faced this financial crisis if they had a personal insurance plan. This could include:
  • Critical Illness insurance: This insurance cover would have paid a lump sum upon a definite diagnosis of cancer. This would have allowed Geoff and Janice to pay off the last of their mortgage on the family home and pay for that holiday so that Geoff could recuperate after his treatment. Geoff wouldn’t have been forced to sell his business early and could if he had wanted to continue working in some capacity that was manageable.
  • Life insurance: This insurance cover would have allowed Janice to pay out the mortgage and invest any left over balance along with the proceeds of the sale of the business if Geoff had died. Life insurance for Janice would have meant that in the event of Janice’s death Geoff could have hired a housekeeper and taken some time off work to recover after losing a loved one.
  • Permanently Unable to Work insurance: This insurance cover would have meant that in the event of either Geoff or Janice becoming permanently disabled they could pay off the mortgage and could afford medical and any rehabilitation assistance.
  • Income Protection insurance: This insurance cover would have allowed Geoff to replace up to 75% of his income after his diagnosis of cancer. This insurance cover would have continued to pay him for as long as he was unable to work, or supplement his income when working part-time.

Planning for your future is important and with Allianz is now quick, easy and inexpensive, above all it will provide peace of mind and a level of security should the unexpected happen.

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This is a fictional event.

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Product Disclosure Statement

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For terms, conditions and exclusions of our insurance, please refer to the Product Disclosure Statement (PDS).

3 Indicative premium based on a 34 year-old male non-smoker with $100,000 Life cover
5 25% less statement based on cumulative average premiums for $500,000 Death cover of 14 relevant direct life insurers from their websites as at 7th October 2015, based on ages 30, 35, 40, 45 and 50 years.

Important note:
The insurance is issued by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFSL 296559. The information contained on this website is general information only. It does not take into account your individual objectives or financial situation. You should therefore consider the appropriateness of the insurance having regard to your objectives, financial situation and needs. Prior to making any decision you should read the Allianz Life Plan Product Disclosure Statement and Policy Document (PDS). You should seek advice from your financial adviser before deciding on appropriate insurance cover.

* Conditions apply for the $50 Westfield Eftpos card