Innovative insurance product for those 50 and over
FutureWell Insurance is excited to announce the launch of a new insurance product specifically designed to cater for the care needs of Australians aged 50 and over.
It is the first insurance product in Australia designed specifically to enable older claimants to receive cash benefits that can pay for care while they are alive. Usually products for this target group such as funeral insurance plans will pay only upon death. This new product offers consumers a viable alternative or supplement to existing funeral policies.
FutureWell Independence Insurance was developed by Future Well Insurance Pty Ltd and it is issued by AIA Australia. The insurance helps provide policy holders with the financial freedom to make choices about care solutions and other related costs, in the event of a chronic health condition caused by sickness or accident, or a defined accidental serious injury. The product also offers a death benefit to help clear final expenses.
It is estimated that more than 8 million people in Australia are aged over 50 years, and while Australians are living longer than in previous generations, the infrastructure is unprepared for the repercussions:
"Australians now have to look at a range of options if they wish to have choice, control and flexibility on services specific to ageing," explains Grant Thomas, Managing Director at Future Well.
Research conducted by FutureWell in 2016 found that many Australians are worried about the physical, social, logistical and financial impacts of caring for themselves or ageing loved ones. Besides wanting to receive care in their own home, remaining independent and not becoming a burden on their partner and family, one of the key concerns mentioned is the desire to be in control of their care plan.
"FutureWell Independent Insurance offers claimants the financial freedom to spend their benefits on the most suitable care solutions for them. This could be in-home care such as domestic support, personal care or home nursing, home modifications, or mobility equipment - really anything they wish", said Mr Thomas.
Australians interested in FutureWell Independence Insurance can apply over the phone, if they are aged between 50 and 69 years. Once the policy is in place, if they continue to pay their premiums, they can hold the policy for the rest of their lives.
More information can be found via www.futurewell.com.au or phone 0282226140.
About Future Well Insurance Pty Ltd (Future Well)
Future Well Insurance Pty Ltd is a marketing and distribution business established in June 2016. The business is based in Sydney, NSW. Future Well researched, developed and now distributes FutureWell Independence Insurance directly to the Australian market through a variety of broad media channels. Future Well Insurance is an Authorised Representative of Peakbound Financial Services Pty Ltd. The FutureWell Independence Plan product is issued through AIA Australia Ltd.