Seniors Life Insurance in Australia
We know that life changes as we get older. You may be retired, less active, and more vulnerable to illness or injury. The best thing you can do for yourself is to take care of your financial future by choosing the right life cover for your current life stage.
Published July 19, 2023
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Having an appropriate life insurance policy in place in your senior years will not only help your loved ones pay for your final expenses. You could also help you provide your family with a nest egg for when you’re no longer around. Review and compare policies from several leading insurers to find the policy best suited to you in your later years.
Do you still need life insurance if you’re a senior?
As you age, your responsibilities typically change. You may not have as many financial responsibilities. However, life insurance may still be beneficial to you. If you have financial dependents, or you still have some outstanding debts, a term life insurance policy could help your family pay off those debts, freeing them from financial worries in an already difficult time.
Benefits of seniors life cover
Generally, there are several benefits associated with maintaining some kind of life insurance policy into your later years. Some of the benefits include:
- Paying off your debts: If you still have any outstanding mortgage payments or debts, a life insurance policy could provide your beneficiaries with the help they need to cover these expenses.
- Ensuring your financial dependents are taken care of: As you grow older, your children may no longer be financially dependent on you. However, you may be providing support to an elderly parent or your spouse. Life cover could potentially ensure that you can continue to provide that support after you are no longer around.
- Financial security for uncertain circumstances: Your senior years may be a time of uncertainty. Perhaps you require frequent medical assistance, or you’ve refinanced your mortgage. Life insurance may be a way for you to secure your financial future.
- Providing an inheritance for your loved ones: If you don’t have any assets to leave behind to your family, a life insurance policy could help you leave a legacy for your family
How much does seniors life insurance cost?
Generally, the cost of your cover is determined by several factors. This includes your age, gender, the current state of your health, your medical history as well as your smoking status. Generally, the older you are, the more expensive your policy will be. However, by comparing and reviewing the options available to you, you may be able to find a policy that suits all of your requirements.
Compare life insurance for seniors over 60
Let’s take a closer look at the life insurance plans available to retired individuals over 60 who reside in New South Wales, Australia. Specifically, we will focus on a non-smoking individual seeking $200,000 of life insurance coverage. The study will present separate data sets for males and females over 60, highlighting premium estimates for their respective insurance policies.
Premium estimates
Males over 60
- MetLife Protect Life Cover (Healthy Lives & Platinum) – $108.90
- MLC Insurance Life Cover (Vivo Incentive) – $109.91
- OnePath OneCare Life Cover – $114.25
- TAL Accelerated Protection Life Insurance (Health Sense discount) – $117.68
- MetLife Protect Life Cover (Healthy Lives) – $117.73
- MLC Insurance Life Cover – $118.83
- Zurich Wealth Protection Protection Plus – $120.80
- MetLife Protect Life Cover (Platinum) – $121.00
- TAL Accelerated Protection Life Insurance – $126.57
- Clearview ClearChoice Life Cover – $127.62
Source: Life Insurance Direct Comparison Engine (Premium estimates for $200,000 of life cover for a retired 60 year-old non-smoking male living in NSW on stepped premiums)
Females over 60
- MLC Insurance Life Cover (Vivo Incentive) – $68.19
- MetLife Protect Life Cover (Healthy Lives & Platinum) – $71.53
- OnePath OneCare Life Cover – $73.58
- MLC Insurance Life Cover – $73.72
- TAL Accelerated Protection Life Insurance (Health Sense discount) – $76.71
- MetLife Protect Life Cover (Healthy Lives) – $77.32
- MetLife Protect Life Cover (Platinum) – $79.47
- Zurich Wealth Protection Protection Plus – $81.78
- TAL Accelerated Protection Life Insurance – $82.28
- NEOS Protection Life Cover (Preferred) – $84.81
Source: Life Insurance Direct Comparison Engine (Premium estimates for $200,000 of life cover for a retired 60 year-old non-smoking female living in NSW on stepped premiums)
Best life insurance for seniors over 70
As we age, it’s natural to start thinking about our legacy and how we can ensure our loved ones are taken care of after we’re gone. That’s why many seniors over 70 are considering life insurance as a way to provide financial security for their families. For a non-smoking individual who lives in NSW, $200,000 of life insurance can go a long way towards covering final expenses, paying off debts, or leaving a legacy for loved ones. But how much does it cost?
Premium estimates for live cover
Males over 70
- OnePath OneCare Life Cover – $460.49
- MetLife Protect Life Cover (Healthy Lives & Platinum) – $464.50
- AIA Priority Protection Life Cover Plan (Vitality with Healthier Lives) – $466.38
- AIA Priority Protection Life Cover Plan (Vitality) – $476.53
- MetLife Protect Life Cover (Healthy Lives) – $502.16
- NEOS Protection Life Cover (Preferred) – $513.66
- MetLife Protect Life Cover (Platinum) – $516.11
- TAL Accelerated Protection Life Insurance (Health Sense discount) – $526.72
- NEOS Protection Life Cover – $555.30
- MetLife Protect Life Cover – $557.96
Source: Life Insurance Direct Comparison Engine (Premium estimates for $200,000 of life cover for a retired 70-year-old non-smoking male living in NSW on stepped premiums)
Females over 70
- MetLife Protect Life Cover (Healthy Lives & Platinum) – $251.66
- MetLife Protect Life Cover (Healthy Lives) – $272.07
- MetLife Protect Life Cover (Platinum) – $279.63
- OnePath OneCare Life Cover – $285.54
- TAL Accelerated Protection Life Insurance (Health Sense discount) – $294.75
- NEOS Protection Life Cover (Preferred) – $297.96
- AIA Priority Protection Life Cover Plan (Vitality with Healthier Lives) – $299.37
- MetLife Protect Life Cover – $302.30
- AIA Priority Protection Life Cover Plan (Vitality) – $305.72
- TAL Accelerated Protection Life Insurance – $318.00
Source: Life Insurance Direct Comparison Engine (Premium estimates for $200,000 of life cover for a retired 70 year-old non-smoking female living in NSW on stepped premiums)
Finding cheap life insurance for seniors
Generally, life insurance policies for senior citizens can be rather costly. For this reason, it’s typically a good idea to compare quotes from several leading insurers. Finding a policy option that is suited for your senior years is possible. By reviewing all of the options available to you, you’ll generally be able to find a policy suited to your requirements as well as your budget.
Tips for finding affordable life cover
- Compare all of the options: By gathering several quotes from various insurer’s you’ll generally be able to compare them to find an option suited to your requirements.
- Opt for level premiums: Stepped premiums typically get more expensive the older you get. Level premiums, on the other hand, are more consistent Although they are often more expensive at the start, they are generally more affordable over the long term, and are based on your entry age into the policy
- Keep an eye out for discounts: Certain insurers may offer discounts for adding multiple lives on one policy. By reviewing all of the special offers available from insurer’s you could save on your premiums.
- Opt out of CPI increases: You could potentially save on your life cover by informing your insurer that you would prefer not to have your level of coverage increased according to inflation.
- Change your lifestyle: You could potentially reduce the cost of your insurance premiums by 30-50% if you stop smoking for at least 12 months before applying for cover.
- Premium Freeze: Consider freezing your premiums. On a stepped premium, your monthly payment remains consistent with your level of cover, reducing each year accordingly
Best life insurance for seniors
To find the right policy for your current phase of life, it’s typically a good idea to examine your requirements first and then look at the policies’ cost. Generally, the best policy for your senior years is one that has the features and benefits that you require. However, it’s essential to review all the benefits, terms and conditions, and exclusions before deciding
Frequently Asked Questions and Answers
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Should you maintain life cover after you turn 50?
Many people have made significant improvements in their lifestyles in recent years, resulting in average life expectancy increasing. For this reason, many people over 50 generally still require life insurance. Life cover for seniors over 50 is typically advised if you have outstanding debts or loved ones who are financially dependent on you. -
Where to find life insurance if you’re over 65?
If you’re over 65 years old, you’ve probably paid off most of your mortgage and don’t have financially dependent children. However, statistically you have another 20 years of life to look forward to. You might want to reduce the more expensive types of cover such as trauma and TPD cover while ensuring you have enough life cover to pay for your funeral expenses and leave money to your spouse. -
Do you need life insurance after you retire?
No, you don’t necessarily need to have a life insurance policy in place once you’ve reached the age of retirement. Particularly if you don’t have any financial dependents or significant debts. However, if you have financial responsibilities you need to maintain, for instance, a mortgage, a life policy may be worthwhile for your requirements. -
What is the cut-off age for life insurance?
The expiry age of your life insurance policy generally refers to the age at which your policy will no longer provide you with cover. Generally, the expiry age of most life insurance policies is between 99 or 100 years old. However, this may vary depending on the type of policy you have, if it is held within super as well as your insurer. If you are at all uncertain, it’s best to check with your insurer or broker. -
What is the oldest you can be and still get life insurance?
Typically, this depends on the insurer. Select insurers have a maximum entry age of 74, while others may provide you with cover up to age 99, or 100. Generally, it’s a good idea to check the maximum entry age of a policy before deciding.
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65 year old non smoker male. working in the mines. How much would a monthly premium be for $250 000 cover
Hi Nomsa,
Thanks for the question, I would recommend requesting a quote on the form above, giving us a call on 1300 135 205 or filling in the Contact Us form and a specialist will get back to you to discuss your requirements.