Seniors Life Insurance in Australia
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What Is Seniors Life Insurance?
Seniors’ life insurance is generally a policy that pays a lump sum if you pass away or are diagnosed with a terminal illness. You can use your life insurance benefit to pay off outstanding debts, cover funeral costs, or leave money for your family. Seniors’ life cover isn’t typically available as a specific policy; instead, you should look for a policy with features and benefits that would be useful to anyone over 50. Typically, policies with entry ages up to 75, terminal illness benefits and lower cover amounts may be a good fit for the later stages of your life.
Your life insurance benefit could be used to:
- Pay funeral expenses
- Cover outstanding debts
- Replace lost household income
- Help a surviving partner maintain their lifestyle
- Leave an inheritance to children or grandchildren
- Cover any additional expenses
Common types of cover available for Seniors
| Cover Type | What It Covers | Best Suited For |
|---|---|---|
| Life Cover | Pays a lump sum if you die or are diagnosed with a terminal illness. | Protecting your family, covering debts or leaving a financial legacy. |
| TPD Insurance | Pays a benefit if you become permanently disabled and meet the policy definition. | People who are still working or want protection against permanent disability. |
| Trauma Insurance | Pays a lump sum if you’re diagnosed with a specified serious medical condition covered by the policy. | Helps cover treatment costs or lifestyle changes following a serious illness. |
Who Should Consider Seniors Life Insurance?
A life insurance policy can still be useful in your later years. It’s not only for young families. When you’re in your 50s, 60s and 70s, you’ll often still have many financial responsibilities. A life insurance policy could help support your partner and kids financially when you’re no longer around. The benefit could pay off your mortgage, cover outstanding debts, or even help pay for your funeral costs
Why seniors choose life insurance
To protect a spouse or partner
Would your partner be financially taken care of if you’re no longer around? Seniors’ life insurance could help relieve the burden of ongoing debts, medical expenses or even day-to-day expenses.
To cover outstanding debts
If you still need to pay off your mortgage, have outstanding personal loans or have a balance on your credit card, then a life insurance policy may be the right option for you.
To help pay funeral costs
Many people don’t think about their final expenses; however, funerals can often be very expensive. Adequate cover could help your family avoid using personal savings to cover your funeral costs. Review your PDS to see whether your cover includes the funeral advancement benefit, which could help cover those immediate expenses after you pass away.
To leave a financial legacy
Leaving something behind for your kids and grandkids matters to us all. Your life insurance benefit could set them up for future success.
To provide peace of mind
Regardless of what your motivation is, a benefit paid from your life insurance policy can help you rest assured that your loved ones are taken care of no matter what.
When life insurance may not be necessary
Although a life insurance policy can be useful for many people, there are cases where paying for cover may not be as necessary. For instance, if you have sufficient savings, your mortgage is paid off, your kids are no longer financially dependent on you, or you have sufficient cover through your super.
However, it may still be a good idea to review your cover today. Life insurance held through super commonly ends around age 70. It may also be difficult to access your super benefits because of additional administration or delays. A life insurance policy could still complement your savings and super, which is why it’s important to take a good look at your financial situation before deciding.
Can You Get Life Insurance Over 50, 60 or 70?
Yes, you can often apply for life insurance even if you are older. Generally, the maximum entry age for life insurance is 75. However, this often varies depending on the insurance brand and cover type you choose.
Life Insurance for Seniors Over 50
Your 50s may be when you start noticing your priorities shift. Your kids are growing up and becoming independent. You may still need to pay off your mortgage, and your retirement plans may be becoming clearer. This is still a good time to have life insurance in place. At this stage in your life, you’ll typically have access to higher cover amounts and a wider variety of premium types, features and benefits.
Life Insurance for Seniors Over 60
Life insurance after 60 is still an option for many people. However, remember that your cover amount may be reduced, and your premiums will often be higher than those of younger people. Your application will typically be assessed based on several factors, including your age, medical history, health, and lifestyle factors, such as smoking. Cover in your 60s could help you maintain your lifestyle or care for your spouse if something were to happen to you.
Life Insurance for Seniors Over 70
You can still apply for life insurance when you’re in your 70s. However, your options may be more limited than what’s available to someone younger. Your premiums will be higher, and you may need to look at a reduced amount of cover. Life insurance in your 70s could help you manage specific financial requirements, protect your spouse or help pay for your end-of-life expenses.
How Much Does Seniors Life Insurance Cost?
Generally, the cost of your life insurance varies based on several factors, including your age, gender, the state you live in, your health, lifestyle, and smoking status. The amount you pay for your life insurance will typically also depend on the level of cover you’ve opted for and the premium structure you’ve chosen. Typically, variable age-stepped premiums start lower but will become more expensive each year as you get older. This often makes them more affordable initially but may get more expensive over time. Variable premiums, on the other hand, will generally start off more expensive but won’t increase as you get older, which may make it a good long-term solution. The cost of your cover may also be impacted by any additional policy features you’ve included in your cover. Comparing policies could help you ensure that you’re adequately covered.
Compare Life Insurance for Seniors over 50
| Insurance Provider | Life insurance for seniors over 55 | Life insurance for seniors over 60 | Life insurance for seniors over 70 |
|---|---|---|---|
| Acenda | $22.56 | $53.69 | $259.04 |
| Neos | $25.86 | $61.58 | $341.15 |
| MetLife | $26.29 | $53.64 | $250.18 |
| Encompass | $26.59 | $53.96 | $247.27 |
| ClearView | N/A | $55.14 | $215.30 |
| AIA | $35.62 | $67.43 | $201.18 |
| Zurich | N/A | $43.99 | $244.18 |
| Onepath | N/A | $45.29 | $232.41 |
Source: Life Insurance Direct Comparison Engine (August 2026; Monthly premium estimates for $100,000 of life cover for retired non-smoking males, aged 55, 60 and 70, living in NSW on Variable Age-Stepped Premiums)
How Much Life Insurance Cover Do Seniors Need?
The amount of life cover that you’ll generally require depends on your personal circumstances. It’s often a good idea to review your financial situation to determine what the right level of cover for you may be. You may only need a small amount of cover to leave to your loved ones or to help pay off your mortgage.
This may also be a good opportunity for you to discuss your options with your family, as having a good indication of how much they might need to cover their costs could give you a good indication of the level of cover you should be looking for.
Do Seniors Need Medical Tests to Get Life Insurance?
When you apply for a life insurance policy, you may not always be required to undergo a medical. Often insurance brands will ask you a series of health questions when you apply for cover. Depending on your responses, you may be able to get life insurance without a medical.
However, it’s important to note that insurers will often require a medical examination for a number of different reasons. When answering any health- or lifestyle-related questions, it’s often best to be as honest as possible and maintain your duty to take reasonable care not to make a misrepresentation. Failing to do this could have significant consequences as the insurer may be entitled to reduce your benefit, apply exclusions, decline any future claims or avoid the cover and treat it as if it never existed.
When might a medical examination be required?
Once you’ve applied for cover and answered the health and lifestyle questions, the insurer may ask you to undergo a medical examination before your application is approved. It’s important to note that each insurance brand may have a slightly different process. However, medical examinations will often include the following:
- A quick medical examination with a doctor
- Weight checks
- Blood pressure readings
- Pulse checks
- Resting heart rate checks
- Copies of recent medical records
Is Seniors Life Insurance Worth It?
Whether a seniors life insurance policy is still worth it depends on your unique circumstances. However, you can still benefit from cover later in life. An adequate level of cover can help provide lasting protection for you and your loved ones. Compare seniors life insurance quotes today to discover the right option for you.
Frequently Asked Questions and Answers
What age is considered a senior for life insurance?
Typically, there is no single age cutoff for seniors life insurance; the term typically refers to general life insurance policies that may be suitable for people who are over 50. It’s important to note that the type, level and eligibility requirements typically vary depending on the insurance brand.Can I get life insurance if I’m retired?
Generally yes, you may still be able to purchase life cover after you’ve retired. Provided that you continue to meet the eligibility requirements and are able to pay for your premiums, you’ll be able to have life cover in place.Can you get life insurance over 70?
In some cases, you may still be able to apply for life cover after you’ve turned 70. However, many policies have a maximum entry age of 75, so it’s a good idea to check the PDS before applying.Is seniors life insurance different from standard life insurance?
In Australia, there is no specific seniors life insurance policy available. Life insurance focuses on what it’s designed to cover and not specifically on your life stage. However, there are policies available on the market with features and benefits that are a good option for older individuals.Does seniors life insurance cover terminal illness?
Yes, if you purchase a life insurance policy with a terminal illness benefit you may be covered if you’re diagnosed with a terminal illness. However, you’ll typically need to have been diagnosed by two medical practitioners or doctors, one of whom will typically need to be a specialist, and have a prognosis of having less than 24 months to live.
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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.