Over 50’s Life Cover

If you are aged 50 or over you may be thinking about the importance of your Life, Trauma, TPD or Income Protection policy. You may be in a situation where you have no or minimal debts, are beginning to transition to retirement and your children are older and no longer financially dependent.

Published October 7, 2013

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However personal insurance policies can still play a vital role in your life, particularly if you want to ensure your funeral, mortgage and other debts can be paid for and you remain protected from critical illness, disablement as well as death.

Why over 50’s still need cover

Chances are by the time you reach the age of 50, you will still have debts, your children will still be living at home and be financially dependent and you may have a spouse or partner who is also financially dependent on you.

This, coupled with the increased likelihood of suffering from a serious illness, fall and death as you get older are two very important reasons why cover is still necessary.

Over 50’s Statistics

Life Insurance for Over 50’s

Life Insurance may still be very important for those older than 50, especially if one still has a mortgage, other debts or financial dependents. However if your mortgage and other debts has been reduced and your children may not be financially dependent for much longer, you may want to reduce your level of cover to suit your present circumstances.

Top Policy Options for Over 50

As you get older and you are on Stepped Premiums, you may find that your insurance premiums are increasing as your risk to the insurer increases.

If your cover is becoming too expensive for you to maintain, you have a number of options:

Income Protection for Over 50’s

Even as you move into your 50’s, you may still be working full time or at least part time and you and your family may still be dependent on your income. If you have a mortgage or rent payments, debts such as car leases and credit cards plus your normal daily living expenses, losing your income for a period of time is not an option.

Entry and Expiry Ages:

Income Protection entry age is generally up to the age of 60 or 64 depending on your occupation so it is still able to be taken out in your 50’s.

Depending on your occupation, expiry ages are generally 65 or 70, allowing you to stay protected well into your 50’s and beyond if necessary. 

Important Income Protection Benefits for over 50’s

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Trauma Insurance

They say nothing is more important than your health and even if your mortgage is paid off, your kids are no longer at home and you are retired or approaching retirement, critical illness can still affect you. As you age, your risk of illness increases which makes trauma insurance perhaps one of the most important policies you can have.

Entry and Expiry Ages

Trauma Insurance is generally able to be taken out between the ages of 16 to 64, allowing you to take out cover well into your 50’s.

Rather than expiring, trauma policies generally convert at the age of 65 or 70 to a Modified TPD policy, providing you with cover for loss of limbs or sight as well as cognitive loss. You will need to determine if you need this type of policy going into your 50’s and beyond.

The Modified TPD policy will generally expire at the age of 100.

The Statistics:

Important Trauma Insurance Benefits for Over 50’s:

Total and Permanent Disablement Insurance

As we get older our risk of suffering an injury due to an accident increases as our mobility, balance, vision and other functions decreases. Unfortunately sometimes these injuries can be so severe they leave us totally and permanently disabled and in many cases unable to work.

Even in your 50’s being unable to work may not be something that you and your family can cope with financially, especially with the likelihood of increased medical bills due to your condition.

A TPD Policy can ensure you remain financially protected should the worst happen as you go into your 50’s and 60’s.

Entry, Expiry and Conversion Ages:

TPD Insurance can generally be taken out between the ages of 16 and 75, allowing you to still take out cover into your 50’s if you choose to do so.

At the age of 60, 65 or 70, your policy will convert to a policy with the Modified TPD Definition, allowing you to maintain cover beyond the age of 65. This policy will generally expire at the age of 100.

Top TPD Benefits for Over 50’s

Funeral Insurance

The Funeral Insurance benefit, generally up to $30,000, may be an alternative to a full life insurance policy if you need cover and cannot obtain affordable life insurance.

Entry and Expiry Ages: 

Funeral Insurance can generally be taken out between the ages of 17 and 80 with an expiry age of 100, allowing you to maintain cover well into your later years.

Top Benefits for Over 50’s

If you are over the age of 50 and would like to compare policies, contact us today for a free comparison report!

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