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 October 15, 2021

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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: 

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 cover costs for seniors

Age Monthly premiums for males Monthly premiums for females
50 $25.51 $19.84
55 $51.02 $38.19
60 $156.56 $69.58
65 $225.01 $146.13
70 $403.95 $254.78

Source: Life Insurance Direct Comparison Engine (Premium estimates for $200,000 of life cover for a non-smoking individual 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

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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

  • 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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