Seniors Life Insurance in Australia

Published: April 26, 2019

Many seniors and retirees only have a funeral plan, even though they still might have financial dependents or require protection against the costs associated with illnesses or injuries; this is where life insurance could be helpful.

Life insurance for seniors might help people over the age of 50, 65, and 70 pay for their final expenses, as well as help you cover the costs associated with age-related illnesses and injuries, such as dementia, Parkinson’s and total and permanent disability. However, this depends on which policy type you are eligible to purchase and what you can afford.

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Table of contents

5 reasons you might still need over 50s life insurance

  1. Outstanding debts: You might still have mortgage payments, credit card debts, or loans you're paying off, and do not want to burden your loved ones with these expenses when you pass away.
  2. You have financial dependents: You are still financially responsible for someone, for example, your spouse, elderly parent or a disabled child.
  3. Changing circumstances: You may have re-mortgaged your property, or perhaps you or your spouse require ongoing medical assistance/home nursing. Life insurance could help secure your financial future in these changing circumstances.
  4. Estate equalisation: Life insurance gives you an easy, cost-effective solution to estate equalisation so that you can keep your business, holiday home, and other assets in the family by leaving the assets to one beneficiary while providing the others with a payout from your life insurance policy.
  5. You want to leave a legacy: Many retirees keep their life insurance policy for the benefit of leaving their loved ones with an inheritance.

What types of life insurance are available to seniors?

Seniors in Australia can choose from several life insurance products, depending on your requirements. Although there is no specific Long-Term Care insurance product available, there are a variety of life insurance solutions that can provide you with assistance, including:

  • Term life insurance: Generally, provides a lump sum payout to your nominated beneficiaries when you die or get diagnosed with a terminal illness. The typical maximum entry age ranges from 50 to 75, with a general expiry age of 100, depending on your insurer.
  • Trauma insurance: If you suffer from one of the critical illnesses listed in your policy documents (for example, Alzheimer's disease, cancer, stroke, heart attack or dementia), the insurer generally pays you a lump sum benefit. The typical maximum entry age is 59, and as long as you continue to pay your premiums, your trauma insurance policy could continue up to your age 70, depending on the insurance company you choose.
  • Modified TPD Insurance: Pays a lump sum amount if you become totally and permanently disabled due to an accident or illness. Disability entails an inability to care for yourself, including eating, drinking, bathing or showering without assistance. A TPD policy generally expires at your age 70 but depends on who your provider is.
  • Funeral Insurance: Provides your beneficiaries with a lump sum to be explicitly used for your funeral expenses. The typical maximum entry age is 80.
  • Living Expenses cover: Usually pays a monthly benefit if you become significantly disabled (for example, unable to dress yourself or use the bathroom) due to an accident or illness and remain so during your waiting period.

What to consider when buying life insurance when you’re over 65

If you’re 65 or older, chances are you've paid most of your mortgage and don't have financially dependent children, thus might only need a small life insurance policy. However, the lump sum benefit from a trauma insurance or modified TPD policy could help pay for some of the below age-related circumstances:

  • Home modification: You may need to install a wheelchair ramps or other features to your home if you suffer a critical illness or become totally and permanently disabled.
  • At home assistance: You and/or your partner may need someone to help you with your daily tasks.
  • Ongoing medical care: While medical advances have enabled us to live longer and become older, you might also be more likely to need continued medical assistance and follow-up treatments.
  • Home nursing: You may need 24-hour care if you are no longer able to feed yourself or use the bathroom.

With a combination of term life insurance, TPD, and trauma cover, you could generally structure a comprehensive personal insurance plan; giving you financial security well into retirement.

Best life insurance for senior citizens (50 years old)

Because pensioners have such different responsibilities and lifestyles, there' is no ‘one-size-fits-all’ best life insurance option. You might want to request and compare a variety of seniors insurance quotes from some of Australia's most prominent life insurance companies, to find one suited to your particular requirements.

Life Insurance Company Policy Gender Average Monthly Premium
Insurance with On Track – Life Cover Male $95.43
Female $69.75
Complete – Healthy Life Option – Life Cover Male $98.35
Female $74.28
Protection Plans Wrap – My Wellbeing Option Male $101.73
Female $72.78
Priority Protection Vitality – Life Cover Male $102.12
Female $75.44
Accelerated Protection – Health Sense – Life Insurance Male $104.88
Female 77.71

Please note. All calculations in this article have been provided using our online comparison tool and are based on stepped premiums for a retail life insurance policy of $700,000 for a non-smoking individual living in Queensland (April 2019).

Compare insurance quotes for people over 50 >>

Life insurance for over 65s

Life Insurance Company Policy Gender Average Monthly Premium
Insurance with On Track – Life Cover Male $742.61
Female $441.06
Priority Protection Vitality – Life Cover Male $768.08
Female $505.82
Accelerated Protection – Health Sense – Life Insurance Male $798.51
Female $528.11
Complete – Healthy Life Option – Life Cover Male $816.96
Female $557.49
Protection – Life Care Male $845.40
Female $501.49

Life cover for 70-year-olds

Life Insurance Company Policy Gender Average Monthly Premium
Priority Protection Vitality – Life Cover Male $1,458.20
Female $916.07
Accelerated Protection – Health Sense – Life Insurance Male $1,507.81
Female $879.88
Complete – Healthy Life Option – Life Cover Male $1,020.77
Female $1,020.63
OneCare – Life Cover Male $1,605.16
Female $1,034.32
Life Solutions – Life Cover Male $1,6508.29
Female $917.11

How to find affordable life insurance plans for senior citizens

Senior life insurance can be costly, which is why you might want to shop around and compare quotes from some of Australia’s largest life insurance companies. Finding a value for money life insurance policy as a pensioner is possible. Review your options while considering your budget, stage of life and unique requirements.

Steps to getting cheap life insurance for seniors

  1. Shop around: Gather a variety of quotes from different insurers. Be sure to compare 'apples to apples'.
  2. Improve your health: Quitting smoking can reduce your premium by more than half. With exercise and diet, you can reduce your chances of a stroke, heart disease and cancer.
  3. Go for level premiums: Some insurers offer level premiums up to the age of 70. This premium structure does not increase as you get older like stepped premiums do and could be much more affordable in the long run.
  4. Look for discounts: Keep an eye out for exclusive offers and discounts that could reduce your premium price — for example, multiple lives on one policy discount.
  5. Remove CPI increases: Inform your insurer that you don't want your policy to keep up with the rate of inflation.

Calculating you term life insurance rates

Specific factors affect your life insurance rates as a senior, especially your age. The older you are, the higher your premiums will usually become. his is because you are at an increased risk of developing health problems, such as heart failure and stroke.

Additional factors that affect your life insurance rates:

Find Cheap Life Insurance for Seniors >>

How to compare seniors life insurance quotes

With there being so many options when shopping around for a policy, having some criteria in mind might help you narrow down your top choices. Consider the following when reviewing your options:

  • Policy price and which premium structures they offer.
  • How easy is it to apply and claim benefits.
  • Check that your policy is guaranteed renewable. Meaning, regardless of your changing health, your insurer cannot downgrade or cancel your policy if you continue to pay your premiums.
  • Can you speak to a human when wanting to make changes to your cover.
  • The insurer you choose should have an excellent financial rating.
  • Find out if you can customise your policy, for example, add a Trauma rider, so you re also covered for critical illnesses.
  • The age at which your policy will expire.
  • Does the insurer provide a premium freeze option. Your premiums will stay the same price, although your insured amount will reduce each year.

Frequently asked questions and answers

Is life insurance for seniors over 80 still available?

Very few insurers offer life insurance to people over the age of 80. Instead of life insurance, you might want to compare funeral insurance alternatives — for example, a pre-paid funeral, funeral bonds and funeral plans.

Can you get life insurance quotes for seniors over 70

Yes, generally the entry age for life insurers policies is up to your age 75. However, purchasing life insurance when you’re over 70 can be very expensive because the older you are, the higher your risk of possibly lodging to claim. You might only need a small amount of coverage to pay for your funeral and any outstanding debt you have.

Fill in the quote form above to compare seniors insurance quotes side-by-side and apply online. A broker will give you a call to help you make an informed decision.

Do you need life insurance after you retire?

Once you've reached the age of retirement and have no financial dependents or outstanding debts, then you might not need much life insurance. However, life insurance is generally worth it if you have a spouse or other dependent relying on you financially or a mortgage you are still paying.

When does life insurance for seniors not make sense?

Life insurance for people over the age of 65 generally doesn’t make sense anymore when:

  • You have enough savings set aside for your retirement,
  • You don’t have any outstanding debts,
  • Your children are financially independent,
  • Your funeral expenses are provided for, and
  • Your private health fund offers sufficient coverage for illnesses and injuries.

What is the age limit for life insurance?

The maximum entry age limit depends on the insurance company and the product you choose. In Australia, some companies provide life insurance for ages up to your 75th birthday.

Can I buy life insurance for my parents?

Yes, you can take out life insurance for your parents. However, the type of cover that’s available depends on a variety of factors, including how old your parents are. During the application process, you will need to inform the insurer who the policy is for and let them guide you through the steps. Talk to a specialist for assistance.

What is the cut-off age for life insurance?

In Australia, your life insurance policy will typically end when you are 99 or 100 years old. However, ages can vary between insurance companies and policy types.

What is the oldest you can be and still get life insurance?

This depends on the insurer; some have a maximum entry age of 50, while others extend it up to your age 79. There is no standard rule in Australia, so this is something that you need to check when comparing quotes.

How to get cheap life insurance of seniors?

As an older person looking for a cheaper life insurance policy, you should start by comparing life insurance quotes from Australia's largest life companies and then select a a policy that suits your budget and requirements.

Compare senior insurance quotes side-by-side now >>

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  • shaun

    Hi. Can tell me if there is an insurer in Australia that would offer Life Insurance for a 79-year-old and could you advise which insurer this is?

  • Margaret

    I am 70 years old. A non-smoker, female. Can I take out life insurance? How much will it cost and for how much can I be covered for?

    • Specialist
      Anneke Van Aswegen

      Hello Margaret. Thanks for reaching out.
      While a select number of life insurance companies in Australia do offer life cover to 70-year-olds, whether it’s the right option for you largely depends on your specific requirements. Please give us a call on 1300 743 254 and a consultant will assist you.

  • Marie Logan

    I am a 78 year old female living in Australia and was wondering if I am eligible for term insurance.

    • Specialist
      Anneke Van Aswegen

      Hello Marie.

      Generally, the maximum entry age for life insurance is 75 years old. However, it varies from insurer to insurer. Another option might be to review alternative methods if you’re looking to cover your final expenses or leave a bit of inheritance. Have a read of the different funeral plans that might suit you.