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Compare Top Seniors Life Insurance in Australia 2024

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.

Russell Cain

Fact Checked

Updated: 19 May 2024

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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5 reasons you might still need over 50s life insurance

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:

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 over 50

Because pensioners have such different responsibilities and lifestyles, there’ is no ‘one-size-fits-all’ best life insurance option or a policy considered as the cheapest life insurance for over 50. 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.

How to find affordable life insurance plans for senior citizens

Seniors 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

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:

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:

Frequently Asked Questions and Answers

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.

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.

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.

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.

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.

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.

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.

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.

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.

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Specialist

Russell is the founder and CEO of Life Insurance Direct and has been quoted in The Sydney Morning Herald, The Age, Independent Financial Adviser, Risk Adviser, Adviservoice, and Insurancenews. Russell has over 15 years’ experience in the Australian life insurance & financial services sector and is instrumental in driving the latest innovations in our insuretech platform.

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