Seniors Life Insurance

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Last Updated 30/10/2024
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Updated sources, added table and data, expanded policy info
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Last Updated 30/10/2024

What changed?

Updated sources, added table and data, expanded policy info
Our aim is to help you make better informed decisions. That’s why iSelect’s content is produced in accordance with our fact-checking and editorial guidelines.

Reviewed by

Eliza Ryan

Find out more about how we make money.

View our Privacy Policy.

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Save time and effort by comparing life insurance with iSelect’s trusted partner Lifebroker

Why take out life insurance if you’re over 65? 

Chances are you’ve spent most of your life working to get to where you are today. Whether you’re still on the payroll or enjoying your well-earned retirement, it could be worth considering life insurance if you’ve got a mortgage or other unpaid debts.  

Ultimately, life insurance helps to secure your financial future and provide peace of mind, especially if you want to make sure your loved ones are taken care of when you’re not around to do it yourself. Plus, with 80% of older Australians aged 65+ suffering from at least one chronic health condition,1Australian Institute of Health and Welfare – Older Australians it’s more important than ever to secure the financial future of your family.

When it comes to life insurance, there are typically no waiting periods. That means your beneficiaries could receive a payout soon after your death or a serious diagnosis once your claim is approved, to cover expenses and provide them with time and space to grieve. For many people, the financial support and peace of mind is priceless.

Eliza Ryan

Senior Marketing and Growth Channels Manager, Lifebroker

What kind of life insurance can seniors get in Australia? 

When it comes to senior life insurance, most policies have a maximum entry age and an expiration age. Depending on your insurer and the type of policy, maximum entry ranges typically from 50 to 75, with limited options over 65 and a general expiry age of 99. 

Many senior life insurance policies also give you the option of choosing the benefit amounts to suit your needs. You can typically set a benefit amount from $100,000 up to $5,000,000, however, a higher benefit usually comes with a higher premium.  

Here are some of the different types of cover that may be available to seniors: 

But that’s not all. Here are some of the different benefits that some insurers may offer that you can take advantage of when you take out a life insurance policy: 

  • Child cover: pays a lump sum if your child dies or suffers a serious illness or injury.
  • Counselling benefits: cover for the cost of grief counselling services.
  • Living expenses: payments of monthly benefits to cover living expenses if you become significantly disabled and require ongoing care.
  • Loyalty benefits: discounts or bonuses if you maintain your policy for a set period. 

How much does life insurance cost for seniors? 

As a senior, there are a number of specific factors that affect your life insurance premium. The older you are, the higher your insurance premiums. Because you’re over 65 your likelihood of developing health problems increases, so your insurance premium reflects that risk. Ultimately, your premiums will be determined by: 

  • your age
  • your current health status
  • your smoking status
  • your gender
  • your previous medical history 

If you suffer from a pre-existing medical condition, this could also impact your life insurance premiums. Some conditions could be excluded from your policy altogether, meaning you wouldn’t be able to claim based on that condition. Alternatively, it might incur a loading, which is an increase on the standard premium.  

The below table gives some indication of how much life insurance could cost for seniors, Based on 60, 65 and 70 year old non-smoking males and females from Brisbane, Queensland. Retired with $1,000,000.00 life insurance lump sum payment.  

 60 65 70 
Male $340.06 p/m $706.14 p/m $1370.97 p/m 
Female $219.20 p/m $423.31 p/m $849.90 p/m 

Source: Zurich Wealth Protection, 2 October 2024

How else might life insurance differ for seniors? 

Now that you have a bit more life experience under your belt, chances are your priorities have changed compared to when you were younger. Similarly, there’s a good chance you’ve got different concerns that could affect your life insurance needs, like: 

  • Beneficiary needs: if your children may be fully grown and left the nest, you might not need to account for them as much in your insurance. Of course, this is completely dependent on your own situation, but it’s worth taking into account.
  • Financial goals: depending on what stage you’re at in your life, you could be more focussed on maintaining your lifestyle rather than income replacement. It’s important to consider your financial position and how your insurance aligns with your goals.
  • Policy expiry: many life insurance policies expire after a certain age. If you’re planning on holding onto your life insurance, it could be worth comparing the expiry age when choosing a policy. 

Where can I find and compare life insurance for seniors? 

At iSelect, we make it easy to compare life insurance policies from a range of Australia’s leading insurers. Instead of gathering separate quotes from individual insurers, you can compare a range of policies with Lifebroker to find cover that suits you.   

Easily compare life insurance quotes

Save time and effort by comparing life insurance from a range of policies and providers with iSelect’s trusted partner Lifebroker

iSelect’s partnered with Lifebroker (AFS Licence number: 400209) to help you compare a range of Life Insurance policies. iSelect earns a commission from Lifebroker for each customer referred through the website or contact centre. Lifebroker do not compare all life insurers or policies in the market.

iSelect Life Pty Ltd – ABN 89 124 304 347, AFS Licence Number 331128. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policies. You should consider iSelect’s Financial Services Guide which provides information about iSelect services and your rights as a client of iSelect.’