Life insurance for over 50s

Over 50? Find a life insurance policy that suits you.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Get life insurance quotes directly from these brands for over 50s

Life insurance can offer some peace of mind by covering your spouse and any dependent children with a sum of cash if something serious happens to you. It typically offers protection against death or terminal illness, and you can also have the option to add cover for serious illness and injury. When comparing policies for over 50s, look out for the maximum entry age and the length of the policy.

Name Product Maximum Cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
NobleOak Life Insurance
TPD cover, Trauma cover
Get your two months free when you buy NobleOak Life Insurance policy. Offer ends 30 June 2021. T&C's apply.
ahm Life Insurance
TPD cover, Trauma cover
ahm Health members can save 10% off premiums.
Real Family Life Cover
TPD cover, Trauma cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Zurich Ezicover Life Insurance
No optional
Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.
Insuranceline Life Cover
Trauma cover
Get a $100 bonus gift after 2 months. Offer ends 30 September 2021. Plus get 12 months cover for the price of 11 if you pay for life insurance annually. T&Cs apply.
Medibank Life Insurance
TPD cover, Trauma cover
You could win a $2K EFTPOS gift card when you get a Life Insurance quote by 20 July, 2021. There is a new winner every fortnight. Plus, Medibank health members save 10% on premiums every year. T&Cs apply.

Compare up to 4 providers

Life insurance for over 50s

The most common type of life insurance for those over 50 is death cover, which provides a lump sum payment in the event of your death or if you have been diagnosed with a terminal illness and have less than 12 months to live. Some insurance providers will offer death cover to applicants up to 75 years of age, usually with a stepped level premium structure. The maximum entry age varies between insurers, so it's important to read the Product Disclosure Statement closely to find more information.

Why should I consider life insurance if I'm over 50?

  • Statistically those in their 50s are most likely to make a claim for insurance
  • The lump sum benefit of a trauma policy can help ensure you don't endure financial hardship if required to get long term treatment
  • Future proof your retirement savings

Can I get cover after 50?

It's still possible to find affordable cover without sacrificing the quality of protection. A simple way to get started is to speak to a qualified consultant.

After income protection? Check out this guide

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

Lender Logos

Find the best life insurance for over 50s

We reviewed and scored 21 Australian life insurance policies, here's who came out on top in the category for older Australians.

Best cover for older Australians: TAL Lifetime Protection and Qantas Life Insurance

Getting the best cover as you get older is not so much about the ability to get the most cover dollarwise, but the right amount of cover to suit your changing needs.
When looking at which insurer offered the best choices for older Aussies, we looked at three key areas: minimum sum insured, the maximum entry age and the policy expiry age. It turns out that both TAL and Qantas scored well according to our algorithm.

Tips for finding the best life insurance for your needs

While getting life insurance cover in your 50s is fairly easier these days, careful deliberation and the weighing of your options are critical exercises to help you get the best deals and avoid further regret in the future. Here are a few simple steps for you to consider when purchasing life insurance policies for over 50s:

  • Be aware of the terms and conditions. Be sure that you are getting what is offered to you in order to avoid overpaying for a policy that doesn't offer the correct protection. Look out for unnecessary features that might not be relevant to your situation. Do not hesitate to ask questions on any details on the policy that are not clear to you. Also keep in mind to read the fine print because there might be similar policies offered by various providers but the coverage and cost are not the same.
  • Understand the features and benefits on offer. Most life insurance policies for people over 50 have certain limits. One of these limits is the length of the policy. Where you can get up to 30 years when you get a policy at a younger age, seniors life insurance is mostly set between 10 and 15 years at most.
  • Consider your health. Although some insurance providers may not require medical tests when you apply for seniors life insurance, most still do. Any pre-existing medical conditions, lifestyle habits, and driving records will come into play and can significantly affect the cost of your premiums.
  • Eligibility for discounts. When applying for cover, consider coverage for your partner/spouse as well and you may be eligible for a discount on your premiums. Insurance providers will generally also offer discounts if you pay your premiums on a yearly basis.
  • Consult with an experienced insurance adviser. If you are not sure which life insurance plan is most suitable to your needs and within the budget that you can afford, consider seeking advice from an insurance consultant. They have knowledge of the market and the ability to provide recommendations on the right policy for you with competitive prices.

What types of life insurance features are useful for people over 50?

Some of the features and options available with life insurance for applicants age 50 and over include:

  • Terminal illness benefit. If you're terminally ill, with no more than 12 months to live, a benefit amount is payable to help you and your family manage your financial affairs.
  • Funeral expenses benefit. Most insurance providers offer a specified amount of cover payable in advance to cover any funeral related expenses.
  • Financial planning benefit. The cost of obtaining approved financial planning advice upon the payment of a life cover benefit is covered by some insurance providers.
  • Guaranteed future insurability. You can make amendments to your life insurance cover should your circumstances change due to a specific live event, and you're not required to provide further medical evidence.
  • Interim accidental death cover. You may be eligible for an interim accidental death cover while your life insurance application is being assessed by the provider and a benefit amount is payable should anything happen to you at this time.

Other types of insurance to consider if you are over 50

  • Income protection insurance. Income protection insurance is designed to provide you an alternative source of income if you are unable to work as a result of an illness or injury. It generally provides a monthly benefit of up to 75% of your monthly income and you can tailor your policy to suit your needs. You can generally apply for an income protection policy you up to 59 years of age, and your cover will continue until your 65th birthday.
  • Critical illness insurance. Critical illness insurance provides a lump sum benefit upon a diagnosis of a life-threatening medical event, as listed in the policy. The medical conditions covered vary between providers but often include cancer, heart disease, stroke and major organ transplant. Critical illness cover can also provide you with protection in specific areas where your health insurance cannot extend its cover. The benefit pay can give you access to the best medical treatment and rehabilitation facilities anywhere in the world. You will be eligible to apply for critical illness insurance if you are between 50 to 59 years old, and you will be covered until you turn 70 years old.
  • TPD insurance. Total and permanent disability (TPD) insurance provides a lump sum benefit in the event that you are permanently disabled and unlikely to be able to work ever again. The proceeds from TPD cover can be used as a source of income, to keep up with any living expenses and pay off any debts you may have. Applicants over 50 years old can apply for TPD cover, up until age 60. Cover will continue up until you turn 70 years, although this may vary between providers.

How to keep the cost down when applying for critical illness or TPD

As you enter your 50's, you may find that what you are quoted on a policy increases. This even more so the case when you add critical illness insurance and TPD cover. One possible way to save on cover is to combine your cover. For example you could apply for:

  • $1 million in life insurance cover
  • But you get $250,000 in Critical IllnessInsurance cover (that gets take out from that $1 million if you make a claim)
  • And get $250,000 in TPD cover (that gets take out from that $1 million if you make a claim)

Speak to an adviser

Maximum entry age for different types of life insurance for people in their 50s or over

Insurance type
Minimum entry age
Maximum entry age
Policy expiry age
Life cover
11 years old
75 years old1
Not applicable
Income protection
16 years old
59 years old
65th birthday
Critical illness insurance
18 years old
65 years old#
70th birthday
TPD insurance
18 years old
60 years old^
70th birthday^
Funeral insurance
17 years old
80 years old1
Not applicable

1 = Maximum age may vary between insurance providers

# = Maximum age may vary depending on the premium structure you have opted for - level or stepped premiums

^ = Maximum age may vary depending on the type of TPD cover definition you have chosen

How much does life insurance cost for someone over 50?

We analysed 10 life insurance policies to get a rough idea of how much it costs per month for a 50 year old.

Brand50 years oldIncreases by60 years oldIncreases by70 years old
Clearview LifeSolutions$73.78$223.75$297.53
TAL Accelerated Protection$75.02$209.90$284.92$765.11$1,050.03
MLC Insurance$79.72$236.28$316.00
OnePath OneCare$80.05$211.15$291.20$743.80$1,035.00
Zurich Wealth Protection$71.90$179.58$251.68$733.31$984.99
AIA Priority Protection$72.10$224.77$296.87$817.70$1,114.57
AMP Elevate (Members only0$77.52$224.30$301.82
BT Protection Plans$75.89$181.67$257.56
Brand50 years oldIncreases by60 years oldIncreases by70 years old
Clearview LifeSolutions$54.55$136.24$190.79
TAL Accelerated Protection$56.14$125.94$182.08$431.55$613.63
MLC Insurance$58.27$140.60$198.87
OnePath OneCare$60.33$130.38$190.71$477.32$668.03
Zurich Wealth Protection$58.26107.43$165.69$448.66$614.35
AIA Priority Protection$51.44$136.08$187.52$512.73$700.25
AMP Elevate (Members only)$57.85$148.14$205.99
BT Protection Plans$56.74$110.50$167.24

Quotes taken from finder's life insurance engine on July 2020 with a life cover of $500,000 for a non-smoker. Prices only a rough guide and are subject to change.

The cost of cover is based on the level of risk the applicant presents to the insurer and is dependent on a number of factors including;

  • The applicants age
  • Nature of the applicants occupation
  • Any pre-existing conditions that the applicant has
  • Whether the applicant smokes (smokers can pay as much as double in premium payments)

Can I apply for life insurance without having to take a medical exam?

You may be required to provide evidence of your previous medical history, which include blood tests and medical examination, when you apply for life insurance policies, such as life cover, TPD insurance, trauma cover and income protection. This is to provide the insurance providers with an accurate indication of your current health status, so that they are able to determine the level of risk you carry and the premium rates you pay. If you are looking to apply for life insurance over 50, without going through a medical exam, you may want to consider direct life insurance instead.

On the other hand, you are not required to undertake any blood or medical tests when you apply for funeral insurance. There is a guaranteed acceptance, provided that you satisfy the application criteria.

What if my application for cover has been refused and I am over 50?

It is also possible to have your life insurance application reassessed by the provider. You may be required to provide additional medical evidence, so the insurer can further assess whether they are able to provide you with cover and take on the risk that you pose.

If you find that you are still unable to get cover and your application has been denied, consider other alternative option to life insurance, such as funeral insurance that offers guaranteed acceptance, or direct life insurance that does not require medical underwriting at the time of application.

Life insurance is not only for the young, but for seniors as well. In order to get a good deal on life insurance if you are over 50, take time to shop around and compare policies and prices from different providers. Consider speaking to an insurance expert for recommendations on different life insurance options for people who are 50 years of age or more.

Compare life insurance quotes

More guides on Finder

    Ask an Expert

    You are about to post a question on

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

    2 Responses

      Default Gravatar
      MarieAugust 15, 2017

      I would like insurance for my husband he just turned 50. We did have insurance cover but it was too expensive each month.
      I would like to have Life insurance, Funeral cover, Trauma cover and income protection. Life insurance from 1 million to 1.2K
      could you kindly be able to give me information as I don’t want to double up in payments…. a little confused. Thanks Marie

        Default Gravatar
        MariaAugust 15, 2017

        Hi Marie,

        As is a comparison and information service and not an insurer, we are not permitted to provide our users with personalised financial advice or product recommendations.

        It would be best to seek professional advice for this. You may get quotes with the help of an adviser by entering your details on the form on this page.

        I hope this helps.


    Go to site