Life insurance for over 50s

In your 50s or older? Compare life insurance policies in Australia that you can apply for.

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Life insurance for over 50s

Life insurance can offer peace of mind by covering your spouse and any dependents with a cash sum if you pass away. To easily compare policies for over 50s, use the filters below to check 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
$15,000,000
69
$3,000,000
TPD cover, Trauma cover
Cover up to $15,000,000 with NobleOak Life Insurance.
Real Family Life Cover
$1,000,000
64
$1,000,000
TPD cover, Trauma cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Medibank Life Insurance
$2,500,000
70
$2,500,000
TPD cover, Trauma cover
Medibank health members save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
No optional
Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). T&C’s apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
TPD cover, Trauma cover
ahm Health members can save 10% off premiums.
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What is over 50s life insurance?

Over 50s life insurance is a policy that's taken out between the ages of 50 and 79 – it's commonly paid out as a lump sum and can be used to help your family with financial commitments when you die, such as funeral costs, outstanding debts or even as a cash gift.

How does over 50s life insurance work?

With over 50s life insurance, you pay a set premium each month. You'll want to check each policy's maximum entry age above. Some insurers will let you apply up to 79 years of age. Also, look at the policy's expiry age and what happens to your cover once your premiums end.

The most common type of life insurance for those over 50 is death cover (sometimes called "term life insurance"). It provides a lump sum payment in the event of your death or you're diagnosed with a terminal illness and have less than 12 months to live. This type of life cover is typically set up with a stepped or level premium structure.

In order for you or your beneficiaries to make a successful claim, you'll need to have served any waiting period stated on your policy.

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.
  • You have dependants who rely on you financially (such as your children or partner).</>
  • It lets you future proof your retirement savings.
  • You'd like cover for your funeral expenses if you die.

How much does life insurance cost for someone over 50?

We analysed 18 life insurance policies* to get a rough idea of how much it costs per month for a 50 year old.

Brand50 years old60 years old70 years oldApply
Clearview LifeSolutions$63.69$256.78No cover availableMore info
TAL Accelerated Protection$61.35$252.51$1,104.24More info
MLC Insurance$76.07$301.50No cover availableMore info
OnePath OneCare$63.92$248.36$1,001.06More info
Zurich Wealth Protection$68.22$237.16$926.17More info
AIA Priority Protection$72.40$297.17$1,114.87More info
BT Protection Plans$98.59$340.81No cover availableMore info
NobleOak Life Insurance$74.20$282.20No cover availableGet quote
RAC Life Insurance$91.97$349.81No cover availableGet quote
Allianz Life Insurance$100.16$323.68No cover availableMore info
Zurich Ezicover Life Insurance$108.95$384.38No cover availableMore info
ahm Life Insurance$123.34$397.72No cover availableGet quote
Medibank Life Insurance$129.82$418.66$1,533.74Get quote
AAMI Life Insurance$132.06$471.98No cover availableGet quote
Suncorp Life Insurance$132.06$471.98No cover availableGet quote
InsuranceLine Life Cover$132.06$471.98No cover availableGet quote
Bendigo Life Insurance$131.83$468.90No cover availableMore info
Woolworths Life Insurance$169.86$545.93No cover availableMore info
Average$101.70$362.31$1136.02
Brand50 years old60 years old70 years oldApply
Clearview LifeSolutions$51.19$179.01No cover availableMore info
TAL Accelerated Protection$48.93$162.09$614.04More info
MLC Insurance$55.60$189.76No cover availableMore info
OnePath OneCare$49.93$159.95$620.74More info
Zurich Wealth Protection$55.42$156.37$577.92More info
AIA Priority Protection$51.74$187.82$700.55More info
BT Protection Plans$73.06$220.39No cover availableMore info
NobleOak Life Insurance$55.34$184.89No cover availableGet quote
RAC Life Insurance$68.60$229.18No cover available
Allianz Life Insurance$72.17$207.35No cover availableMore info
Zurich Ezicover Life Insurance$78.11$235.23No cover availableMore info
ahm Life Insurance$88.92$253.96No cover availableGet quote
Medibank Life Insurance$93.60$267.32$685.74Get quote
AAMI Life Insurance$114.86$310.16No cover availableGet quote
Suncorp Life Insurance$114.86$310.16No cover availableGet quote
InsuranceLine Life Cover$114.86$310.16No cover availableGet quote
Bendigo Life Insurance$105.21$320.06No cover availableMore info
Woolworths Life Insurance$143.88$370.88No cover availableMore info
Average$79.79$236.37639.798

Quotes taken from Finder's life insurance engine on October 2021 with a life cover of $500,000 for a non-smoker. Prices only a rough guide and are subject to change.

As well as your age, the cost of life cover varies depending on a number of factors, including:

  • Your occupation
  • Any pre-existing conditions you have
  • Whether or not you smoke (smokers can pay as much as double in premium payments)

5 tips for finding the best over 50s life insurance for your needs

One

Understand the features and benefits

One common limit for life insurance policies for people over 50 is the length of the policy. While you can get up to 30 years when you get a policy at a younger age, life insurance for seniors may come with more restrictive terms.

Two

Be aware of the terms and conditions

Make sure that you understand what's being offered to you. This can help you avoid overpaying for a policy that doesn't offer enough protection. Ask the provider about any details on the policy that aren't clear.

One

Shop around

Compare quotes and features from a range of providers through our comparison tool. This can help you find more manageable premium costs. If you have fewer financial commitments as the years go by, you might also consider a reduced cover level.

Two

Find premium savings

When applying for cover, consider joint coverage with your partner, as you may be eligible for a discount on your premiums. Check out the latest life cover deals and discounts.

One

Consider a policy through an advisor (also known as "retail")

Advisor policies can offer tailored cover – which can include more pre-existing conditions – for those over 50. You'll need to show information about your medical history during the application.

Speak to an expert about your life insurance needs

Speak to an insurance expert for recommendations on your life insurance options

Sex
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

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

Some of the features and options available with life insurance for over 50s 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. Our guide outlines the high cost of funerals in Australia.
  • Financial planning benefit. This covers the cost of getting financial planning advice upon the payment of a life cover benefit.
  • Guaranteed future insurability. Amend your cover should your circumstances change due to a specific life event, without having to provide further medical evidence.
  • Interim accidental death cover. You may be eligible for insurance while your application's being assessed. A benefit amount is payable should you claim during this time.

What other types of insurance might I consider if I'm over 50?

Hospital icon

Critical illness cover

Critical illness cover. This provides a lump sum benefit upon a diagnosis of an unexpected serious illness, as listed in the policy. This can include cancer, heart disease or a stroke. In fact, you could find cover for around 50 serious conditions.

Extras icon

Income protection insurance

This cover provides 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 70% of your monthly income, and you can tailor your policy to suit your needs.

Extras icon

TPD insurance

Total and permanent disability (TPD) insurance pays a lump sum benefit if you become permanently disabled and are unlikely to be able to work again. The proceeds can be used as a source of income, to keep up with ongoing living expenses and pay off any debts.

Speak to an adviser to get personalised cover

Maximum entry age for different types of life insurance for people 50+

Insurance type
Minimum entry age
Maximum entry age
Policy expiry age
Life cover
11 years old
79 years old
May not apply
Income protection
16 years old
60 years old
65th birthday
Critical illness insurance
18 years old
65 years old
70th birthday
TPD insurance
18 years old
59 years old
70th birthday
Funeral insurance
17 years old
80 years old
May not apply

Important note: Age restrictions will vary from policy to policy and should be used as general guidance only.

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

While some insurers don't require a medical exam and blood tests when you apply, many still do. This is to provide the insurance issuer with an accurate indication of your current health status, so that they are able to determine the level of risk you carry so they can set you an accurate premium rate.

Typically, you're not required to undertake any medical tests when you apply for funeral insurance. There is a guaranteed acceptance, provided that you satisfy the application criteria.

Keep in mind that pre-existing medical conditions, along with lifestyle habits and even your driving record all influence the cost of your cover.

My application has been refused, what can I do?

It is possible to have your life insurance application reassessed by the provider. You may be required to provide additional medical evidence.

If you're still unable to get cover, consider other alternative options to life insurance, such as funeral insurance that offers guaranteed acceptance, or direct life insurance.

It may still be possible to find affordable cover without sacrificing the quality of protection. To get a good deal, take time to shop around and compare policies and prices from different providers.

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    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 finder.com.au 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.

        Cheers!
        Maria

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