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Life insurance for over 50s
Life insurance works a little differently once you get a little older, but if you're over 50, you can still find a competitive policy. We compared 70+ quotes to help find the cheapest options for you.
Top pick: Price
Cheapest policy on Finder on average
$25 million max. cover - one of the highest on the market
Life insurance helps look after you and your family if you pass away. It can cover your mortgage, debts, funeral costs, a cash gift to your loved ones and more. Life insurance for over 50s is no different.
Good news: Life insurance is available after. Most funds have a maximum age of 79.
Bad news: Life insurance in your 50s will be more expensive than when you were younger.
Good news: It's probably not as expensive as you think - there are still deals to be had.
Take some time to compare the over 50s policies on this page, but don't put it off. The longer you wait, the more expensive it will be.
Top pick: Cheap life insurance for over 50s – NobleOak
What we like about NobleOak:
NobleOak offers the cheapest life insurance policy for over 50s out of the 11 providers we researched. On average, a $500,000 policy cost $79.50 per month for a 50-year old non-smoker. That may still seem like a lot but it's $58 less than the average, according to the latest awards data.
It can pay your loved ones a lump sum of up to $25,000,000 when you die or if you're diagnosed with a terminal illness. Most direct life insurance policies offer much less, usually up to $1.5 million.
Our 2023 awards research found more than half of providers cut off applications at the age of 65. Whereas NobleOak lets you take out life cover up to 69.
NobleOak life insurance is fully underwritten. This means they will assess your medical history and personal circumstances when you apply. This is good because it typically reduces the chance of a claim being rejected – but it does mean you will pay more if you're in poor health.
NobleOak offers the cheapest life insurance, according to our Finder Awards data. To determine our winner, we got 65 quotes from 10 different life insurers, including TAL, ahm and Suncorp, for 50-year-olds.
For 50-year olds, NobleOak offered the cheapest policy on average. We didn't get quotes for every insurer on the market.
Average prices for a 50-year-old non-smoker (prices are per month).
*These quotes, rounded up to the nearest dollar, were taken from Finder's 2023 Life Insurance Awards with a life cover of $500,000 for 50-year olds and 60-year olds. We included prices for smokers and non-smokers as well as men and women. Prices only an indication and are subject to change. All prices are monthly estimates.
*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 and whether or not you smoke (smokers can pay as much as double in premium payments).
Why compare life insurance with Finder?
You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
Compare insurers offering life insurance for over 50s
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Maximum entry age for different types of life insurance for people 50+
These are the typical maximum entry and policy expiry ages for different types of life insurance.
Insurance type
Maximum entry age
Policy expiry age
Life cover
79 years old
May not apply
Income protection
60 years old
65th birthday
Critical illness insurance
65 years old
70th birthday
TPD insurance
59 years old
70th birthday
Funeral insurance
80 years old
May not apply
Age restrictions will vary from policy to policy and should be used as general guidance only.
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 diagnosed terminally ill, most life insurance policies can payout before you die to help you and your family manage your finances.
Funeral expenses benefit. Life insurers can pay out a portion of your lump sum in advance to cover costly funeral-related expenses.
Financial planning benefit. This covers the cost of getting financial planning advice after a payout.
What other types of insurance might I consider if I'm over 50?
Total & Permanent Disability (TPD)
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 expert about your life insurance needs
Why you can trust Finder's life insurance experts
We're free
You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
We're experts
Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
We're independent
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
We're here to help
Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
Frequently asked questions
Life insurance sees you pay a premium each month. Primarily you're paying for death cover, where your beneficiary gets a lump sum payment when you pass away. It also pays out if you're diagnosed with a terminal illness and have less than 12 months to live. Over 50s life insurance is identical, but you'll need to check each policy's maximum entry age above. Some insurers will let you apply up to 79 years of age.
Life insurance at any age is worth it if you have people who are dependent on you financially. If your death would leave a burden on your loved ones, life insurance could make sure they're taken care of. Remember that most life insurance policies have a maximum entry age, usually 79. This means if you decide you need life insurance further down the track, you'll have fewer or no options.
So-called 'no-medical life insurance policies' do exist, where funds won't ask for exams or blood tests. However, they will still need a declaration about your health and occupation. If you lie about your health when you apply, your claim could be denied when the time comes. Yes, you'll pay higher premiums if you have pre-existing conditions or are in poor health, but that's better than the policy not paying out at all.
One exception to this rule is funeral insurance, which has guaranteed acceptance once you satisfy the application criteria.
Life insurance premiums will be more expensive as you get older, all things being equal. However, you can still get a competitively priced policy in your 50s if you're relatively healthy. However, you may be better off taking cover out sooner rather than later. The cost of life insurance for over 70s can be thousands of dollars each month.
There are many types of life insurance available but one of the most common for a 50-year-old is death cover. These policies pay out a lump sum benefit in the event of your death or if you're diagnosed with a terminal illness with less than 12 months to live. Finder's 2023 research of 10 different brands has found NobleOak and TAL to offer some of the cheapest options for over 50s.
The average cost of life insurance for a 50-year-old non-smoker is around $134 per month, according to our 2023 awards research. This is the average for men and women. Keep in mind your prices will vary based on your health, lifestyle and occupation.
The maximum entry age for life insurance policies is usually 79. Once you have a policy, it may continue with no expiry (as long as you continue to pay the premiums) or it can have a policy expiry age between 75 and 100 years old.
If you outlive your term life insurance policy, it'll typically expire. This means your beneficiaries won't receive any payment or death benefit if you die after the end of the term.
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
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