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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.
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.
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.
We analysed 11 life insurance policies* to get a rough idea of how much it costs per month for a 50 year old.
| Brand | 50 years old | 60 years old | 70 years old | Apply |
|---|---|---|---|---|
| NobleOak Premium Life Direct | $74.20 | $282.20 | No cover available | Get quote |
| RAC FlexiCover Life Insurance | $91.97 | $349.81 | No cover available | Get quote |
| Allianz Life Plan | $100.16 | $323.68 | No cover available | More info |
| ANZ Ezicover Life Insurance | $108.95 | $384.38 | No cover available | More info |
| Zurich Ezicover Life Insurance | $108.95 | $384.38 | No cover available | Get quote |
| AHM Life Insurance | $123.34 | $397.72 | No cover available | Get quote |
| Medibank Life Insurance | $129.82 | $418.66 | $1,533.74 | Get quote |
| Bendigo Bank MaxLife Life Protect | $131.83 | $468.90 | No cover available | More info |
| Insuranceline Life Insurance | $132.06 | $471.98 | No cover available | More info |
| AAMI Life Insurance | $132.06 | $471.98 | No cover available | More info |
| Suncorp Life Insurance | $132.06 | $471.98 | No cover available | More info |
| Brand | 50 years old | 60 years old | 70 years old | Apply |
|---|---|---|---|---|
| NobleOak Premium Life Direct | $55.34 | $184.89 | No cover available | Get quote |
| RAC FlexiCover Life Insurance | $68.60 | $229.18 | No cover available | Get quote |
| Allianz Life Plan | $72.17 | $207.35 | No cover available | More info |
| ANZ Ezicover Life Insurance | $78.11 | $235.23 | No cover available | More info |
| Zurich Ezicover Life Insurance | $78.11 | $235.23 | No cover available | Get quote |
| AHM Life Insurance | $88.92 | $253.96 | No cover available | Get quote |
| Medibank Life Insurance | $93.60 | $267.32 | $685.74 | Get quote |
| Bendigo Bank MaxLife Life Protect | $105.21 | $320.06 | No cover available | More info |
| Insuranceline Life Insurance | $114.86 | $310.16 | No cover available | More info |
| AAMI Life Insurance | $114.86 | $310.16 | No cover available | More info |
| Suncorp Life Insurance | $114.86 | $310.16 | No cover available | More info |
*Quotes taken from Finder's life insurance engine on March 2022 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:
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.
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.
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.
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.
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.
An adviser can help you find cover from trusted life insurance brands.
Some of the features and options available with life insurance for over 50s include:
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.
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.
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
| 80 years old |
Important note: Age restrictions will vary from policy to policy and should be used as general guidance only.
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.
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.
Over 50? Find out why you still need to have life insurance.
Life insurance quotes is going to be so beneficial not only for you in your 60s but also for your family to provide your daily expenses without worries.
What you need to know before getting life insurance if you're over 70.
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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
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