If you're over 70 speak with an adviser about your life insurance options and get covered today.
Life Insurance can provide critical financial support no matter what age you are. Every insurer has a “maximum entry age”, which is the max age you can be when applying for cover. There are life insurers in Australia with maximum entry ages of up to 75 years old.
Do I need to do a medical exam to get cover?
Most life insurers will require a medical questionnaire or exam before they can give you cover.
Most direct life insurance brands stop providing cover before 70. However, you can still get funeral insurance if it suits your needs. Note: If a policy doesn't require a medical exam then it's likely that any pre-existing medical conditions are automatically excluded.
What insurers provide life insurance for seniors over 70?
The table below provides details of the entry age requirements for providers featured on finder.com.au It is worth noting that the maximum entry age may not apply for all benefits on the life cover plan:
|Brands||Life cover maximum entry age||Policy expiry age|
It is critical to note that the ages listed above may not apply for each benefit option of the life cover plan for that provider. The maximum entry age will often be lower for policies that are funded through superannuation or that have a level premium structure.
What do underwriters take into consideration?
Just because you are within the age requirements of the policy does not necessarily guarantee that your application will be accepted. Each insurer will take their own steps to determine whether they are able to provide you with cover based on a number of different factors. These include:
- Any pre-existing medical conditions. It's common for people over 50 to suffer from medical conditions that may present them as a greater risk to insurers. Any applicant with pre-existing conditions not automatically covered under the policy will be required to undergo medical underwriting. This may include completing a medical questionnaire and submitting details of their medical history.
- Whether they smoke. An insurer will not reject a claim based on whether or not the applicant smokes though it will increase the cost of the policy significantly.
- Amount of cover required. Insurers will usually only provide reduced levels of cover for applicants over certain ages.
- Risky pastimes or hobbies. The involvement in particularly dangerous activities may lead to the application being rejected by the insurer.
These are just some of the factors that an insurer may take into consideration when assessing whether they will provide cover to someone over 70 years of age. As mentioned previously, each insurer has different criteria for assessing applicants and just because one insurer rejects the application does not mean that they all will.
What are the benefits of taking out life insurance If over 70 years of age?
It's an opportunity to ensure you have covered for the costs of the future. While someone in their 70s may not have the same cover requirements as someone in their early 30s, it is not uncommon for people in this age bracket to still have financial obligations that would need to be taken care of in the event of their death. Such financial obligations may include:
- Any outstanding personal debt
- Any outstanding mortgage debt
- Financial and estate planning expenses
- Legal fees
- Cost of living for surviving partner or any other financial dependents
- Provide legacy for children, grandchildren or charity
How much does life insurance for people over 70 cost?
There is no definitive answer for how much life insurance will cost for someone over 70 as each insurer will take into consideration different factors to help them determine an appropriate price. That said, applicants over the age of 50 could expect to pay a significantly higher amount for cover than younger applicants due to the increase risk of death from associated medical conditions. As an example, average pricing of products featured on LifeInsuranceFinder shows that a non-smoking male aged 65 is likely to pay as much as double for cover as a non-smoking male aged 60.
This highlights the benefit of applying for cover at a younger age and locking in a competitive rate when you are considered less of a risk to an insurer.
Tips to compare life insurance for people over 70
If you are over aged 70 years or over and looking to find reasonably priced policy with adequate cover, it is critical that you take the time to compare a range of different policies from different insurers. An insurance consultant can use their knowledge of the insurance industry to find insurers that are willing to provide cover. Increased competition among life insurance providers has meant that many providers are willing to make adjustments to policies in order to provide cover. Such adjustments include:
- Increase premium pricing
- Exclude certain events from cover
In any event, working with an insurer can greatly increase the chances of finding cover. This service is provided and there is absolutely no obligation to apply for cover.