Life insurance is an important consideration at any time. However, many insurers have limits on the age they will accept applicants, usually ranging from 65-69.
While your insurance options shrink once you're over 70, there are some options and we want to help find the right ones for you.
You pay the same price as buying directly from the life insurer.
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We've done 100+ hours of policy research to help you understand what you're comparing.
The table below provides details of the entry age requirements for providers featured on Finder. 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 |
|---|---|---|
| AIA | 74 | 100 |
| AMP | 70 | 99 |
| Asteron | 75 | 100 |
| Clearview | 75 | 99 |
| CommBank | 65 | 75 |
| Medibank | 70 | No expiry – if premiums are paid |
| Metlife | 73 | 130 |
| MLC | 70 | 100 |
| OnePath | 75 | 130 |
| TAL | 74 | 99 |
This table was last updated on 4 April 2023.
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:
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.
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:
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.
Generally, the cost will be much higher than when you were younger. This is because the insurer will consider older applicants to have an increase risk of death from associated medical conditions.
Here are several quotes from 29 July 2020 - your personal quote is likely to be different, but this can give you an idea of the cost of life insurance for someone in their 70s.
| Policy | Monthly costs |
|---|---|
| OnePath OneCare | $1462.71 |
| AIA Priority Protection | $1518.35 |
| TAL Accelerated Protection | $1590.05 |
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:
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.
Compare quotes for life insurance with an adviser
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