Life insurance for over 70’s

You can still get life insurance even if you're over 70. See what options are available to you.

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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.

Most life insurers will require a medical questionnaire or exam before they can give you cover.

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Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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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:

BrandsLife cover maximum entry agePolicy expiry age
AIA75100
AMP7499
Asteron75100
BT6999
Clearview6499
Comminsure6980
Macquarie6599
Metlife7999
MLC70100
OnePath5975
Qantas7499
Suncorp6099
TAL75100
Zurich6999
Be aware that the ages listed above may only apply to death cover. The maximum entry age will often be lower for policies that are funded through superannuation or that have a level premium structure.

seniors

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 after 70?

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:

  • 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. Generally however, 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.

Example: Cost for a 73 year old male retiree (non-smoking)

Using finder's life insurance engine we found the following monthly quotes:

PolicyMonthly costs
Asteron$1613.57
OnePath OneCare$1624.03
AIA Priority Protection$1660.70
Clearview LifeSolutions$1675.77
TAL Accelerated Protection$1787.53

The quotes above were generated through finder's quote engine on 14 September 2018. Prices are subject to change.

Tips to find 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.

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