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Life insurance for people over 65

Over 65 and looking for life insurance? Get affordable cover tailored to your needs.

Life insurance can often offer peace of mind if you have others relying on you financially or don't want to leave your family with any outstanding debts, such as a mortgage or funeral expenses.

What you need to know

  • In Australia, there is a wide range of products available for people over 65.
  • Entry ages vary from insurer to insurer, but the highest age is usually 75.
  • You must disclose your medical history during the application process, including any pre-existing conditions.

Compare Australian life insurance policies for over 65s

To make things easier, our table only shows the respected Finder partners that take applications for people aged over 65.

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.

⭐ Current offer: Get one month free for a limited time - apply by 21 December 2023. Offer T&Cs on insurer website apply.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
RAC Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance.

Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
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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.

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Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products. Not available to those over 75 years old.

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An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
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Why get life insurance over 65?

Your needs change with your life stage. It's why regular reviews of one's policy are important to ensure they do not have too much or too little cover in place. While everyone's needs may be different, some typical expenses that life insurance over 65 can cover you for include:

  • Outstanding debt. Policy owners in this age bracket may still have money owing on their mortgage and other personal debt.
  • Medical expenses. Medical expenses that may be incurred prior to one's death can be a significant expense for one's spouse or family to cover.
  • Funeral Expenses. Life cover can help cover the expenses of your funeral. Many policies will offer a funeral payment which is a portion of the sum-insured. Another option is to compare standalone funeral insurance.

How long will life insurance cover last?

The maximum entry age on life insurance policies in Australia can vary between providers but generally, people can take out cover if they are between the ages of 18 and 75.

A policy expiry age can also impact the length of your life insurance policy. This is the age at which your policy will automatically terminate. It is usually between 99 and 130 years of age. For example, if you're currently 70, you could purchase a policy with a maximum entry age of 70 or above and an expiry age of 100 and be covered until you turn 100 years old.

BrandsLife Cover Maximum Entry AgePolicy Expiry Age
75
100
70
99
75
100
69
99
75
99
65
75
73
130
70
100
75
130
70
99
69
99
69
99

The figures in this table were correct at the time of publishing. Make sure you check the Product Disclosure Statement (PDS) to see you if you're eligible to apply.

What types of life insurance are over 65s eligible for?

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Term life insurance for people over 65

Term life insurance, also known as 'death cover', is the standard type of life insurance you can get in Australia. It covers you for a period of time (for example - until the age of 99) and will pay a lump sum benefit to your loved ones if you die during this time.

  • Terminal illness benefit. Receive 100% of your life cover sum insured if a certified medical practitioner diagnoses you with a terminal illness.
  • Benefit indexation. Ensures your sum insured (and premiums) keeps pace with inflation over the life of the loan.
  • Premium freeze. Freeze premium payments for a specified period. This feature is generally only available with stepped premiums.
  • Funeral expenses benefit. An advanced payment of a portion of the sum-insured is paid to nominated beneficiaries to help them cover immediate expenses following death.
  • Financial planning reimbursement. Beneficiaries are reimbursed for the cost of obtaining a financial plan from a certified financial adviser.

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Trauma insurance for people over 65

People over age 65 may wish to consider adding Trauma Insurance to their life insurance plan, either as a linked benefit on their policy or as a standalone policy.

Trauma cover, also known as 'critical illness cover', can offer policyholder protection for up to 50 different medical conditions including heart attacks and strokes.

Some of the key features of trauma insurance include:

  • Buy-Back option. If the trauma cover is linked to a life insurance plan and a benefit is paid for a trauma event, the life insurance sum insured is reduced by what was paid for the trauma benefit. The buy-back feature allows the policy owner to repurchase the sum-insured 12 months after the claim was paid.
  • Chronic Diagnosis Advancement Benefit. Some policies will provide policy owners with an advancement of a portion of the sum insured following the diagnosis of a specified condition.
  • Conversion to loss of independence. As most trauma policies will only provide cover to age 70, some policies will allow policy owners to convert the benefit to a "loss of independence" benefit. This benefit can generally remain in force until the age of 100.
  • Financial planning benefit. Some insurers will reimburse financial planning costs so you can plan how to use your lump sum payout.
  • Death benefit. A lump-sum payout may be awarded if there is a death within 14 days of suffering from a critical condition.

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Total and Permanent Disability cover for people over 65

Total and Permanent Disability (TPD) cover pays a lump sum benefit if you can't work again due to a permanent illness or injury. It's important to note that most insurance policies have a maximum entry age of 65 but there are a few that have their cut off point in the 70s.

Some of the main benefits of TPD include:

  • Partial disability benefit. You can be paid a lump-sum amount in the event of partial disablement (e.g. loss of one arm or sight in one eye).
  • Buy-back option. If your TPD cover is bundled with your life insurance, when a TPD benefit is paid, the amount gets deducted from your life insurance sum insured. A buy-back option lets you reinstate that amount.
  • Death benefit. If your TPD cover is a standalone policy a benefit amount can be paid in the event of your death.
  • Benefit indexation. Your sum insured will increase annually in line with the Consumer Price Index to keep up with inflation.

Tips on how to compare life insurance

In addition to the benefits and features of the policy being applied for, there are some key things to look out for when comparing quotes on life insurance policies.

  • Sum insured. What is the maximum amount of cover that can be taken out on the policy?
  • Cost. Are you getting good value for money? Does the policy have expensive extras that you don't really need?
  • Waiting period. How long is the period between the claim being made and the benefit being provided to the policy beneficiaries?
  • Maximum entry age. What is the cut-off age for applying for cover?
  • Cooling off period. What is the duration of time after the policy being taken out that cover can be cancelled and premiums refunded?
  • Claims process. What is the insurance provider's claims process? This should be stated on the insurers website.
  • Cover renewal. To what age can cover be renewed?

These are just a few components of the policy to review when comparing quotes. An insurance consultant can help you compare different policies and explain any exclusions that may apply.

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