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Considering life insurance? In Australia, there is a wide range of products available for people over 65.
Life insurance can often offer peace of mind if you have others relying on you financially or don't want to leave any outstanding debts such as a mortgage, loans or funeral expenses.
There are a couple of key things you may want to consider when comparing your options:
- Check the entry age. It varies by each insurer, but the highest age of entry is usually 74.
- Pre-existing conditions: You can often get covered, disclose your medical history during the application process or speak with an advisor if you're unsure.
Compare Australian life insurance policies for over 65s
You may have noticed that there are only a handful of life insurance providers in the table below. This is because some insurers won't take applications for people aged over 65. To make it easier for you, our table only shows the one that do. Hit Get Quote to start comparing life insurance for over 65s.
Find the best life insurance for over 65s
We reviewed and scored 21 Australian life insurance policies, here's who came out on top in the category for older Australians.
When looking at which insurer offered the best choices for older Aussies, we looked at three key areas: minimum sum insured, the maximum entry age and the policy expiry age. It turns out that both TAL and Qantas scored well according to our algorithm.
How can this page help you?
What expenses might life insurance cover for people aged 65 and over?
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 can cover for people aged 65 and over 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 one's funeral. Many policies will offer funeral advancement benefit that will make an advance payment of a portion of the sum-insured to a defined amount.
What life insurance policies offer cover for people over 65?
|Brands||Life Cover Maximum Entry Age||Policy Expiry Age|
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.
How do expiry ages work?
Term Life insurance features and benefits for people over 65 to consider
Term life insurance 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 out to your loved ones if you die during this time.
- Benefit indexation. Ensures your premiums keep 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.
- Terminal illness benefit. Receive 100% of your life cover sum-insured if a certified medical practitioner diagnoses you with a terminal illness.
- Final 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.
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 can offer policyholder protection for up to 50 different medical conditions at a time in their life that they may be more susceptible for suffering a serious condition. Conditions covered can include heart attack, stroke, coma, out of hospital cardiac arrest and loss of independence.
Key features of a trauma insurance policy to consider
Be sure to go over these features
- Buy-Back Feature. If the Trauma cover is linked to the 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.
- Range of conditions covered. It is important for policyholders to review the range of conditions covered before application. Many medical events will have conditions on when a benefit may be paid.
Tips to compare Life insurance quotes for people over 65
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?
Of course 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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