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Life insurance for people over 65

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

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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.

Name Product Maximum Cover Maximum Entry Age Minimum Cover Terminal Illness Benefit
NobleOak Life Insurance
$15,000,000
69
$50,000
$3,000,000
First month free for NobleOak Life Insurance. T&Cs apply.
Zurich Ezicover Life Insurance
$1,500,000
69
$50,000
$1,500,000
Get your first month free. T&Cs apply.
Medibank Life Insurance
$2,500,000
70
$100,000
$2,500,000
Medibank health members save 10% every year. T&Cs apply.
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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.

Best cover for older Australians: TAL Lifetime Protection and Qantas Life Insurance

Best life insurance for older Australians
Getting the best cover as you get older is not so much about the ability to get the most cover dollarwise, but the right amount of cover to suit your changing needs.
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.

Continue reading below if you'd like to learn more about life insurance cover.

medicalWhat 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?

Minimum and 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.
BrandsLife Cover Maximum Entry AgePolicy Expiry Age
74
100
70
99
75
100
69
99
75
99
65
75
73
130
70
100
75
130
74
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.

How do expiry ages work?

This will depend on a range of factors including occupation and sum-insured but many policies will provide cover to the policy anniversary prior to the age of 100.

seniorsTerm 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.

Features and benefits for both trauma and life insurance will vary between policies making it even more important to get a clear understanding of what will and won't be included in your policy.

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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4 Responses

  1. Default Gravatar
    APPECHERLAApril 23, 2018

    1. What is the minimum age a child can be covered for life insurance?
    2. Is it compulsory for one of the parents also to have life insurance, for the eligiblity of their child insurance?
    3. What is the maximum sum allowed for the child insurance by any insurer?

    • Avatarfinder Customer Care
      JhezApril 25, 2018Staff

      Hello Appecherla,

      Thank you for your comment.

      These are the answers to your questions.
      1. Children’s entry age for life insurance is 2-18 years old.
      2. It is not compulsory for a parent to have a life insurance just to have the child become eligible for life insurance. Also generally speaking, life insurance cover for children is available as an additional benefit in a life insurance policy for an adult or the parent.
      3. Sum-insured is one of the things you have to check when comparing life policies for children. I’d suggest that you check out the page where you can see the list of insurers who may give cover for your child. You can also fill out the form to make an inquiry. I hope this helps.

      Regards,
      Jhezelyn

  2. Default Gravatar
    LohSeptember 25, 2017

    Hi,

    I would appreciate if you can point me to a Life Insurance for my Mother. She is a Australian PR residing in Australia for 20 years. She is a non smoker good health and receiving Australian Government Pension. She is 80 years old. Which insurance company offer a policy as it has pass the minimum age of 65.

    • Avatarfinder Customer Care
      HaroldSeptember 27, 2017Staff

      Hi Loh,

      Thank you for your inquiry.

      While the maximum entry age is 79 years old you may still want speak to an advisor to check the other available options for your mother.

      I hope this information has helped.

      Cheers,
      Harold

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