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Over 60s life insurance

Over 60? Find out if life insurance is right for you and what options are available

Top pick:
Cheap for over 60 year olds
Finder AwardBonus
  • Cheapest policy on average for 60 year olds
  • Simple application process

What you need to know

  • Life insurance can give you peace of mind but costs can be prohibitive for some after 60.
  • Key features for over 60s include a funeral advance benefit and accidental death cover.
  • Your options do not stop at 60, with some policies available up until 79.

Get an over 60s life insurance quote

Make sure you check the maximum entry age before applying. This is the age limit to apply for a policy. Be sure to inform your provider if you have any pre-existing medical conditions.

1 - 7 of 7
Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
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
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
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.
ahm Life Insurance
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests required.
HCF Life Protect Insurance
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
RAC Life Insurance
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.

Real Family Life Cover
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.

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.

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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  • Save time and effort

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Why should I consider life insurance after my 60th birthday?

If you've paid off your mortgage and your kids have left the nest, life insurance may seem like excessive security.

It's true, it's not for everyone, but there are several reasons why life insurance still makes sense even if the key financial burdens of life may feel like they've been lifted.

Benefits of life insurance for over 60s

  • Peace of mind your loved ones will be taken care of if illness or injury strikes, or if you pass away unexpectedly.
  • Cover immediate expenses such as the cost of your funeral or outstanding medical bills.
  • Help your spouse maintain their current standard of living or leave behind for your kids and grandkids.

Drawbacks of life insurance for over 60s

  • Your pre-existing conditions may be excluded from coverage.
  • Policy expiry ages may mean that some types of cover are not available to you
  • The cost of life insurance can dramatically increase once you turn 60.

Is it worth it if I'm no longer working?

The end of work doesn't mean the end of life, and life insurance is about more than just income protection. It's about providing some level of comfort to those who've made up your world after you leave it.

Seniors may no longer face the same financial obligations of yesteryears, but you probably still wish to secure yourself as you transition to your golden years.

Over 60s life insurance features:

life insurance icon

What types of cover are available?

While there are many types of life insurance now available on the market, there are four main policies you might consider once you're over 60:

  • Life cover. Life cover pays a lump sum benefit when you die or are diagnosed with a terminal illness. This benefit can be used to help your loved ones pay off debts, manage ongoing expenses, pay for your funeral and maintain their standard of living. Many policies also allow you to add optional cover for accidental death.
  • Trauma cover. Trauma insurance (aka critical illness insurance) offers a lump sum benefit if you suffer a serious medical condition, such as cancer, heart attack or stroke. This type of cover can be especially useful as you get older and are more likely to suffer a serious medical event.
  • Total and permanent disability (TPD) cover. TPD insurance pays a lump sum if you become totally and permanently disabled. This benefit can be used to cover medical and rehabilitation expenses, pay for home modifications, and generally help with your everyday living expenses.
  • Funeral insurance. Funeral insurance provides a lump sum benefit to help your loved ones cope with their immediate expenses following your death.

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Features to look out for

How can you choose a quality life insurance policy that provides the protection you need at a reasonable price?

These are a few key features you should look out for:

  • Benefit indexation. Most insurers will increase your level of cover each year so that your sum insured rises in line with the cost of living. Your premiums will increase at each policy anniversary to reflect this.
  • Premium freeze. If you don't want your premiums to increase each year due to indexation, check to see whether the insurer allows you to freeze your premiums. This allows you to keep the same premium amount but means that your cover will decrease each year.
  • Funeral advance benefit. If you purchase life cover, will the insurer offer an advance benefit payment of a portion of your sum insured to help your loved ones pay for your funeral?
  • Financial planning benefit. It can be daunting to work out how best to manage the proceeds from a life insurance payout, so look for a policy that provides cover for the cost of expert advice from a financial planner.
  • Guaranteed renewability. Look for a policy that is guaranteed renewable – this means that if your circumstances change and you need to increase your level of cover, you will be able to do so without undergoing further medical underwriting.
  • Simple claims process. Making a life insurance claim can be daunting and confusing, especially when you're going through a period of emotional upheaval. Finding an insurer with a fast and hassle-free claims process can make a big difference.

older man

Age eligibility requirements

One of the common reasons people over 60 avoid taking out life insurance is because they think they're too old to be covered. However, you might be surprised to learn that you may be eligible for life insurance cover well into your senior years.

Although the maximum entry and expiry ages vary between insurers, the following age limits generally apply to life insurance:

Age eligibility requirements for different types of cover

One of the common reasons people over 60 avoid taking out life insurance is because they think they’re too old to be covered. However, you might be surprised to learn that you may be eligible for life insurance cover well into your senior years.

Although maximum entry and expiry ages vary between insurers, the following age limits generally apply to life insurance:

  • Life cover. Maximum entry age of 75 years and an expiry age of 100.
  • Trauma cover. Maximum entry age of 65 years and an expiry age of 70.
  • TPD cover. Maximum entry age of 75 years and an expiry age of 100.
  • Funeral insurance. Maximum entry age of 80 years.

Life insurance maximum entry ages

BrandsLife Cover Maximum Entry AgePolicy Expiry Age
Up to 20 years, or until age 85 – whichever occurs first

Factors affecting the cost of over 60s life insurance

There are many different aspects to life policies that can make them seem expensive (especially if you don’t shop around and compare the best rates).

To understand why this might be the case, there are a number of things related to the status of your life and health that largely determine the premiums. These include:

  • Your age
  • Gender
  • Current health status

How much does life insurance for over 60s cost?

We analysed 5 life insurance policies to get a rough idea of how much it costs per month for a 60 year old and how it increases if you get it at the age of 70.

Brand60 years oldIncreases by70 years old
AIA Priority Protection$289.15$826.20$1,115.35
MLC Insurance$225.20
OnePath OneCare$248.36$752.70$1,001.06
TAL Accelerated Protection$259.84$899.23$1,159.07
Zurich Wealth Protection$237.51$689.01$926.52
Brand60 years oldIncreases by70 years old
AIA Priority Protection$188.30$512.73$701.03
MLC Insurance$141.73
OnePath OneCare$159.95$460.79$620.74
TAL Accelerated Protection$165.18$479.15$644.33
Zurich Wealth Protection$156.72$421.55$578.27

Quotes were taken on 10 November 2022 with a life cover of $500,000 for a non-smoker. Prices are only a rough guide and are subject to change.

How can I save on my cover costs?

  • Improve your health and lifestyle. Two factors that will affect your premiums, no matter how old you are, are your health and your lifestyle. If you smok or have a serious health condition, it could also incur higher charges.
  • Take advantage of your gender. Gender also plays an important role in how much you will pay for cover. A 60-year old woman will pay one-third less in premiums than a 60-year old man. So if a 60-year old, healthy, non-smoking man and woman get a 10-year term life insurance policy worth $100,000, the man will have to pay $676 every year in premiums while the woman will only have to pay $449 every year (based on a rough calculation).
  • Comparing different options can save you thousands. Shopping for life insurance can be tedious, but the process can be made easier online. Enter your personal information – and obtain an online quote in minutes. You can also gain comparisons from several different companies, and add and eliminate benefits and options you might not want, or need.
  • Find out what cover you need. If you don't have any life insurance in place, it can be difficult to know where to start, particularly with the many policies available on the Australian market. Before you start to compare policies you should understand the difference between direct and underwritten life insurance policies, as premiums can vary greatly.

Can you get life insurance over 60 with no medical test?

All life insurance companies require applicants to declare any pre-existing medical conditions prior to taking out cover. Failure to do so may lead to the policy being rejected at claim time.

With the likelihood of conditions increasing in later years, most insurers will require applicants over 60 to submit a medical exam regardless of whether or not they declare they have a pre-existing condition. This is to account for the additional risk that they present to the insurer. If the applicant has a pre-existing condition, the insurer will generally either:

  • Automatically cover the condition
  • Cover the condition but apply a premium loading
  • Adjust the policy so that any claim related to the condition is not covered
  • Choose not to cover the applicant

If you have struggled in the past to find life insurance due to a pre-existing condition, you may wish to consider cover options that require very little or no medical underwriting whatsoever. These include:

What's the difference between life insurance and funeral cover?

Both types of cover will provide a payout upon your death to help ease some of the financial burden.

Some of the key differences are around eligibility and the cover amounts:

  • Eligibility. Funeral insurance has a lower barrier to entry and can usually be taken out by any adult that fits an age requirement. Life insurance takes into account your medical history, if you smoke and other health-related considerations.
  • Cover amounts. Funeral insurance will cover you for smaller amounts suitable to help pay for funeral costs. Life insurance can cover you for well over $1 million and is designed to help ease more of the financial burden left to your loved ones.

Why you can trust Finder's life insurance experts


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