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.
You pay the same price as buying directly from the life insurer.
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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.
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.
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:
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:
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:
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:
| Brands | Life Cover Maximum Entry Age | Policy Expiry Age |
|---|---|---|
75 | 100 | |
65 | 99 | |
79 | Up to 20 years, or until age 85 – whichever occurs first | |
65 | 75 | |
75 | 99 | |
65 | 75 | |
70 | N/A | |
73 | 99 | |
70 | ||
75 | 75 | |
69 | 99 | |
74 | 100 | |
69 | 99 | |
69 | 99 |
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:
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.
| Brand | 60 years old | Increases by | 70 years old |
|---|---|---|---|
| Average | $252.01 | $791.79 | $1,050.50 |
| 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 |
| Brand | 60 years old | Increases by | 70 years old |
|---|---|---|---|
| Average | $162.38 | $468.56 | $636.09 |
| 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.
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:
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:
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:
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By 2066, 1 in 5 Australians will be over the age of 65.
