A few things to know
- Cover can generally be taken out until age 79 and can remain in place until age 100
- It’s often worth reviewing your current policy with a consultant to switch to something more suitable, which could save you hundreds each year
Senior life insurance is an important consideration for those entering or in their retirement years. Your financial obligations may have changed since but having cover in place allows you to avoid passing on any financial burden to those you love most.
Life cover offers a financial safety net to ensure that in the event of your death any final expenses or debt you may have remaining is taken care of.
We analysed over 13 policies in our panel to find out what the best policy for seniors was using our finder seniors score.
|Brand||Policy*||Maximum entry age||Expiry age||Is fully underwritten cover offered?||finder seniors score|
|OnePath||OnePath OneCare Life Cover||75||130||4.5 ☆|
|AIA||AIA Priority Protection Life Cover||75||100||4.5☆|
|Asteron||Asteron Life Complete Life Cover||75||100||4.5 ☆|
|TAL||Accelerated Protection Life Insurance||75||100||4.5 ☆|
|Metlife||Metlife Life Insurance||79||99||4.5 ☆|
|Clearview||ClearView LifeSolutions||75||99||4.5 ☆|
|Qantas||Qantas Assure Life Protect||74||99||4 ☆|
|AMP||AMP Elevate Life Insurance Plan||74||99||4 ☆|
|Comminsure||Comminsure Protection Life Care||71||99||4 ☆|
|MLC||MLC Life Cover Insurance||70||100||4 ☆|
|BT||BT Protection Term Life||69||99||3.5 ☆|
|Zurich||Zurich EziCover||69||99||3 ☆|
|Virgin||Virgin Money Tailored Life Insurance||65||80||3 ☆|
|NobleOak||NobleOak Premiumn Life Direct||69||85||3 ☆|
|Real||Real Family Life Insurance||64||No expiry age as long as premiums are paid||3 ☆|
|ANZ||ANZ Life Insurance||59||99||2.5 ☆|
Policy information last checked August 2018.
|Maximum age of entry:||Can range from 64 - 79|
|Maximum age of entry:||Typically 59|
Trauma insurance. Provides a lump sum benefit if you suffer a medical condition such as cancer or a heart attack, and other serious conditions are more common with older age. This cover can be purchased as standalone cover or bundled with the life cover policy.
|Maximum age of entry:||Typically 59|
|Maximum age of entry:||Typically 75 (although some specialised providers may have a higher entry age.|
|Maximum age of entry:||Typically 60 (although some specialised providers will offer a higher entry age)|
The maximum age that seniors can apply for cover will really depend on the type of policy that you decide to go with. This may vary between providers but generally the following rules apply.
The cost of life insurance will get more costly as you enter your later years.
|Age||Monthly premium for males||Monthly premium for females|
'Monthly premium' based on the average of monthly policy premiums available through finder.com.au's quote engine. Premiums last checked October 2016 and are subject to change.
Life insurance premiums are calculated based on different risk factors a person is exposed to. An insurer will use the criteria below to determine the premium payable.
Life insurance gets more expensive the older you get. However, some key steps to find affordable cover include:
While some life insurers won't cover pre-existing medical conditions (especially for seniors) there are some exceptions. These are a few common ways insurers may assess your condition:
Be on the lookout for a policy that offers 'fully underwritten' cover. This means you'll know upfront if you are covered or not and what the next steps are. Most policies you get through an adviser will be fully underwritten.
The benefit payment from a seniors life insurance benefit may be used for a number of remaining expenses. This may include:
Some key features to consider when looking at seniors life insurance plans include:
Taking out life cover can seem like just another thing to organise, when all you want to do is relax and enjoy planning your retirement. However, there are some important benefits and limitations you should consider when looking at seniors life insurance:
Considered the prime of your life, with a lot of professional and life experience under your belt than you had before. A lot of people start looking towards retirement in their 50s, but it’s important to remember that there’s a good chance you’re still only halfway through a long and full life. This might be the right time to really focus on powering towards your savings and retirement goals, as the more you can put away now, the more you’ll have later. The right life insurance can help keep you on target even if things go wrong.
When you’re over 65 you’re officially a senior. You’re older, wiser and probably feeling the physical aches and pains that come with age by now. Unfortunately, these growing health issues will likely start taking up increasing amounts of your time, attention and money. It’s time to start considering how to actively use superannuation and life insurance as you move away from a constant income and towards savings.
By now you’re either feeling the weight of years and your health is an increasing concern. You may want to consider estate planning in more detail, and how you plan on passing on your belongings with minimal tax impacts. Many life and related insurance policies will be expiring when you’re in your 70s. If you have been depending on benefits from these, or are expecting to rely on claims in the future then it’s wise to assess your existing cover and options.
Funeral insurance can be a good choice if you're unable to apply for life insurance. Some key tips to follow when applying for funeral insurance include:
In some cases yes. With guaranteed acceptance usually offered to those under the age of 80, funeral insurance may be the only option for those that have been unsuccessful in taking out life cover in the past and don't require a significant amount of cover. Most funeral insurance policies allow applicants to take out between $1,000 and $30,000 in cover.
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The estimate amount of income protection you need isClose