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Senior life insurance is an important consideration for those entering or already in their retirement years. That's especially true if you have any unpaid debts or home loans that will need to be paid after you pass away. By having the right cover in place, you can avoid passing on a financial burden to those you love.
Below we've compared a few core features from different Australian brands. You might want to take a look at the 'maximum entry age' as this is the age limit to applying for a new policy. We aren't able to show you the costs upfront because there are a number of factors that make up the price but you can check the features and if you see one you like, select Get Quote to work out the costs.
| Maximum age of entry: | Can range from 60 - 79 |
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| Maximum age of entry: | Typically 59 (lthough some insurers will offer cover up to 64). |
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Trauma cover. 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. |
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| Maximum age of entry: | Typically 79 (although some specialised providers may have a higher entry age). |
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| Maximum age of entry: | Typically 60 (although some specialised providers will offer a higher entry age). |
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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 |
|---|---|---|
| 50 | $234.62 | $69.63 |
| 65 | $666.43 | $419.41 |
| 70 | $1,242.05 | $745.80 |
'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.
Learn more about funeral insurance plans
Should I take out seniors life insurance even though I'm healthy?
Even if you're healthy you're not immune to accidents, and no one knows what the future has in store. Therefore, it is best to take out life insurance as early as possible, when you are less of a risk to the insurer, and your premiums will be lower.
What's typically included?
Depending on your insurer, you can have extras such as accidental serious injury insurance, and total and permanent disability insurance, so you don't have to die to receive a benefit payout.
Who can apply?
Generally, any Australian resident who is aged between 50 and 79 can apply for a policy. In most cases, you won't need to have a blood test or a medical exam. Then, as long as you continue to pay your premiums on time, you are guaranteed to have your cover renewed each year.
Am I covered everywhere?
You will generally be covered no matter where you are in the world, as long as you remain an Australian citizen.
Can I cover my family too?
Most seniors policies will also allow you to add your partner and your children to the policy. In most cases, you can cover as many dependents as you like, up until they turn 21.
Compare quotes for life insurance
An adviser can help you find cover from trusted life insurance brands.
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finder compares different insurance policy options and key expenses to cover people in their 60s.
Melbourne?
Hi Mike,
Thank you for reaching out to finder.
If you are asking about life insurance for Seniors in Melbourne then we are on the right page to make a comparison. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Get Quote” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have. Hope this helps!
Cheers,
Reggie
Can I take out a life cover of $100,000 for my 65 yr old husband and what’s the monthly premium?
Hi Rose,
Thanks for your comment. Yes, some policies will offer cover for applicants over 65 years old. As for the premium, this will depend on a variety of factors so we are unable to give a specific number.
However, you can get a quote estimate by filling out your details into our quote engine form.
Good luck!
Maurice
Hi I’d like to take out Funeral cover of $10,000 each for two children: Female age 34yrs & Male age 37yrs. What’s the best premium on the market?
Hi Rose,
Thank you again for the questions :) Unfortunately we can’t give you the “best premium”. However, if you’d like to compare funeral insurance quotes with an adviser, simply fill out the form at the top of the page.
Note: Price is not always an indicator of the best policy, remember to look at policy features as well.
I hope this helps,
Maurice