Life insurance for seniors

Life insurance can be hard to get if you’re over the age of 74 and more expensive as you get older

Key takeaways

  • Seniors can get life insurance, but the options may become limited with age.
  • Most life cover policies will have a maximum entry age of 60-79, making it hard for seniors over 80 to find cover.
  • Life insurance premiums typically increase with age due to a higher risk of making a claim.

Can senior Australians take out life insurance?

If you're an Australian senior between 60 and 74 years old, Life insurance is available as long as you meet the basic eligibility criteria of most policies. However, it may be more expensive, and options can be limited as you age.

Most life insurance policies have a maximum age for new applicants, which is usually around 67 to 74 years. If you're older than 74, finding cover can be quite difficult, and we haven't found any Australian providers who accept new applications aged 80 and over.

Generally, the older you are, the higher your premium will be. This is simply because you're statistically higher to make a claim as you age, and insurers factor this into how your life insurance premiums are priced.

Am I eligible for life insurance?

Eligibility for life insurance will vary from provider to provider, but seniors can generally qualify for life insurance in Australia if they meet these criteria:

  • Aged under 74
  • Are a member of a superfund
  • Australian resident or citizen

In our experience researching Australian insurers, we found that seniors under the age of 74 can qualify for several types of insurance, including:

Are pre-existing conditions covered with life insurance?

You can still get life insurance with a pre-existing medical condition, but how it affects your policy is up to the individual insurer. Your application will consider your medical history, and if a pre-existing condition increases your risk of making a claim, here's what could happen:

  • A loading: You'll be covered for the pre-existing condition, but your premiums will increase.
  • An exclusion: Your application is approved, but you won't be able to make a claim for that specific condition.
  • A denial: You're refused cover, and you'll either have to reapply or find another life insurance provider.

Here are some common pre-existing conditions that insurers will consider when you apply for life insurance:

  • Heart disease
  • High blood pressure
  • Cancer
  • Diabetes type I and II
  • Kidney or liver disease
  • Hepatitis
  • Asthma
  • Anxiety

Do I need life insurance after I retire?

It depends on your personal situation. Life insurance can provide financial security for you and your family if something unexpected happens, but it can become increasingly expensive as you age. It's important to weigh your ability to pay for life insurance with your current and future responsibilities, especially with the reduction in income when you retire.

It can make sense to take out life insurance to help your loved ones pay for any expenses or debts they might be left with if you happen to pass away. If your household finances are healthy, with minimal debt and no financial dependents, or if you have enough assets to cover any expenses that come up, you might not need life insurance.

Also, check if you have any life insurance cover through your superannuation. Many superfunds will have some level of life cover available to members which is often cheaper than buying life insurance separately. Just remember, though, the level of cover you get is usually limited and won't be tailored to your needs.

Does life insurance expire after a certain age?

Many life insurance policies will have an expiry age. Once you turn a certain age, your policy will automatically end, and your provider will no longer provide you or a beneficiary benefits if you pass away or become terminally ill. For most policies, this is around 99 years old. TPD often expires around 65 years old, while trauma cover expires around 70 years old.

It's important to know that these are just general observations from policies we've found. The expiry age of a particular policy will always depend on the insurance provider and type of policy. Always read the product disclosure statement (PDS).

Will being older affect the cost of my life insurance premium?

Like most insurance policies, life insurance tends to be pricier as you get older. This is because insurers increase premiums to reflect your higher risk of making a claim. From what we've seen of the cost of life insurance in 2024, we found that a 55 year old's average monthly premium was five times that of a 25 year old for the same level of cover.

Whether or not your premiums increase once you've bought life insurance will depend on how your premiums are structured. Many life insurers offer the option of 'stepped' or 'level' premiums. Stepped premiums increase each year as you age, while level premiums stay the same throughout the life of your policy.

While age is an important factor for insurers, it's not the only thing that will affect your premium. Each insurer sets its own guidelines and criteria for assessing risk and pricing premiums, so be sure to fully understand what will impact the cost of your life insurance by checking their website or PDS.

Compare life insurance policies

1 - 7 of 12
Name Finder Score Funeral Benefit Optional TPD Cover Optional Trauma Cover Maximum Cover
Medibank Life Insurance image
Finder Award
Best Rated Brand
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$2.5 million
Get QuoteView details
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 customer

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 3 March 2025. T&Cs apply.
ahm Life Insurance image
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.

⭐ Current offer: Get 10% off your first year of ahm life insurance when you apply by 3 March 2025. T&Cs apply.
AAMI Life Insurance image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out an AAMI Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Suncorp Life Insurance image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a Suncorp Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Real Family Life Cover image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$1 million
Get QuoteView details
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.
Zurich Ezicover Life Insurance image
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
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Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score between 1 and 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read full Finder Score methodology

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Written by

Insurance Content Writer

Cameron is the local insurance scholar at Finder. With a diverse background writing in independent education, web-3, and finance, his mission is to build helpful content and that speaks to readers in language they understand. See full bio

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