Life insurance for seniors

Average customer rating: 4.3/5
Written by Joshua Malin
Reviewed by Steven Spicer
Updated 11 April 2024

Can senior Australians and residents take out life insurance?

Life insurance is available to most senior Australian citizens (typically between the ages of 60 and 74), and depending on any pre-existing conditions which may impact their ability to get cover. In some cases, you may be required to take a medical exam or have blood tests during your application, but this is relatively common even when purchasing cover earlier in life. The cost of your premiums depends on various circumstances, such as your current health status, medical history and how much life insurance cover you need.

Both permanent residents and those living in Australia who intend to apply or are eligible to apply for permanent residency may be eligible for life cover; however, there may be different application and procedural assessments, which are dictated by each insurer, so it’s important to check these with each life insurer if you’re considering taking out cover.

Expert tips on life insurance for seniors

Our life insurance expert, Steven Spicer, understands just how important life insurance can be for Australian seniors, which is why he’s put together these tips to help you choose a policy that works for you.

Steven Spicer
Executive General Manager – Health, Life & Energy

Consider optional features

The base policy you choose may not include everything you require. However, some providers allow you to choose additional features such as funeral insurance, total and permanent disability cover, trauma protection and an accidental death benefit. Consider this when comparing policies.

Be honest with your insurer

There are several factors that affect premiums, including your health status, age, gender and medical history. It’s important to be completely honest about all these factors when searching for a life insurance policy to ensure you and your dependants are adequately covered if a claim needs to be made.

Think carefully about your cover amount

When setting a cover amount always consider factors such as your income, health status, assets, any personal savings and the dependants who rely on you. This can help you determine if the cover amount you’ve selected will be sufficient if a claim is made.

Life insurance as you age

How much does life insurance cost for seniors?

Do I need life insurance after retirement?

Does your life insurance expire after a certain age?

Which life insurance options are available to seniors?

There are several different types of life insurance available. Each type of cover varies in its purpose, conditions, payout type and maximum entry age limit. Four of the most common life insurance options are:

Term life insurance

Total Permanent Disability (TPD) insurance

Trauma insurance

Funeral insurance

Meet our life insurance expert, Steven Spicer

Steven Spicer
Executive General Manager – Health, Life & Energy

As the Executive General Manager of Health, Life and Energy, Steven Spicer is a strong believer in the benefits of private cover and knows just how valuable the peace of mind that comes with cover can be. He is passionate about demystifying the health insurance industry and advocates for the benefits of comparison when it comes to saving money on your premiums.