Life Insurance Options for Seniors in Australia: What You Need to Know
As we get older, our priorities change — and so do our financial needs. For many Australians aged 55 and above, life insurance isn’t about accumulating wealth anymore; it’s about protecting what’s been built and ensuring loved ones aren’t left with financial stress.
At Covered Life, we help Australians of all ages find flexible, affordable life insurance options that fit their stage of life — including seniors seeking peace of mind for retirement and beyond.
Here’s what you should know about life insurance for seniors in Australia and how to find a policy that truly suits your needs.
Can You Still Get Life Insurance After 55?
Yes — in fact, many Australians in their 50s, 60s, and even 70s still qualify for life insurance. While premiums increase with age, insurers now offer more options for mature applicants, including:
Standard life cover: Comprehensive policies for those in good health.
Over 50s life insurance: Simpler, guaranteed-acceptance cover with no medical exams.
Final expense or funeral cover: Smaller, affordable payouts to help cover end-of-life costs.
Eligibility often depends on your age, health, and the type of cover you choose.
Why Seniors Consider Life Insurance
Even in later life, life insurance serves important purposes:
Protecting your partner or dependents if you still share financial commitments.
Covering funeral or medical expenses to reduce the burden on your family.
Leaving a legacy or inheritance for children or grandchildren.
Ensuring debts or loans are cleared after your passing.
Many seniors also use life insurance as a strategic estate planning tool, helping to distribute wealth smoothly and tax-efficiently.
Types of Life Insurance for Seniors
Depending on your health and goals, you may consider:
1. Term Life Insurance: Offers coverage for a fixed period (e.g., 10 or 20 years). Ideal for those who want cover until retirement debts are paid.
2. Whole of Life or Permanent Cover: Provides lifelong protection with a guaranteed payout whenever you pass away.
3. Funeral Insurance: Pays a smaller lump sum (usually $5,000–$25,000) to cover funeral costs.
4. Guaranteed Acceptance Cover: No medical questions, available up to certain age limits (often 70–80).
Each option comes with trade-offs in price, payout amount, and medical requirements — so it’s worth comparing with expert help.
Common Misconceptions
“I’m too old to get covered.”
Not true — many insurers provide cover into your 70s, and Covered Life can help you find those who specialise in mature age policies.
“It’s too expensive.”
Premiums do rise with age, but smaller or fixed-amount cover can make it affordable. Some policies even allow you to cap premiums.
“I don’t need it because I have savings.”
Savings can disappear quickly after medical expenses or funeral costs. Life insurance ensures your family’s financial security isn’t left to chance.
How Covered Life Helps Seniors
Our role is to simplify the process. At Covered Life, we:
Compare multiple Australian insurers for senior-friendly policies.
Help you understand medical or age requirements.
Identify affordable premiums that fit your retirement budget.
Assist with claims or policy adjustments over time.
We believe insurance should give you freedom — not financial stress.
General advice disclaimer: This article is general in nature and does not consider your personal financial situation. You should seek advice from a qualified professional before acting on any information provided.
