Life insurance For Australians Aged 50+

If you’re reading this, chances are you’ve hit the big half century and are looking for over 50s life insurance. Check out some of the policies Canstar has available for over 50s.

The older you get, the more you might think about what will happen to your dependents should the unexpected occur. To learn more about life insurance for people aged 50 and over, continue reading below.

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Top rated life insurance for 50+ males

The table below displays a snapshot of direct life insurance policies on Canstar’s database, sorted by Star Rating (highest to lowest) then provider name (alphabetically), with links to providers’ websites. These results are based on a non-smoking male policyholder aged 50-54 years old in a professional occupation group. Click here for results specifically tailored to your circumstances.

Top rated life insurance for 50+ females

The table below displays a snapshot of direct life insurance policies on Canstar’s database, sorted by Star Rating (highest to lowest) then provider name (alphabetically), with links to providers’ websites. These results are based on a non-smoking female policyholder aged 50-54 years old in a professional occupation group. Click here for results based on your circumstances.

Why get life insurance after 50?

Your financial commitments can change once you hit your 50s. If you’re a parent your kids might start moving out of home, and school fees can be a thing of the past. But that doesn’t mean you shouldn’t consider life insurance, given the likelihood of experiencing debilitating health conditions and accidents can increase as we age. According to AMP’s claims statistics in 2017, customers in their 50s made more claims than any other age group.

life insurance claims common age

Image: AMP Claims Paid 2017

This included claims for various forms of life insurance, including:

The table below displays a snapshot of income protection products and is generated based on a male aged between 50-54 years old (non-smoker) who works in trades and services. The results below are sorted by Star Ratings from highest to lowest.

How much does life insurance cost for over 50s?

Because you’re likely to be seen as a higher risk to insurers as you get older, people over 50 tend to pay more for life insurance than other age brackets, but generally less than those in their 60s and 70s. While premiums vary from person to person depending on their personal circumstances, Canstar’s 2017 research determined the following average premiums for each gender and age group:

Of course, age isn’t the only factor that can affect life insurance premiums, although it plays a major role. Life insurance premiums can also be affected by:

  • The amount of insurance you require
  • Your current health
  • Your smoking status (non-smokers pay much less on average than smokers)
  • Your hobbies and occupation, and whether or not they are dangerous

If you think you’re paying more than you should be for life insurance, you aren’t alone. According to a survey from NobleOak, this was the main reason consumers switched to a new life insurance policy in 2017. You can find more information by comparing your options with Canstar.

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