Life insurance for Australians aged 60+

13 July 2018
If you’re in your 60s, your kids may no longer be financially dependent on you and you could be enjoying greater financial security than previous years. That said, you may still wish to consider life insurance to give you and your partner peace of mind should your circumstances change.

It’s worth noting maximum entry ages can apply to life insurance policies and can also vary between providers. The tables below show a selection of life insurance policies on Canstar’s database with the highest maximum entry ages.

Highest max entry age life insurance policies on Canstar

The table below displays a snapshot of direct life insurance policies on Canstar’s database, sorted by maximum entry age (highest to lowest) then provider name (alphabetically). These results are based on a non-smoking policyholder in a professional occupation group. Click here for results based on your circumstances.

What is the maximum entry age?

In Australia, life insurers typically have a ‘maximum entry age’, which is the cutoff age for new life insurance customers. Once you pass this maximum age, you can no longer apply for cover with that provider barring very special circumstances. As you can see in the tables above, some providers have maximum entry ages of up to 74 years.

While the above entry ages are for term life insurance, you’ll find that they may be lower for other forms of life insurance. Income protection, for example, has a maximum entry age of 59-60 across most of the providers on Canstar’s database.

The table below shows a snapshot of income protection policies sorted by maximum entry age (highest to lowest) then by provider name (alphabetically), with links to providers’ websites. Please note these results are based on a non-smoking male aged 55-59 in a white collar occupation. Click here for results based on your circumstances. 

Why get life insurance when you’re older?

When you’re in your 60s, you may have a mortgage, personal debts, legal fees, funeral expenses and family members that could need taking care of in the event that you are injured, become ill or pass away.

Interestingly, according to AMP’s claims statistics in 2017, more death cover claims were paid to customers aged over 60 than any other age group.

death cover claims statistics age

Source: AMP Claims Paid, 2017

What does life insurance cost after 60?

Each insurer takes into account different factors when assessing an applicant, so there is no true definitive answer to how much life insurance costs for seniors. Age, as well as gender, smoking habits, your occupation and medical history can all affect your life insurance premiums.

Canstar research shows a continuous increase in premiums for both men and women as they age. The graphic below showcases this for non-smokers up to the age of 59.

You may have to pay more than this as you continue to age as insurers could see you as a higher risk customer. According to a recent survey from NobleOak, lower premiums are the main reason why consumers switch to new life insurance policies, so if you think you’re paying too much for your life insurance, then consider shopping around to see what’s out there.

You can also use our life insurance calculators to find out what you may need and what you could be covered for.



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