Life Insurance Over 40

Compare life insurance policies for over-40s through Savvy today.

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, updated on July 19th, 2023       

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Life Insurance

We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

If you're over 40, you may be considering purchasing life insurance to ensure the financial protection of your loved ones in the event of unexpected illness, injury or death which is included under your policy’s coverage. Purchasing a policy may help provide peace of mind to you and your family, but there are many life insurance policies available to Australians.

By comparing policies through Savvy, you’ll be able to consider a range of life insurance policies in one place from a panel of trusted Australian insurers. Compare coverage, costs, additional benefits and more before making your decision. Get started today with a free, no-obligation quote through us.

How much will life insurance cost if I’m over 40?

The cost of life insurance in Australia for those over 40 can vary depending on a range of factors. Some of the key variables which can influence the cost of your life insurance and whether you can access an affordable policy include:

  • Age: as you get older, the cost of life insurance typically increases, as the risk of illness and death naturally increases with age. As such, although the difference may be minimal, you may find that you’ll pay more for insurance if you’re almost or over 50 compared to someone who just turned 40.
  • Health: your current health status and medical history are significant factors which life insurance providers consider when assessing your premium. Pre-existing medical conditions may increase your premium (or may not be covered), as well as factors such as your weight, blood pressure and cholesterol levels. Additionally, a family history of disease or illness may also impact your premium, even if you don’t currently suffer from the illness yourself.
  • Smoking: if you’re a smoker, you’ll typically pay much higher premiums than non-smokers. This is because smoking is a significant risk factor for a range of health conditions, such as lung cancer, heart disease, and stroke. Smoking can double the cost of premiums compared to someone who doesn’t smoke.
  • Policy type: the type of policy you choose will also have an impact on the cost of your insurance. For instance, a life cover policy may not cost the same as a trauma cover policy.
  • Insurer: each insurer is different in terms of how they price their policies, so it’s important to compare your options thoroughly to determine which offers suitable coverage at the most affordable price.
  • Occupation: your occupation can also affect your premiums, as certain jobs may involve greater risks, such as exposure to hazardous materials or dangerous machinery. Jobs that are deemed to be higher risk may result in higher premiums. For instance, it may be harder to get coverage as a firefighter compared to someone who works in an office.
  • Coverage amount: the amount of coverage you require also plays a significant role in the cost of your life insurance policy. The more coverage you need, the higher your premiums will be.

How do I compare life insurance policies as someone over 40?

When comparing life insurance policies if you are over 40, it's important to consider a few key factors to ensure you find the right coverage for your needs. Some comparison points to keep in mind include:

  • Premiums: the cost of premiums can vary widely between policies, so it's important to compare quotes from different insurers to find a policy which is affordable and fits your budget.
  • Coverage: make sure to compare the coverage levels offered by different policies, including the types of events which are covered and the amount of coverage you can choose to take out.
  • Exclusions: some policies may have exclusions for certain types of events or pre-existing conditions, so it's important to read the fine print to ensure you're getting the coverage you need.
  • Waiting periods: some policies may have waiting periods before coverage kicks in, such as 90 days for trauma and TPD cover and between two weeks and two years for income protection, so make sure you understand the terms of the policy before signing up.
  • Additional benefits: some policies may offer additional benefits, such as the ability to suspend your coverage or take out insurance to help cover your mortgage, so be sure to consider these as well if they’re relevant to you.

You can compare a range of life insurance policies in one place through Savvy. Simply fill out an online form to have a variety of offers from a panel of leading insurers side-by-side instantly.

Types of life insurance

Why compare life insurance through Savvy?

Common questions about life insurance for those over 40

Can I purchase life insurance with no medical if I’m over 40?

Some life insurance policies don’t require a medical exam for those over 40, but they may come with higher premiums or lower coverage amounts. However, whether you can be approved for a life insurance policy without a medical exam will depend on your current health.

Can over-40s take out guaranteed life insurance?

No – while many insurers offer life insurance for those over 40, there is no such thing as guaranteed life insurance payouts in Australia. All policies will have certain conditions and exclusions that must be met for a payout to be made. It is important to compare policies and read the fine print to understand what is covered and under what circumstances.

What’s the difference between level and stepped life insurance premiums?

The primary difference between stepped and level premiums is that while level premiums remain the same throughout the life of the policy (only increasing in line with inflation), stepped premiums increase each year as the insured gets older. Stepped premiums are typically lower initially, but can become more expensive over time.

How do I buy life insurance through Savvy?

Buying life insurance through Savvy is simple and only takes a few steps:

  1. Fill out the online quote form to provide information about yourself and the cover you’re after
  2. Compare quotes from a panel of insurers based on your profile
  3. Schedule a call back from a life insurance specialist to discuss your chosen policy and other options
  4. If you’re satisfied, purchase your policy

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Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.