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Life Insurance Over 50

Looking for life insurance and over 50? Compare policies from a range of leading providers through Savvy today.

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, updated on July 19th, 2023       

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

Hitting the big 50 can be a cause for celebration, but it can also be a time when you consider what would happen to your loved ones if you were to pass away or fall critically ill. If you’re over 50 and want to give yourself more peace of mind, you can compare life insurance policies from some of Australia’s leading insurers in one place through Savvy.

You’ll be able to see a range of policies with different age limits, as well as compare benefit limits, costs, inclusions and more, so you can decide which policy appears to offer you the best bang for your buck from our panel of providers. Get started with a free, no-obligation quote through Savvy today. 

Why should I take out life insurance if I’m over 50?

Taking out life insurance if you’re a senior or over 50 can be a no-brainer for a whole range of reasons. Australians are living longer than ever, but just because you’ve reached the half-century mark doesn’t mean your financial obligations to your loved ones or family members lessen necessarily.

You may intend to work for another 15 years, which means any permanent disruption to your income could have significant financial implications. Once you turn 50, you also become more susceptible to certain diseases and age-related disorders. For example, men in their 50s are at a higher risk of being diagnosed with prostate cancer than men in their 20s, with this risk only increasing as you reach your 60s, 70s and 80s.

One of the top reasons to buy life insurance if you’re over 50 is to ensure your family is left with money to maintain their quality of life if you were to suddenly get sick or pass away. Depending on the type of cover you buy, life insurance can provide a payout if you’re critically ill, injured or pass away. The amount of cover you can buy will be influenced by the type of insurance you buy, your insurer and other factors relating to your health profile.

A life insurance payout may help your loved ones keep on top of credit card bills, mortgage repayments and any other day-to-day costs. It can also help cover the cost of a funeral, plus help pay hefty medical bills that might be incurred if you pass away or are treated for a terminal or non-terminal disease.

What types of life insurance are available if I’m over 50?

If you’re over 50, you're still spoilt for choice when it comes to buying life insurance. Among your options when it comes to purchasing cover are:

  • Life cover: this may allow you to protect your beneficiaries and loved ones financially in the event of your death or terminal illness diagnosis. Term life cover policies usually cover you for between ten and 30 years or up to a certain age, such as 85, depending on the amount of cover you decide to purchase or which provider you purchase through. In many cases, you’ll be able to purchase your first policy up until you’re 60 or 65, though some insurers may make policies available to purchase up to the age of 75 (depending on their terms and conditions). Some insurers have no upper payout limits, meaning you can be covered for as much as you need.
  • Trauma insurance: this type of insurance can pay out a lump sum if you suffer a serious injury or fall critically ill. This can include strokes, heart conditions or some forms of cancer. You can buy this cover on its own or bundle it with other insurance products. You can purchase this cover up until the age of 65 in many cases.
  • Total and permanent disability insurance: under TPD cover, you may receive a lump sum payment to help cover the ongoing expenses associated with managing your permanent disablement due to injury or illness which prevents you from working again. There are different types of TPD cover which can pay out either if you’re unable to work in your current position (but may be able to complete other work relevant to your experience, education and training) or in any position relevant to your experience, education and training. Some insurers may allow those up to the age of 75 to purchase a policy (subject to meeting eligibility requirements), but others may cap this age closer to 60.
  • Income protection insurance: a life assured who has purchased income protection insurance could receive ongoing payments of up to 70% of their salary if they’re unable to work for an extended period due to injury or illness, which can last as long as five years or until you turn 65 (depending on the level of cover you buy). In most cases, insurers will cap the maximum entry age at 60.

How much does life insurance for over 50s cost?

Life insurance providers calculate the price you’ll pay by assessing your risk profile. The higher they consider your chances of making a claim, the more you’ll pay for your policy. That’s why someone who is over 50 is likely to pay more for their policy than a younger person in their 30s.

Some of the factors insurers consider when working out the cost of your life insurance include:

  • Your age: this is one of the biggest factors when it comes to calculating the cost of your life insurance premiums. The older you are, the more you’ll likely pay for your policy, so those who have just turned 50 will often have cheaper premiums than someone in their 60s.
  • General health: the healthier you are, the less you can expect to pay for your life insurance. This is because a history of prior conditions could leave you at greater risk of falling ill or passing away. In some cases, you’ll need to undertake a medical test that will examine your weight, blood pressure and overall health, though this won’t always be the case.
  • Job: your premiums may go up if your insurer considers your line of work to be high-risk. For instance, those who are exposed to hazardous substances in their line of work are likely to pay more than someone working in an office without such dangers.
  • Smoking status: smokers will pay a significant amount more for coverage than non-smokers, due to the heightened risk of contracting illnesses such as cancer. This also applies to other smoking products such as vapes, e-cigarettes, cigars, chewing tobacco and nicotine patches.
  • Genetic conditions: insurers may quiz you about your family’s medical history, including whether any of your relatives have had heart disease, cancer, diabetes or any serious forms of mental illness. Having a genetic disorder could increase the amount you pay for coverage.

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Why compare life insurance through Savvy?

Common questions about life insurance for over 50s

How do I buy life insurance through Savvy if I’m over 50?

You can purchase your life insurance through Savvy in just a few simple steps. To buy a life insurance policy, simply:

  • Get a quote: you'll need to provide some background on who you are and what your insurance needs are. This normally entails supplying some personal information (such as your date of birth, contact information, whether or not you smoke and your occupation) and selecting the desired level of insurance coverage.
  • Compare with Savvy: after doing so, you can compare various plans and premium quotes side-by-side through us. After doing some research and making a decision, you can arrange for a life insurance expert to contact you to go through the specifics of your policy.
  • Purchase your policy: after consulting with your life insurance advisor, you can go ahead with the purchase of the policy that best suits your needs. The beginning of your cover may take anywhere from two weeks to two years, depending on the policy.
What happens if my life insurance claim is rejected?

If your life insurance company has knocked back your claim, you have the right to appeal their decision. The decision isn’t final and there are steps you can take to try and get a claim approved, including obtaining legal advice and asking for an internal review. Before doing so, however, it’s best to check over your fine print and double-check that what you’re claiming is covered under your policy.

Can my children be beneficiaries of my life insurance payout?

Yes – you can name your children as beneficiaries of your life insurance payout. In most cases, your child will need to be 18 years old at the time of your death to receive the payout. If they aren’t, the money will be held in a trust by a legal guardian until they’re old enough to claim it.

Should I opt for the cheapest life insurance policy?

While choosing the cheapest life insurance policy on the market may save you a few dollars when you buy it, it may not be the best option for you and your family in the long term if it offers inferior coverage or more exclusions than a more expensive policy. Take the time to consider which policy offers the most suitable coverage at the most reasonable price.

Can I get life insurance without taking a medical exam?

Yes – medical exams aren’t always a requirement when purchasing life insurance, as some insurers won’t conduct them during the application process. Check with your insurer if you’re unsure about whether you’ll need to complete a medical exam as part of this process.

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Disclaimer:

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.

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