Life insurance for seniors: over 50s, 60s and 70s
Yes, you can get life insurance over 60, and some insurers accept new applicants over 70, but the choice narrows and the price rises with every birthday. One direct insurer's 2026 target market determination, for example, takes new life cover applicants up to age 74 but TPD and trauma applicants only up to 59, and Moneysmart says TPD cover usually ends at 65 wherever you hold it.
The bigger question in your 60s and 70s is whether you still need life cover. It exists to replace income and clear debts for people who depend on you. If the mortgage is paid off, the children are independent and your super would support a surviving partner, you may need less cover, or none. If you still carry debt or support someone, cover can still make sense, so check what you already hold before you buy anything new. Our life insurance calculator for over 60s works out how much, if any, you still need.
By Better Rate Mate Editorial Team ยท Last reviewed
General advice only. It doesn't consider your circumstances. Read the PDS and TMD before you decide.
Can you get life insurance over 60 or 70?
Yes, with limits. Insurers set a maximum age at which they will start a new policy and an age at which cover ends. Both vary by insurer and by type of cover, and they are printed in the PDS and target market determination. Moneysmart warns that if you are over 60 or have a pre-existing medical condition, you may not be able to get the cover you want, so start with what you already have.
Cover you already hold is often more valuable than it looks. Expiry ages are higher than entry ages, so a policy you took out at 45 may keep running well past the age at which you could buy the same cover new. Moneysmart notes that outside super you may be able to keep life cover for as long as you keep paying the premiums, while life cover in super usually ends at 70 and TPD at 65.
Life insurance in your 50s: what to lock in before 60
Your 50s are when the choice starts to narrow, and it narrows first for TPD and trauma cover. In the current PDSs and TMDs we read, the last age to apply for TPD or trauma cover was 59, while life cover could still be started into your 60s or 70s. Cover you already hold usually runs on to its expiry age, so a policy started at 55 can keep going after you could no longer buy it new.
The premium structure matters more from 50. A stepped (variable age-stepped) premium is recalculated every year for your age, so it climbs fastest in later life. A level (variable) premium starts higher but isn't recalculated for age, so it can cost less overall if you'll keep the cover into your 60s. Ask for a projection of both to 70 before you choose, and remember neither is guaranteed: the insurer can reprice either.
TPD cover usually ends at 65, inside or outside super, so TPD bought in your late 50s runs for only a few years. If what you're really protecting against is a long illness before retirement, compare that with income protection, and see how to compare life insurance on the same cover amount across insurers.
| Product | Last age to apply | When cover ends |
|---|---|---|
| CommBank Life Insurance (issued by AIA Australia), PDS 27 March 2025 | Life cover 65; TPD and trauma 59 | Life cover at the policy anniversary after 75; TPD and trauma after 65 |
| NobleOak Premium Life Direct, TMD 9 February 2026 | Life cover 74; TPD and trauma 59 | See the PDS; from 65 TPD pays only for loss of limbs, sight or independent existence |
| Real Insurance Term Life Cover (issued by Hannover Life Re), PDS 1 July 2023 | 79 | Life cover runs for a set policy term; if it is still in force, premiums stop and a final expenses benefit begins |
What changes for life cover at 50, 60, 65 and 70
Age changes what you can buy, what you can keep and what it costs. These are the points where the rules usually shift. Your own policy's PDS sets the exact ages.
| Age | What usually changes | What to do |
|---|---|---|
| 50s | Stepped (variable age-stepped) premiums are recalculated each year for your age, so they keep climbing. Moneysmart warns that funeral insurance premiums go up after you turn 50 and every year with inflation. | Ask for a projection of your premium to 70 and 80 before you buy or renew stepped cover. |
| 60 | Moneysmart warns that over 60 you may not be able to get the cover you want. From 60, a lump sum paid from a taxed super fund, including a TPD payout, is tax-free. | Check every policy you hold, in and out of super, before you cancel or replace anything. |
| 65 | TPD cover usually ends at 65, inside or outside super. Some policies narrow the TPD test before then: one insurer's 2026 TMD pays from 65 only for loss of limbs, sight or independent existence. | Check your schedule for the TPD expiry date so you don't keep paying for cover you can't claim on. |
| 70 | Life cover in super usually ends at 70. Outside super you may be able to keep life cover as long as you pay. Some insurers still take new applicants: the same TMD accepts life cover applicants up to 74. | If super cover is ending, decide whether you still need cover and compare a policy outside super before it lapses. |
Do you still need life cover?
Run the same sum Moneysmart recommends at any age, with today's numbers. Our life insurance calculator does the arithmetic.
- What would your partner or dependants need? Any remaining mortgage or debts, living costs until your partner's own super and pension would support them, and care costs for anyone who relies on you.
- What would they already receive? Your super balance, savings and investments, any insurance in super, and the value of assets that could be sold.
- The difference is what cover needs to fill. If it is small or negative, extra life cover may cost more than it is worth.
- Consider estate goals separately. Cover bought to leave an inheritance is a choice, not a need, and should be priced as one.
What happens to life insurance premiums in your 60s and 70s
On a variable age-stepped (stepped) premium, the price is recalculated each year using your age, and Moneysmart says premiums generally rise as you get older. On a variable (level) premium, the price isn't driven by your age, so it rises more slowly, but insurers can still increase rates and some policies switch to stepped from a set age.
Affordability in retirement is the trap. Income usually falls when you stop work while stepped premiums keep rising. The Life Insurance Code of Practice requires insurers selling funeral insurance on stepped premiums to warn you about future affordability when you retire or enter aged care. The same thinking applies to any stepped policy you plan to hold into your 70s.
Life cover options for over 60s compared
The products marketed to over-50s differ a lot in how much they pay and when.
| Option | What it pays | Health questions | Watch for |
|---|---|---|---|
| Term life (fully underwritten) | Lump sum on death or terminal illness | Full medical and lifestyle questions | Entry-age limits; stepped premiums rise with age |
| Life cover with few or no health questions | Lump sum on death, often with limits early on | Few or none | Moneysmart warns fewer questions can mean more exclusions or narrower definitions; pre-existing conditions are often excluded |
| Accidental death cover | Lump sum only if death is caused by an accident | Usually few | Doesn't pay for death from illness, disease or suicide, and often has a lot of exclusions |
| Funeral insurance | A fixed benefit, usually $5,000 to $15,000 | Usually few | Premiums for life can exceed the benefit; illness often not covered in the first years |
| Funeral bond or prepaid funeral | Pays for your funeral; not insurance | None | Money is locked in for the funeral; check fees or the plan's terms |
| Keep and reduce existing cover | Your existing benefit, reduced to lower the premium | None for a decrease | Once cancelled, you may not be able to get cover back |
Reduce your life cover rather than cancel it
If premiums are becoming hard to pay, ask your insurer or fund about reducing the sum insured before you cancel. A lower amount keeps some cover in place at a lower price, and it keeps the terms you were accepted on years ago. Cancel, and a new application in your late 60s may bring exclusions for conditions you have developed since, or a refusal. If the cover genuinely isn't needed any more, cancelling is sensible. Just make it a decision rather than letting it lapse.
Why older life insurance applicants are declined or loaded
Insurers decide whether to cover you, and at what price, from your age, job, medical and family history, smoking and lifestyle. By your 60s most people have something in their medical history, so the underwriting decision matters more. It can be the standard rate, a loading (a percentage added to the standard premium), an exclusion for a specific condition, or a decline. One insurer's 2026 TMD lists what its underwriting can lead to: a higher price, a limit on the sum insured, special terms, or declining the cover. It may also ask for a report from your treating doctor or medical screening tests.
Age limits do the rest. Each cover type has its own maximum entry age, and the same TMD accepts new life cover applicants up to 74 but TPD and trauma applicants only up to 59. Policies that ask no health questions usually deal with pre-existing conditions through blanket exclusions instead, so read how they define one.
You have rights if the answer is no. Under the Life Insurance Code of Practice, an insurer that offers you different terms or declines your application commits to telling you within 5 business days of having what it needs, explaining its reasons in plain language, giving you the information it relied on if you ask, and reviewing its decision if you ask. Answer every question carefully: since 5 October 2021 you must take reasonable care not to make a misrepresentation, and a careless answer can lead to a claim being refused.
General advice only. This information doesn't take into account your objectives, financial situation or needs. Consider whether the product is right for you and read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you decide. We don't compare every product in the market, and we may earn a commission if you take up a product through our links.
What to watch for
- Check the expiry age of any policy you are thinking of buying. Cover that ends at 70 or 75 may stop just when the risk is highest.
- Before replacing a policy, confirm the new insurer will accept you and on what terms. The Life Code says the insurer will tell you not to cancel existing cover until your new application is accepted.
- Accidental death cover only pays if an accident causes your death. Death from illness isn't covered, so check that before you rely on it.
- Life cover in super usually ends at 70. If you are relying on it, check the date with your fund.
- If you're declined or offered a loading, ask for the reasons in writing. The Life Code lets you ask for a review.
Common questions
Can you get life insurance over 70?
Sometimes. Many policies stop accepting new applicants before 70, but some take older applicants: one direct insurer's 2026 TMD accepts new life cover applicants up to 74. Expect higher premiums, lower cover limits or more exclusions, and remember existing cover may continue past 70 if the policy allows.
What kind of life insurance is best for a 70-year-old?
There isn't one best type. At 70 the realistic options are keeping or reducing cover you already hold, a fully underwritten term life policy from an insurer whose entry age reaches past 70, cover with few health questions and more exclusions, or a funeral bond or prepaid funeral if the aim is to pay for a funeral. TPD is usually no longer available. Compare what each pays for and whether you could afford the premiums for the rest of the policy.
How much would life insurance be for a 72-year-old?
There's no standard price. At 72 the premium depends on the sum insured, your health and smoking status, the premium structure and the insurer, and a stepped premium is recalculated every year, so it keeps rising. Get a quote on your own details and ask for a projection of future premiums before you commit.
What causes life insurance to be denied?
Applications are usually declined because of the insurer's assessment of your health, medical history, job or pastimes, or because you are past the maximum entry age for that cover. Claims are refused when the event isn't covered, an exclusion applies, or the insurer finds you didn't take reasonable care with your answers. Insurers that follow the Life Insurance Code of Practice commit to giving you their reasons in writing and telling you how to ask for a review.
At what age should you cancel life insurance?
There is no set age. Keep cover while someone depends on your income or would be left with debts you can't otherwise clear. Once your super and assets would cover those needs, reducing or cancelling the cover can make sense.
What happens after 10 years of paying life insurance?
With term life insurance, nothing is paid back. The premiums paid for cover during those years. The policy continues while you keep paying, until its expiry age.
Is life insurance worth it over 60?
It is worth it if you still have debts, a partner who relies on your income, or someone you care for. If your mortgage is paid off and your super would support your partner, you may not need much cover, if any.
What are the top 5 life insurance companies in Australia?
APRA's latest insurer-level figures, for financial years ended in the 12 months to June 2023, show the four largest life insurers by net policy revenue were TAL Life, AIA Australia, MLC and Zurich Australia. Size isn't the same as being right for you: see who issues each brand's cover on our life insurance hub, and check claims records in Moneysmart's life insurance claims comparison tool.
Who is the most trusted life insurance company in Australia?
No official ranking measures trust. The closest objective measure is how often an insurer pays claims and how quickly, which Moneysmart's life insurance claims comparison tool shows for each insurer, by cover type and sales channel, along with disputes. Check whether the insurer has adopted the Life Insurance Code of Practice too.
Is funeral insurance better than life insurance for seniors?
Not usually. Funeral insurance pays a small fixed benefit for premiums that continue for life and can end up costing more than the benefit. If the aim is to pay for a funeral, Moneysmart suggests considering a prepaid funeral, a funeral bond or savings first.
General information only
Entry ages, expiry ages and cover limits vary by insurer and change between product versions. The insurer documents cited on this page are examples only. Check the PDS and target market determination of any policy you consider, and speak to a licensed financial adviser if you want a recommendation.
Other cover to review in your 60s and 70s
Income protection matters less once you've stopped working. These are the covers people over 60 most often check alongside life insurance.