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Last Updated on 17 November 2018

Life Insurance for Over 50s

If you’re over 50 and in the market for life insurance, you may be in an unusual stage in your life for life insurance shopping. You may be nearing retirement and looking to replace an expensive income protection policy, or you may be a late-in-life parent who still needs to look out for the future educational and other needs of one or more dependent children.

Life insurance comparison in Australia is relatively simple compared to other parts of the world. Regardless of what you need in a life insurance policy, if you’re over 50, here’s what to expect:


As the average adult life expectancy grows, so does the need for life insurance later in life. Many insurers welcome over-50s and offer a wide range of products that can be tailored for the over-50 consumer’s needs. Keep an eye out for specialist insurances for the over-50s, but compare the coverage and premiums to those offered by less specialised life insurance policies ensure that you’re getting adequate cover for your needs.


However, just because insurers are clamouring for your business, do not expect life insurance to be cheap for a person who’s already hit the big 5-0. The mortality rate for a person in his or her 50s is higher than that of a person in his or her 20s or 30s, and insurers will take that into account when quoting you a price for your life insurance.

While the basic term life insurance that’s marketed to the 50 and over demographic is often quite affordable, higher pay-out term life products may become more expensive as your age increases. However, there are some life insurance products available whose premiums do not increase with age, so this may be something to look out for when you compare life insurance.

Types of Policies Available

For years, most over-50s had to be content with one-size-fits-all term life cover that offered cheap-to-mid-range premiums and very little cover. Nowadays, insurers are courting baby boomers with an array of products, including specialized life insurance products designed purely to cover funeral or other final costs. Life insurance may also extend to provide cover for trauma and disability, which may be useful to an older policyholder.

Where to Shop

Finding a life insurance policy if you’re over 50 is easier than you think. A local insurance broker may help you to select a policy that’s right for you, but life insurance comparison is something the average Australian can do for themselves with a little background knowledge. Going online to compare life insurance is also a valid option, especially if you’re looking for a term life policy aimed specifically at seniors. Many term life policies are available for purchase online or over the phone with no medical tests or other requirements.

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