Can I get life insurance in my 60s?

Many insurers still offer life cover into the 60s, though the options can narrow. Age limits may apply depending on insurer.

How much will it cost in your 60s?

Cost depends on your exact age, health, smoking status, and type and amount of cover. Premiums are generally higher compared to younger age brackets.

Do I need a medical exam or health questions?

Usually yes. Insurers will often ask detailed health questions; some require medical exams or tests. Some guaranteed issue policies exist, but with more limitations.

Is funeral cover different than standard life insurance?

Yes — funeral cover is meant to pay for final expenses like the funeral itself. Standard life insurance typically provides a larger lump sum for broader needs such as debts or family support.

Will my policy expire at a certain age?

Possibly. Some policies have expiry ages or limit renewals beyond certain ages. Check policy terms carefully, including renewal and benefit expiry conditions.

What happens if I develop a health condition after taking out cover?

Once cover is in place, most policies will still pay out subject to the terms and any exclusions. But existing or worsening conditions may mean higher premiums or exclusions for future policies.

Life Insurance in Your 60s | Covermate Life Insurance Broker

Life Insurance in Your 60s

Protecting Your Retirement, Family & Legacy in Your 60s

Reaching your 60s is a big milestone — a time when priorities often shift. You may be winding back work, enjoying more free time, or focusing more on preparing your legacy. Even though your financial landscape may be different in your 60s, life insurance can still play a valuable role in giving you and your loved ones peace of mind.

At Covermate Life, we partner with leading insurers to help Australians in their 60s compare and explore the cover options still available to you. This page gives general advice only and covers key things you should think about.

Why Consider Life Insurance in Your 60s?

Ensuring your partner or spouse is financially secure if something happens.
Covering outstanding debts (e.g. mortgage, personal loans) or joint liabilities.
Easing funeral or final expense burdens for loved ones.
Supporting estate planning — leaving something behind for family or beneficiaries.
The possibility of maintaining income protection or other covers in some cases.

Types of Life Insurance Available for 60s

Standard Life Cover — Lump sum paid to named beneficiaries upon death.
Funeral / Final Expenses Cover — Smaller benefit aimed at paying for funeral or immediate costs.
Trauma / Critical Illness Cover — May still be available with some insurers, depending on health and entry age.
Income Protection — Less common past certain ages; some insurers may offer until age 65 in specific cases.

Common Questions People in Their 60s Ask

Can I get life insurance in my 60s?
Yes. Many Australian insurers offer life cover into the 60s, though there may be age limits or reduced options.

How much does life insurance cost in your 60s?
Premiums depend on things like age, health, smoking status, and the type and amount of cover. Costs tend to be higher than for younger age groups.
Is medical underwriting required?
Often yes. Insurers will usually ask health questions, may require medical checks. Some policies are guaranteed issue (i.e. without health questions), but those tend to have lower cover limits and higher premiums.
What’s the difference between funeral cover and “standard” life insurance?
Funeral cover is designed specifically to cover immediate costs like funerals, memorials or final expenses; benefit amounts are typically much smaller. Standard life insurance usually offers higher lump sums that can help with debts, income replacement and more.
How long can I hold life insurance?
It depends on the insurer and policy. Some policies expire by a certain age; others are permanent. Check the policy terms, especially about policy expiry or renewal conditions.

Key Things to Consider in Your 60s

Premiums increase significantly with age; expect stepped premiums or higher level premiums.
Some insurers have maximum entry ages (e.g. 65, 70) for new policies — applying sooner gives you more options.
Health status becomes more significant: pre-existing conditions, lifestyle, and medical history impact cost and eligibility.
Funeral/final expense covers are easier to obtain, but benefit amounts are much lower.
Read policy details carefully: cover expiry age, exclusions, renewal terms, and whether the benefit keeps pace with inflation.
Compare across insurers — policies can vary widely in features, cost, and what they include.

Contact

If you’re in your 60s and exploring your options, now is still a valuable time to secure cover — while you still have more choice.

START COMPARING — Contact Covermate Life today to see your life insurance options and find a cover that aligns with your current needs.

General Advice Disclaimer

This information is general advice only and does not take into account your personal objectives, financial situation, or needs. You should consider whether the information provided is appropriate to you and seek professional advice before making decisions about life insurance.

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