Life Insurance Over 50

Q: Can I get life insurance after 50?

Yes. Many insurers in Australia offer cover into your 50s, 60s and even up to age 70, although premiums are higher than for younger age groups.

Q: What is the difference between funeral insurance and life insurance?

Funeral insurance provides a smaller payout to cover funeral and immediate costs, while standard life insurance provides a larger benefit for family support, debts, and estate planning.

Q: Can I hold life insurance through my superannuation after 50?

Yes. Many super funds provide life cover into your 50s and 60s, though cover may reduce or expire at certain ages. It's important to review your superannuation insurance terms.

Protecting Your Family and Future Beyond 50

Reaching your 50s is a milestone — but it can also be a time when financial priorities shift. You may be thinking more about retirement, downsizing, or leaving a legacy for your family. Life insurance over 50 can still play an important role in providing peace of mind and financial security for loved ones.

At Covermate Life, we work with leading insurers to help Australians over 50 compare and explore cover options. This page provides general advice only and outlines some of the key things to consider.

Why Consider Life Insurance Over 50?

Family support – Ensure your spouse, children, or grandchildren are financially secure.
Debt protection – Cover mortgages, car loans, or outstanding personal debts.
Estate planning – Leave a financial legacy for your family or a nominated beneficiary.
Funeral costs – Reduce the financial burden on loved ones.
Retirement peace of mind – Ensure your partner is supported if something happens to you.

Types of Life Insurance for Over 50s

Standard Life Cover – Provides a lump sum payment to beneficiaries on your death.
TPD (Total & Permanent Disability) – A lump sum payment if you can no longer work due to permanent disability.
Income Protection – May still be available up to certain ages, providing income replacement if illness or injury prevents you from working.
Funeral Insurance – Lower cover amounts designed to cover funeral and immediate expenses.
Trauma Cover – Provides a lump sum if diagnosed with certain critical illnesses.

Common Questions People Ask

1. Can I get life insurance after 50?
Yes. Many Australian insurers offer cover for people in their 50s, 60s and even up to age 70, although premiums are higher than for younger age groups.

2. How much does life insurance cost over 50?
Premiums depend on age, health, smoking status, and the type/amount of cover you apply for. Costs are generally higher after 50.

3. Is medical underwriting required?
Some insurers require medical exams or health questionnaires. Others may offer guaranteed acceptance up to certain ages, but usually at higher premiums and lower cover limits.

4. What’s the difference between funeral insurance and life insurance?
Funeral insurance provides a smaller payout designed to cover funeral and final expenses, while life insurance provides larger lump sums to support family and debts.

5. Can I hold life insurance through my superannuation after 50?
Yes. Many super funds offer cover into your 50s and 60s, but cover may reduce or stop at certain ages. It’s worth checking your super fund’s policy.

Key Things to Consider

Premiums increase with age — stepped premiums can rise quickly.
Some insurers cap new policies at age 65 or 70.
Your health history plays a bigger role in underwriting after 50.
Funeral cover may be easier to obtain but offers lower benefits.
Compare options across insurers — not all policies are the same.

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 is appropriate for you and seek professional advice before making any decisions about life insurance.