Peace of Mind After You’ve Stopped Working

Retirement brings freedom from work, but it doesn’t always remove financial responsibilities. Many retirees still have debts, want to support their partner, or ensure funeral and estate costs are covered. Life insurance can provide peace of mind that your loved ones are financially secure.

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At Covermate Life, we specialise in helping retirees compare policies that suit later-life needs.

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General Advice Only: The information below is of a general nature only and does not take into account your personal circumstances. Please consider your own needs and seek professional advice before making financial decisions.

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Why Retirees Consider Life Insurance

• Supporting a partner or spouse with ongoing living expenses.

• Clearing remaining debts such as mortgages, loans, or credit cards.

• Funeral and final expenses so your family isn’t left with unexpected costs.

• Estate planning to leave a gift for children or grandchildren.

• Business succession planning for retirees still involved in family businesses

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Types of Cover Available for Retirees

• Life Cover (Death Cover): Lump sum payment to beneficiaries. Some policies allow entry up to age 65–75.

• Funeral Insurance / Final Expenses Cover: Designed for smaller payouts to cover funeral costs, available up to age 80.

• Whole-of-Life Options: Limited in Australia, but can be useful for legacy planning.

• Accidental Death Cover: May be available if health concerns make standard life insurance difficult.

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Things to Keep in Mind as a Retiree

• Premiums are higher in retirement compared to earlier decades.

• Maximum entry ages apply — applying earlier gives you more options.

• Consider whether your superannuation and savings already provide for your family.

• Medical questions and health assessments may affect cover and cost.

• You may not need as much cover as before, but even smaller policies can provide valuable support.

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Benefits of Using Covermate Life as Your Broker

• Access to insurers who still accept applications from retirees.

• Guidance on how policies interact with your superannuation or estate planning.

• Advice on tailoring cover to your retirement lifestyle and goals.

• Support with medical questions and underwriting requirements.

• Independent comparison of multiple insurers to find suitable options.

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Next Steps

If you’re retired and considering life insurance, now is the time to review your options. Even a modest policy can reduce financial stress for your loved ones.

Compare policies today with an experienced broker.

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FAQ 

1. Can retirees still get life insurance in Australia?
Yes. Many insurers allow new policies up to ages 65–75, and some funeral insurance policies are available up to age 80.

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2. What type of life insurance is most common for retirees?
Many retirees choose funeral cover or smaller life cover policies to take care of final expenses, debts, or to provide a gift to family.

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3. Is life insurance expensive in retirement?
Premiums are higher in retirement, but smaller policies or funeral insurance can be more affordable options.

 

4. Do I need life insurance if I’m already retired?
It depends on your situation. If you have a partner, outstanding debts, or want to cover funeral costs or leave a legacy, life insurance can still be valuable.

 

5. Can I use my superannuation instead of life insurance?
Super can provide financial support, but life insurance ensures a guaranteed lump sum payout separate from investment balances.

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Disclaimer

Covermate Life provides general advice only and does not consider your objectives, financial situation, or needs. Always read the relevant Product Disclosure Statement (PDS) before deciding on a product.