At Curo Financial Services, we have helped seniors and people over 50 in Australia get the right coverage. Our team has decades of experience in providing tailored insurance advice to the older demographics. Explore your insurance options with us.
There is a quiet comfort that comes with knowing your family won’t be left scrambling if something happens to you. Life insurance gives seniors and those over 50 exactly that — a financial safety net that protects the people you love most. Beyond peace of mind, it can keep your spouse financially afloat without forcing them to dip into the retirement nest egg you’ve spent decades building.
Here are some of the key benefits worth considering:
Should the worst happen, your life insurance pays out a lump sum directly to your beneficiaries. That money can go toward maintaining your family’s way of life, covering unexpected expenses, or simply giving them breathing room during a painful time. It also solves a problem many people overlook — liquidity. When most of your wealth is locked up in property or other large assets, your family may have no choice but to sell quickly and at a loss. Insurance proceeds put cash in their hands, so they can make smart decisions rather than rushed ones.
Mortgages, personal loans, credit card balances — these don’t disappear when you do. Life insurance means those obligations don’t become your family’s burden to carry. The payout can clear whatever’s outstanding, keeping your loved ones on steady financial ground rather than navigating a difficult situation with debt piling up on top of grief.
Losing someone is hard enough. The last thing your family should be worrying about in those first raw days is how to pay for a funeral. Having life insurance in place means those costs are taken care of, giving the people you love the space and time they need to grieve properly.
Estate planning comes with its own set of costs — taxes included. Life insurance can step in to cover those, making the transfer of your estate smoother and less stressful for the people who inherit it.
A terminal diagnosis brings enough weight on its own — financial stress shouldn’t be part of it. Life insurance can help cover medical bills, ongoing treatments, and care costs, so you’re not forced to deplete your savings at a time when you need stability most.
Australia’s leading life insurers offer coverage to people over 50 and 65, and in most cases, you can still take out a new policy right up until your 70th birthday. For seniors across the country, there are several types of life insurance worth knowing about — and understanding the differences between them goes a long way toward making sure your coverage actually does what you need it to do.
If you pass away or receive a terminal illness diagnosis, your life insurance policy pays out a lump sum to you or whoever you’ve nominated as a beneficiary. The life insurance payout can be used for:
TPD insurance steps in financially if a serious illness or injury leaves you totally and permanently disabled. Typically, the policy pays a lump sum when you become permanently disabled and are unable to work again.
More Australians are working deep into their late 60s and even into their 70s, which has made Income Protection insurance for the over-65s far more relevant than it once was.
If illness or injury temporarily forces you off the job, Income Protection replaces your income — typically up to 70% of what you were earning before you became unable to work.
Most of the major insurers now extend Income Protection cover through to age 65, so if you’re planning to keep working until then, this cover is genuinely worth considering.
This policy pays a lump sum amount when you suffer a critical illness, such as cancer, heart attack, or stroke. Your payout can be used for recovery, treatment, or medical home upgrades.
Consulting with an expert insurance adviser will help you match your financial needs and situation with the right type of policy.
Most traditional and online advertising has created real confusion about life and funeral insurance. As a result, many individuals are confused about what each type of coverage is designed to do.
The biggest mix-up tends to happen between Life Insurance for seniors and Funeral Insurance for seniors. Here’s something a lot of people genuinely don’t realise: a standard Life Insurance policy already includes a form of funeral cover built right into it.
Both policy types will pay a benefit to the insured person’s family when they pass away. And in most cases, neither holds a surrender value — meaning if you cancel the policy, you don’t get any money back.
That said, there are some pretty important distinctions worth knowing about:
Funeral Insurance is designed to cover one specific expense, so the payout is limited — typically somewhere between $5,000 and $30,000. Life Insurance, on the other hand, works on a much larger scale — with cover available up to $5 million. That means it can take care of far more than just funeral costs.
In 2020, we ran a comparison study and the results were eye-opening. A 70-year-old male in good health, with a monthly budget of $250, could secure either $90,000 worth of Life Insurance — or just $30,000 through a Funeral Insurance policy. (Note: these figures were accurate as of 30/06/2020 and will have changed since.)
To put it in even plainer terms: take a 65-year-old non-smoking man from NSW. A $15,000 Funeral Insurance policy through one of Australia’s major banks was quoted at $113.53 per month. A $50,000 Life Insurance policy through ClearView? Just $82.90 per month. More cover, lower premium.
ClearView’s Term Life Insurance is a good example of how life insurance goes beyond a simple payout. Their policy includes what’s called a ‘funeral advancement benefit’ — a feature that releases $25,000 to the family as soon as a death certificate is received, without waiting for the full claims process to wrap up.
When you stack that up against a typical funeral insurance policy, the difference is stark. The ClearView policy pays out $25,000 upfront — already more than the $15,000 offered by the funeral insurance example above — and then a further $25,000 once the insurer completes its assessment. All told, you could walk away with four times the payout, and at a lower monthly cost.
Funeral Insurance tends to be a straightforward product with a short, simple application. Life Insurance involves a bit more paperwork, partly because it covers more ground and often comes with additional built-in benefits beyond the core death benefit. It’s not complicated, but it does require more information upfront.
Getting your life insurance set up correctly from day one can spare your family a lot of financial stress and unnecessary hassle if they ever need to make a claim. Keep the following points in mind as you search for the right coverage.
Your current age plays a significant role in both the level of coverage available to you and what you’ll pay in premiums — the earlier you lock something in, the better off you’ll generally be.
If you’re shopping for insurance past the age of 65, pay close attention to two things: the maximum entry age and the expiry age of any product you’re considering. The maximum entry age is simply the oldest you can be and still qualify for a particular policy. The expiry age is when that policy ends and stops providing protection. These figures can vary quite a bit from one insurer to the next, so it’s worth taking the time to compare your options carefully before committing.
Note: Some policies carry coverage age limits — make sure you know what they are before signing anything.
Most insurers will look at both your current health and your medical background as part of their assessment process. Having a pre-existing condition doesn’t automatically take you out of the running — it just means your application will be assessed with that in mind. Being upfront and honest about your health history works in your favour, since insurers also take your credibility into account when making decisions.
Partnering with a specialist like Curo Financial Services can meaningfully improve your chances of securing the coverage you need.
Figuring out the right amount of coverage isn’t one-size-fits-all. A few things worth factoring in:
Your premiums shouldn’t stretch your budget to breaking point. Working out a realistic figure you can comfortably pay regularly makes planning ahead a lot more straightforward.
Note: It’s common for premiums to rise as you age, reflecting the increased health risks and shorter life expectancy that insurers account for in their pricing.
Most insurers offer two main premium structures — Stepped Premiums and Level Premiums (recently renamed by the regulator to Variable – Age Based and Variable, respectively).
An experienced insurance advisor can help you work out which structure aligns best with your financial situation and long-term goals.
Before taking out anything new, go through any policies you already hold — both personal cover and anything tied to your superannuation. This gives you a clearer picture of where the gaps are and helps you avoid paying for cover you might already have.
| Insurance Company | Life Insurance Maximum Entry Age | Life Insurance Expiry Age |
|---|---|---|
| AIA | 75 | 99 |
| AMP | 70 | 99 |
| Asteron Life | 75 | 99 |
| BT | 69 | 99 |
| ClearView | 75 | 99 |
| Comminsure | 69 | 99 |
| MLC | 70 | 100 |
| Macquarie Life (Now Zurich) | 70 | 99 |
| OnePath | 75 | 130 |
| TAL | 75 | 99 |
| Zurich | 69 | 99 |
| Insurance Company | Income Protection Maximum Entry Age | Income Protection Expiry Age |
|---|---|---|
| AIA | 60 | 65 |
| AMP | 59 | 70 |
| PPS Mutual | 60 | 70 |
| NEOS | 60 | 65 |
| ClearView | 60 | 65 |
| MLC | 60 | 65 |
| OnePath | 60 | 65 |
| TAL | 60 | 65 |
| Zurich | 59 | 70 |
| Insurance Company | Trauma Insurance Maximum Entry Age | Trauma Insurance Expiry Age |
|---|---|---|
| AIA | 64 | 70 |
| AMP | 64 | 99 |
| Asteron Life | 59 | 75 |
| BT | 59 | 75 |
| ClearView | 65 | 80 |
| Comminsure | 62 | 80* |
| MLC | 59 | 75 |
| Macquarie Life (Now Zurich) | 65 | 99 |
| OnePath | 65 | 70 |
| TAL | 61 | 69 |
| Zurich | 59 | 75 |
* denotes a change to the policy wording after age 70
You can find out more about trauma insurance claims here.
| Insurance Company | TPD (Disability) Insurance Maximum Entry Age | TPD (Disability) Insurance Expiry Age |
|---|---|---|
| AIA | 64 | 70 |
| AMP | 59 | 99 |
| Asteron Life | 75 | 99 |
| BT | 59 | 99 |
| ClearView | 75 | 99 |
| Comminsure | 59 | 79 |
| MLC | 59 | 99 |
| Macquarie Life (Now Zurich) | 65 | 99* |
| OnePath | 75 | 99 |
| TAL | 61 | 99 |
| Zurich | 59 | 99 |
* denotes a change to the policy wording after age 65
While taking out life insurance later in life is possible, it can present some challenges during the application process. Below are some common issues seniors face when taking out life insurance.
Most life insurance policies have a maximum entry age, typically between the ages of 60 and 75 years old — limiting the number of seniors who can access coverage. Working with an insurance adviser allows you to get policy options that are suitable for your age. It is important to note that products such as income protection, TPD insurance, and Trauma Insurance have lower maximum entry ages when compared to life insurance.
Pre-existing medical conditions can affect your policy eligibility. In the application process, the insurer may request additional documents to prove your insurability and may require additional premiums to provide coverage. An expert insurance adviser can help you present your medical condition in a comprehensible way to the insurer.
To compensate for higher health risks that come with age, insurers typically charge higher premiums on life insurance for seniors. A careful assessment of your finances and choosing the right type of policy and premium structure can help you save on these costs.
For older individuals, it is common to have a lower amount of insurance coverage than those who are younger. Review your existing coverage (if there is any) to ensure that you only fill your insurance gap.
Do not let these misconceptions about seniors’ life insurance get in the way of protecting your family’s financial future.
It is a common misconception that life insurance is not available for older individuals. While some policies have age limits and have higher cost of premiums, it is still possible to get coverage even in the late stages of life.
While it is typical for seniors’ life insurance to be more costly than that of younger individuals, there are options and flexibility within the policies to customise the cost of premiums and match your budget.
Pre-existing medical conditions and past medical history may affect your policy approval; however, it does not mean that your application will be declined. There are insurance policies and providers that offer a more comprehensive underwriting to cater to seniors.
Your financial obligations do not end when your children are no longer dependent on you. Your life insurance policy can be a source of funds to properly distribute your estate, cover your funeral costs, or leave a legacy to your children or grandchildren.
Most life insurance coverage from superannuation has standard cover. It is likely, especially for seniors, that this type of group cover is sufficient to mitigate the individual’s financial risks. Underinsurance can mean putting yourself and your family at risk in the future.
Required medical exams are not always extensive and hard to process. Working with an expert life insurance advisor for seniors can help you avoid errors in medical requirements.
Another major misconception about life insurance is the difficulty of lodging a claim. This misconception may be isolated cases because in 2023, around 97.4% of life insurance (death cover) claims in Australia were accepted.
Having an honest claim application and working with an expert insurance claim advisor can increase your chances of getting approved for insurance payout.
It can be a daunting task as a senior to navigate the complexities of life insurance. There are several factors that you need to consider and have knowledge about to get a comprehensive seniors life insurance.
Working with a life insurance expert, such as Curo Financial Services, can help you streamline your decision and policy application process.
Our team has decades of experience working with hundreds of seniors and people over 50 to identify their financial risks and find the most suitable insurance policy to mitigate them. If you are looking for a customised life insurance for seniors, send us a message and one of our experts will get in touch with you.
Absolutely. In Australia, you can take out life insurance for your parents as long as you have their consent and prove that you have an “insurable interest” in your application. This is a standard requirement to let your insurer know that you will be financially affected by their loss.
The amount of insurance coverage for seniors can depend on many factors, such as the amount of legacy they want to leave, their estate plan, the amount of income to be replaced, or expected funeral costs. Working with an expert insurance advisor can help you determine the right amount of coverage you need.
As a senior with life insurance, you will have peace of mind knowing you have secured your family’s financial future, a fund to properly transfer your estate, protect your income, a fund to pay for medical bills (if diagnosed with terminal illness), a fund for funeral support, or a legacy to leave to your children or grandchildren.
Yes. Having a pre-existing health condition should not hold you back from getting life insurance coverage. There are insurance providers that offer coverage for seniors with pre-existing medical conditions. Talk to our team to get assistance.
Factual Advice Disclaimer
The information I have provided you is purely factual in nature and does not take account your personal objectives, situation or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. If you require financial product advice you should consult a properly licensed or authorised financial adviser.
General Advice Disclaimer
General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
Don’t put off your insurance until it’s too late.
Call Curo now to speak to your personal advisor, on 1300 665 356.
Factual Advice Disclaimer
The information I have provided you is purely factual in nature and does not take account your personal objectives, situation or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. If you require financial product advice you should consult a properly licensed or authorised financial adviser.
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