Seniors Life Insurance

Why is life insurance important for seniors?

Many seniors assume they can’t get life insurance, but policies are available even for those in their 70s. At NobleOak, Australian residents between the ages of 16-69 can choose an amount of cover from $50,000 up to $25m in Life Insurance cover and if you are between the ages of 70–74 you can still apply for up to $500,000 in life cover. Even if your children are grown or your mortgage is paid off, life insurance can still provide valuable benefits for older adults.  Some of these benefits are outlined below.

Key reasons seniors consider life insurance:

• Cover funeral and end of life expenses – Reduce the financial burden on your family
• Protect against outstanding debts – Ensure any remaining loans or credit cards are covered so your estate is not left with debt
• Monetary support – Replace lost income from superannuation or pensions
• Estate planning & inheritance – Leave a financial gift for loved ones
• Tax-free payouts – Your policy beneficiaries would receive a lump sum payment

Life insurance benefits

1. Life insurance for over 50s

You may still have a mortgage, personal loans, or dependents. A comprehensive policy can ensure financial stability and protect your lifestyle.

2. Life insurance for over 60s

If you’re nearing retirement, your policy can help cover funeral costs, medical expenses, and inheritance planning. Some policies also include terminal illness benefits.

3. Life Insurance for over 70s

Older adults may choose policies that focus on final expenses, funeral cover, or leaving a legacy. Many insurers offer guaranteed acceptance policies with no medical exams.

Factors influencing premiums

Several factors determine the cost of life insurance for seniors. Your premiums will depend on:

• Age – Premiums may increase with age
• Health Status – Pre-existing conditions can affect costs when you first take out the policy
• Lifestyle Choices – Habits like smoking can lead to higher premiums
• Coverage Amount – The desired benefit amount influences the premium

How to determine the right coverage amount

Determining the right level of cover depends on:

• Your current financial obligations
• Your future planned financial commitments
• Evaluating your existing assets and savings

Tip: Use our Life Insurance Calculator to determine the right coverage and products you should consider.

Choosing a life insurance beneficiary

A beneficiary is the person (or people) who will receive the insurance payout when the policyholder passes away. For seniors, selecting the right beneficiary is crucial for future planning and can include:

• Spouse or partner – To ensure continued financial support
• Children or grandchildren – To contribute to their future or education
• Charities or trusts – To support causes you care about

Find out more in our guide to beneficiaries.

Tip: Review your beneficiary regularly to reflect life changes such as marriages, divorces, or new grandchildren.

Common exclusions and limitations

While seniors’ life insurance provides valuable protection, it’s important to understand what may not be covered. Typical exclusions can include (but are not limited to):

• Pre-existing medical conditions – Some policies exclude, or have waiting periods or may incur loadings for certain conditions.
• Suicide or self-inflicted injury – Usually not covered within the first 12-24 . For example, NobleOak have a 13-month suicide or suicide attempt exclusion.
• High-risk activities – Some policies exclude hazardous sports or occupations, or they might incur loadings.  Or if you have a partially underwritten policy where the insurer hasn’t asked you questions upfront and you die or are injured from undertaking a hazardous sport or occupation you might not be covered.  Injuries or death from hazardous sports or occupations may not be covered.
• Non-disclosure of medical history – Failure to disclose health conditions could lead to claim rejection.

Tip: Explore NobleOak’s Product Disclosure Statement (PDS) to understand loadings and exclusions.

Seniors Life Insurance FAQs

Can I get life insurance if I’m over 70?

Yes, life insurance for seniors over 70 is still available. For NobleOak Life Insurance, if you are between the ages of 70–74, you can still apply for up to $500,000 in life cover.  For those seniors that are still working, we have recently increased our entry age for Income Protection insurance to 60, with options for those aged 55-60 to select from 1-or 2-year benefit periods. Contact NobleOak today to find out what options are available for you with your life insurance product of choice.

Do I need a medical exam to qualify?

It depends on the policy and the insurance company. Some plans require a medical assessment, while others offer guaranteed acceptance without health checks. At NobleOak, we require a customer to complete a series of lifestyle and medical questions during the application process, as it helps us to get to know you better so we can help tailor the best cover for you. This may in some cases include medical tests depending on your circumstances.

Will my premiums increase as I get older?

It depends on the policy and the insurance company. Some policies offer level premiums, meaning your payments stay the same, while others may increase with age. NobleOak offers Variable Age Stepped Premiums (sometimes known as Stepped Premiums) which means they generally increase each year with age. This means that when people purchase life insurance and continue to hold it over time, their cover is more personalised to their life stage and level of risk.

Can I name my children or grandchildren as beneficiaries?

Yes! You can nominate whomever you choose to receive your life insurance payout, ensuring your loved ones are financially supported. This process is different to naming beneficiaries in a will. Find out more in our guide to beneficiaries.

Does life insurance cover pre-existing conditions?

It depends on the policy and the insurance company. Some policies exclude pre-existing conditions, while others offer coverage after a waiting period or offer cover with a loading cost to allow for that condition. Check the policy terms before applying. Check out our Product Disclosure Statement (PDS) for more information.

Award-winning life insurance

With life insurance for seniors, you can secure your financial future and ensure your family isn’t left with unexpected expenses. Whether you need life insurance for your 50s, 60s, or 70s, NobleOak offers flexible options. Compare life insurance today or get a life insurance quote.

Any financial product advice is general in nature only and does not take into account your individual circumstances, objectives, financial situation, or needs. Before acting on it, please consider the appropriateness of the information, having regard to those factors. Any third party websites or tools referred to are subject to their own terms and conditions and NobleOak Life Limited makes no representation or warranty as to any information on those websites. Persons deciding whether to acquire or continue to hold life insurance issued by NobleOak Life Limited should consider the relevant Product Disclosure Statement and Target Market Determination for the product. NobleOak Life Limited ABN 85 087 648 708 AFSL 247302.