Life insurance covers the event of your death, or diagnosis of a terminal illness. With Seniors Life Insurance, you can choose your own cover level between $10,000 and $200,000. This lump sum payout can be used by you or your loved ones in any way, and it is intended to help cover your immediate bills, funeral costs, or for terminal illness, other types of bills such as medical expenses.

Even if you are an older Australian aged between 45 and 79, you are eligible to apply for cover for death resulting from any means (excluding suicide for the first 13 months of your policy) and if you pass away as a result of an accident your chosen beneficiaries will receive a triple payout to help with any unexpected costs.

With Seniors Life Insurance you are also covered if you were to suffer a terminal illness where the doctor advises that you have 24 months or less to live. This can be helpful even if you are single, because it means you would be covered for any additional medical treatments, lost earnings, paying a mortgage, other household expenses, and even funeral costs.

When should I get life insurance?

Some older Australians may have found that as you age life insurance can become more difficult to get, as well as more costly, due to rising premiums. However, Australian Seniors has designed a policy for people to be able to get cover later in life, and you can apply if you are aged 45–79. Find out what it means to get life insurance as a senior.

When you withdraw your superannuation in retirement, any life insurance included in your super policy may end. Many older Australians find that they would still like their families to be covered financially if the unexpected was to happen, so they choose to take out a life insurance policy.

Consider the following situations and think about how you and your family would cope. If you were to suddenly pass away due to a medical condition such as a heart attack, stroke, or even by an accident, how would your family manage financially? Along with dealing with significant grief and immediate bills such as funeral expenses, they would also likely have to engage an estate lawyer to settle your affairs. Then they would often have ongoing bills to cope with, such as a mortgage, household bills and more.

Likewise, if you were to suffer a terminal illness, along with the stress of that situation, you would likely have medical bills to pay. You might want to try alternative health treatments that you couldn’t afford, or that might not be covered under your health insurance or Medicare. You and your family might even have travelling and accommodation costs, which can add up quickly. Imagine not having to worry about the medical bills and spending the time relaxing with your family instead. This is where life insurance can help.

What can you use life insurance for?

There are no limits on what you can use a life insurance payout for, you (or your family) can choose to do whatever you want with the money. However, life insurance is intended to be used for medical bills, funeral expenses, or other ongoing costs.

Pay off debts

Australians retiring with mortgage debt has risen 600 per cent since the year 1987, and the average amount of their debt has also soared from $27,000 to over $185,000 and growing¹. Many older Australians have other types of debt, such as credit card debt, car payments and personal loans. If you were to pass away or suffer a terminal illness that affected your current income stream, consider how your family would manage financially.

Life insurance can assist you or your family with paying off any debts you have if the worst was to happen. This can become even more important as you get older, or after you have retired, as you may have to keep a closer rein on your finances.

Nominate your beneficiaries

Seniors Life Insurance allows you to nominate between one and five beneficiaries, which might be people you name in your Will, or others, the choice is up to you. You might nominate your partner, your children, grandchildren, or other family members or friends, for example. In the event of your death, these beneficiaries would receive a lump sum payout of the nominated cover amount that you chose when you set up your policy.

Some people are not able to leave anything behind for their families, even if they have spent their life working hard. A life insurance payout can help ensure your family is in a stable financial position when you are no longer able to provide for them, and they can use the money in any way they need. For example, the money does not have to be used on medical bills or a mortgage. It can be spent by your beneficiaries any way they choose.

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What to check when getting life insurance as a senior

There are many things you should check before you take out life insurance as an older Australian. Here are some things to consider.

Check the PDS 

A PDS or Product Disclosure Statement contains the terms of your policy. It is a legal document that explains your policy’s terms and conditions including the inclusions and exclusions, so it’s important to make yourself familiar with it. If there is something you do not understand, you should contact your insurer, and someone will be able to explain it to you.

What is covered and excluded under your life insurance policy?

With Seniors Life Insurance, you are covered for terminal illness where the doctor advises that you have 24 months or less to live and death by any cause, with suicide excluded for the first 13 months.

What information is required by your insurer?

When you apply for Seniors Life Insurance, there are just eight health questions that you will be asked over the phone. Once approved, your family will be protected. If you or your family make a claim, you will need to fill out a claim form and provide some other documents to the claims specialist assigned to your claim. This might include documentation such as medical certificates as issued by approved Medical Practitioners. The documentation you will need to supply might differ depending on the nature of your claim.

Is life insurance cheaper if you apply for it when you’re younger?

Generally speaking, the younger you are when you apply for life insurance, the better. It’s because as you age and experience health issues, the likelihood increases that your insurer may apply a loading or a special exclusion, or even decline to offer you cover altogether. With Seniors Life Insurance, Australian residents can apply for cover age 45 up to 79, with 8 health questions asked. The other good news is that Seniors Life Insurance offers lower starting premiums for non-smokers.

Are there any waiting periods for life insurance?

There is no waiting period with Seniors Life Insurance, since once your policy is set up, you’ll be covered immediately for death by any cause (excluding suicide for the first 13 months) and for terminal illness where the doctor advises that you have 24 months or less to live.

How do I make a life insurance claim?

It’s usually easy and straight forward to make a claim with Seniors Life Insurance. A dedicated claims specialist will assist you or your beneficiaries with the claim. Head to this page to make a claim or this page for frequently asked questions on claims.

Check if you already have life insurance through your super

Many Australians find that they have life insurance included in their superannuation, however the payout might not be enough to cover your expenses or to retain your current lifestyle if you were to suffer a terminal illness. It’s important to check this, to ensure you  have the comprehensive cover that you need.

Another thing to note is that if your employment lapses for six months and you cease contributing to your super, your life insurance might also end. As well as this, when you retire and receive your super payout or you turn 65, you may no longer have life insurance through your super.

How Australian Seniors can help

There are so many reasons to choose life insurance with Australian Seniors. It’s a product that’s designed with older Australians in mind. Here are some of the features.

Benefits of choosing Seniors Life Insurance

A flexible cover amount that suits you

Choose how much you or your family could receive if you pass away or become terminally ill. You can set a benefit amount from $10,000 up to $200,000.

Cover for when you need it most

We know that the older you get, the more you have to protect, so Seniors Life Insurance allows you to apply from age 45 up to 79.

Immediate cover

Once your policy is set up, you’ll be covered straight away for death and for terminal illness.

Easy to apply with no medicals

Simply answer eight questions about your medical history over the phone. Once approved, you can get covered in minutes.

20% advance payout to cover funeral costs

When your family makes a claim, 20% of the benefit amount may be paid in advance, so they won’t have to worry about the cost of your funeral or other immediate expenses while the claim is assessed.

Triple payout for accidental death

Your family’s benefit amount will be tripled up to $600,000 if you pass away from an accident, helping with any last-minute expenses they might face.

Non-smokers can enjoy lower starting premiums

You’ll have lower starting premiums if you’re a non-smoker.

Your own Australia-based personal claims specialist

If you or your family need to make a claim, we’ll assign one of our local claims specialists to look after everything. No need to explain things to multiple people.

Things you should know

  • Suicide is excluded for the first 13 months.
  • This policy expires at age 85, regardless of what age your cover started.
  • Terminal illness with diagnosis of 24 months or less to live.

Need more help deciding?

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Tools & Resources

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1. Mortgage debt for older Australians soars 600 per cent – Australian Housing and Urban Research Institute

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