The cost of life insurance is based on your individual circumstances and the level of cover, so the only way to find out how much you will pay is to get a quote for yourself. Every insurer has their own quoting process, but it’s common to be asked about what level of cover you want, your age, lifestyle, health, and whether you are applying for a joint or single policy. With Seniors Life Insurance, you only need to answer eight health questions to apply for cover.

It’s important to remember that the cost of life insurance may change over the duration of your policy, depending on whether you have a stepped or level premium, whether the benefit amount is increased due to indexation and due to the increased risk to insure you as you get older.

What is life insurance?

Before you research the cost of life insurance, it’s important to understand exactly what you are buying (and what you are not!) Life insurance is a form of cover that you can take out to protect your family’s financial future in case you pass away, or, for some policies, suffer a terminal illness. When a claim is made, your family will receive a lump-sum payout that can be used to help with any short-term expenses that come up (such as a funeral, palliative care, grief counselling etc.), as well as assisting ongoing obligations like the mortgage, rent, and other general living expenses.

Every policy has its own benefits and exclusions so don’t forget to weigh up all your options rather than just focusing on the price. While some policies may seem cheaper, they might not cover you for everything you need.

Learn more about what life insurance is >

How much life insurance do seniors need?

This is a question that only you can answer, preferably alongside loved ones as they are the people who are likely to benefit from any payout. Even at the exact same age, everyone’s personal needs will be different.

You should discuss your options with your family to find out what plans they have for the future and whether or not they could afford to live out those plans if you weren’t around. This can be especially vital as we get older and our overall needs/financial wealth may look very different to the way they used to.

Here are some key things to consider when setting a cover amount:

  • whether you are currently working
  • how long until you retire
  • any personal savings, investments, or other forms of income you have
  • your assets
  • your current health
  • the number of dependants that rely on you (spouse, children, or grandchildren).

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Understanding how your premiums are calculated

Life insurance premiums are based on many different factors and may be re-evaluated every year due to a number of factors including indexation of the benefit amount or any fee changes. Premiums are also adjusted to reflect the risk of insuring you. This means that if you take out cover at 55 years of age, your premiums may be different by the time you are 70 depending on whether your policy is a level or stepped premium.

If you’re worried about your premiums becoming too expensive, you should ask your insurer about their premium adjustment rates. This will help you compare the long-term cost of each policy.

Here is a closer summary of the different variables which affect the cost of life insurance:


Unfortunately, the older we get, the more likely we are to experience an event that initiates the option to make a claim (like passing away). 

To offset this risk, life insurance providers will adjust your premiums each year you are covered, to account for getting older. Most insurers also have maximum entry age requirements for new policyholders, which is why it’s important to consider getting cover while you are still able.


Insurers will ask about your current health as well as any past medical conditions you have experienced. Premiums may be adjusted based on the risk of insuring you. You may also be asked to undergo a medical exam or blood test to confirm your health. Every insurer has their own set of questions and criteria, but it’s unlikely that you will be asked about common flu or headaches.

For those of us who are worried about intrusive medical tests, when you apply for Seniors Life Insurance, you’ll only be asked eight questions about your health over the phone.


You may be asked about your biological gender when you apply for life insurance as premiums could be adjusted based on any risk factors that relate to this.

However, every insurer has their own process for calculating premiums so the price of your policy may not be affected by your gender.


Depending on the insurer’s needs, your premiums may be adjusted according to any personal risk factors in your life, such as your occupation or smoking status. Unsurprisingly, smokers can expect to pay a higher premium than non-smokers due to the known health risks of cigarettes. This is where those smart health decisions we’ve been making can pay off.

Your cover amount

Part of the reason it’s so important to choose a suitable cover amount is because the level of cover you take out will make a difference to your premiums. A higher cover amount means more financial assistance for your loved ones after you pass away, but you’ll need to make sure the cover amount you choose doesn’t make your premiums unmanageable.

However, it’s also important to be mindful that Australians are increasingly under-insured⁵. This means they don’t have enough cover for their expected needs.

How Australian Seniors can help

Seniors Life Insurance helps put you back in control of your family’s financial future, with up to $200,000 in cover right when it’s needed most.

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?

Request a FREE information pack

You’ll receive detailed information about Seniors Life Insurance

Tools & Resources

Calculate the cost of a funeral

See how much a funeral could really cost in your area and why it's more important than ever to be prepared

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