Life Insurance Over 60 in Australia: What Changes at 60, 65 and 70
Insure Me For LifeAR 1244847 of Consilium Advice Australia Pty Ltd, AFSL 246623
14 min read
Life insurance is still available well into your 60s, but entry windows close by insurer and by cover type. What's realistic at 60, 65 and 70, how super and outside-super cover differ, and what happens when retail cover closes.
General Advice Only
This is general advice only and does not take into account your individual circumstances.
Please read the Product Disclosure Statement (PDS) before making a decision.
Consider seeking personal advice from a licensed financial adviser.
Insure Me For Life is Authorised Representative Number 1244847 of Consilium Advice Australia Pty Ltd, Australian Financial Services Licence 246623.
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If you're 60, 65 or 70 and wondering whether life insurance is still on the table, the short answer is yes, but the details matter more with each passing year. Entry-age limits, premium structure, and whether your cover sits inside or outside superannuation all start to bite in ways they simply don't for a 40-year-old applicant.
This guide picks up where our Life Insurance Over 50 guide leaves off. That guide covers the broader over-50s picture, including cost trends from 50 onward and the self-insurance question. This one goes deeper on what specifically changes at 60, 65 and 70: which covers are still open, how entry ages differ across our panel, and what happens once retail cover closes.
Important: This is general information only and does not take into account your individual circumstances. Life insurance needs vary by health, financial obligations and family situation. Consider seeking personal advice from a licensed financial adviser.
What Actually Changes About Life Insurance After 60
Three things shift at once once you pass 60, and they compound.
Entry windows start closing, cover by cover. Life cover stays open longest. TPD and trauma cover close to new applications earlier, generally in the early 60s across our panel. If you want all three, the practical window for TPD and trauma is narrower than the window for life cover alone.
Underwriting evidence requirements increase. Full blood panels, resting ECGs and physical examinations become more common requirements at older ages, reflecting the higher likelihood of a subclinical condition showing up on testing rather than any age-specific rule.
The premium-structure decision changes shape. Level (variable) premium options that lock in a rate for an extended period often close to new entry earlier than stepped (variable age-stepped) options. And with fewer years left before cover would close on its own, the arithmetic behind choosing level over stepped looks different than it did at 45.
None of this means cover is unavailable. It means the specific insurer, cover type and premium structure you're eligible for narrows as you move through your 60s, so the earlier you confirm what's actually on offer, the more options you have.
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Every insurer publishes its own maximum entry age per cover type, and these are set out in each insurer's Product Disclosure Statement. The table below shows the published maximum entry age for a new stepped (variable age-stepped) Life Cover application, sourced from each insurer's current PDS data.
Life Cover: Maximum Entry Age by Insurer (Stepped Premiums)
Insurer
Max entry age, Life Cover (stepped)
Max entry age, Life Cover (level/variable)
AIA
74 (73 inside super)
Not separately published as a level maximum
TAL
74 (age next birthday)
60 (age next birthday)
Zurich
70 (single published range for all premium types)
70 (single published range for all premium types)
OnePath
75
60
ClearView
75
55
NEOS
75
60
Encompass
70
70 (single published range)
Acenda
70
70 (single published range)
Futura
75
55
Source: each insurer's PDS data as published on the corresponding /providers page. Figures are for new Life Cover applications only - TPD, trauma and income protection close to new entry earlier for most insurers. Entry ages and product terms change; confirm current figures on the relevant provider page or PDS before applying.
Read across that table and a pattern emerges: new stepped-premium life cover applications close somewhere between 70 and 75 across our panel, while level-premium entry generally closes earlier, in some cases by 10 to 20 years. If a level premium structure matters to you, that's worth confirming well before you get close to the cut-off, not after.
Our Life Insurance Over 50 guide documents this in detail: across the 9-insurer panel, the maximum entry ages observed for new TPD cover run from 61 to 64 depending on the insurer, and several insurers stop writing new TPD around age 60 to 61. Trauma cover follows a similar pattern of earlier closure than life cover.
The practical implication for anyone in their 60s: if TPD or trauma cover matters for your situation, that window is effectively already closing or closed. Life cover alone stays open considerably longer. If you already hold TPD through superannuation, note that most super TPD uses the weaker "Any Occupation" definition rather than "Own Occupation".
Inside Super vs Outside Super at Older Ages
Life insurance held inside a superannuation fund is not automatically the same product as the same insurer's cover held outside super, or via a self-managed super fund (SMSF). The entry age can differ. More importantly for anyone in their 60s, the expiry age can differ too, and that difference doesn't always show up unless you check the specific product.
A documented example on our panel: AIA's Life Cover under Priority Protection expires at the 100th birthday when held personally (outside super) or via SMSF, but at the 75th birthday when held inside AIA's own super scheme (source: AIA product data, mirrored on the AIA provider page). Someone relying on Life Cover held through an AIA super account, expecting it to run to 100 the way the personally-owned equivalent does, would be assuming 25 extra years of cover that the super version doesn't provide.
This isn't unique to AIA in principle, insurers set their own expiry ages by ownership structure, and the point generalises: don't assume cover held in super behaves identically to the same cover held outside super. If you're relying on super-owned life insurance to see you through your 70s, 80s or beyond, check that specific product's expiry age rather than the general entry-age figures in the table above, which describe new applications, not existing in-force cover.
Changing a retail life policy from super ownership to personal ownership (or the reverse) is generally handled as routine alteration processing by insurers rather than a rare exception, though the specific process and any underwriting implications vary by insurer and by whether the sum insured changes. If you're considering this, confirm the current process with your insurer or broker rather than assuming it isn't possible.
Stepped vs Level Premiums at Older Entry Ages
Our dedicated guide, Stepped vs Level Premiums in Australia, covers the mechanics of both structures in detail. The short version: stepped premiums recalculate every year based on your current age and rise accordingly; level premiums are set once, based on your age at commencement, and hold for a defined period before converting to stepped rates.
At older entry ages, two things change the usual calculus:
Level premium entry often closes earlier than stepped entry. Looking at the panel data in the table above, several insurers close level-premium Life Cover entry in the mid-50s while stepped entry stays open to 70 or 75. If you're already past 60, level premiums may simply not be an available option for a new application with some insurers, regardless of whether you'd otherwise prefer them.
The remaining runway for a level period shrinks. Level premiums are typically priced to be worthwhile over a longer holding period, because the higher starting premium needs years to be offset against the compounding growth of a stepped premium. Applying for a fresh level premium policy at 60 or 65 leaves fewer years for that crossover to play out before the level period itself ends and converts to stepped rates at your then-current (older) age.
Neither of these is a reason to rule out level premiums after 60. It means the decision depends more heavily on your specific insurer's terms, your intended holding period, and whether level entry is even open to you at your age. Get quotes for both structures and compare the actual numbers for your situation rather than assuming either structure is automatically better at this stage of life.
Compare Stepped vs Level for Your Age
Our quote process shows both premium structures side by side, where both are available at your age, so you can see the real numbers rather than a general rule of thumb.
Terminal Illness and Underwriting for Over-60s Applicants
Terminal illness definitions don't change with your age, they're fixed by each insurer's PDS and apply the same way to every applicant regardless of when they took out cover. Most of our panel, AIA, Zurich, ClearView, NEOS, Encompass, Acenda and Futura, pays the terminal illness benefit on a 24-month prognosis. TAL uses a 12-month prognosis. OnePath's structure is more layered: a base Terminal Illness Benefit on a 12-month definition, plus a built-in Extended Terminal Medical Condition benefit that pays on a stricter 24-month certification if that benefit falls due first, so OnePath's cover is neither simply a 12-month nor simply a 24-month product.
What does change with age is how thoroughly underwriters test for the conditions that would trigger any benefit down the track. Applicants over 60 more commonly encounter:
A full blood panel (cholesterol, glucose, liver and kidney function)
A resting ECG (electrocardiogram)
A physical examination
Possibly stress testing or additional cardiac assessment, depending on the sum insured and health history
This reflects the higher likelihood of an undiagnosed or borderline condition showing up on testing at older ages, not a policy of treating older applicants differently in principle. Common underwriting considerations at this stage, blood pressure control, cholesterol levels, medication compliance and any existing diagnoses, are covered in more depth in our guide to life insurance with pre-existing conditions.
Alternatives When Retail Cover Isn't Available
If retail life insurance genuinely isn't available to you, whether because of age, health, or both, the realistic options narrow to a small set. This guide covers retail life insurance only. It does not cover funeral insurance, a separate, smaller-sum product that IMFL does not sell.
Existing in-force policies. Any life insurance you already hold, retail or through super, continues on its own terms regardless of whether you could newly apply for it today. Cancelling existing cover before confirming replacement cover is in force is generally not advisable.
Superannuation insurance, if still active. Many super funds provide default life cover, but coverage commonly reduces or ends automatically at a set age, often somewhere in the 60s to 70s depending on the fund. Check with your super fund directly for the current amount, any scheduled reduction, and the age at which cover ends entirely, and don't assume it continues just because it hasn't been cancelled.
Guaranteed-acceptance products. Some insurers offer guaranteed-acceptance life insurance with no medical underwriting. These generally provide lower cover amounts for a higher cost per dollar of cover than fully underwritten retail life insurance, and often include a waiting period before the full benefit applies. Whether one of these is a sensible fit depends entirely on your own circumstances and the specific product terms.
Frequently Asked Questions
Can I still get life insurance at 60 in Australia?
Yes. Life cover remains widely available at 60 across our panel, subject to health underwriting. TPD and trauma entry windows close earlier, in the early 60s for most panel insurers, so life cover is generally the easiest of the three living-benefit covers to arrange from 60 onward.
What is the oldest age I can apply for new life insurance?
It depends on the insurer and the premium structure. Across the 9-insurer panel, published maximum entry ages for new stepped (variable age-stepped) life cover applications run from 70 to 75. Level (variable) premium entry typically closes earlier, in some cases by 10 to 20 years. Check the current entry ages on each insurer's provider page before applying, since these figures can change.
Is life insurance for over 65s the same as funeral insurance?
No, they are different products. This guide covers retail life insurance, which is medically underwritten and generally provides substantially higher cover for a comparable premium than guaranteed-acceptance products. Funeral insurance is a separate, smaller-sum product not sold by IMFL.
Does life insurance work the same inside and outside super after 60?
Not necessarily. Cover held inside a superannuation fund can carry a different, often earlier, expiry age than the same product held outside super or via an SMSF. AIA's Life Cover under Priority Protection is a documented example: it expires at the 100th birthday held personally or via SMSF, but at the 75th birthday held inside AIA's own super scheme. Expiry ages vary by insurer and ownership structure, so check the specific product before relying on cover held in super into your later years.
What terminal illness definition applies to over-60s applicants?
Terminal illness definitions are set by each insurer's PDS and generally don't change by age. Most of our panel (AIA, Zurich, ClearView, NEOS, Encompass, Acenda, Futura) pays on a 24-month prognosis. TAL uses a 12-month prognosis. OnePath pays a base benefit on a 12-month definition, with a built-in Extended Terminal Medical Condition benefit that pays on a stricter 24-month certification if that falls due first.
What happens if I can't get retail life cover after 70?
Options narrow but don't disappear entirely. Existing in-force policies continue on their own terms. Any life insurance still held through superannuation should be checked for its own age-based reduction or expiry schedule. Some insurers offer guaranteed-acceptance products with no medical underwriting, though these typically carry lower cover amounts and higher cost per dollar of cover than fully underwritten life insurance. This guide does not cover funeral insurance, which is a separate product IMFL does not sell.
Where Life Cover Sits at 60
For a concrete anchor, our current LRO panel snapshot shows the indicative range for a 60-year-old male non-smoker on $500,000 of stepped life cover:
Female rates are typically lower than male rates at the same age, and the snapshot doesn't extend to 65 or 70. Get an indicative quote for a current figure at those ages, and to compare stepped against level where level entry is still open to you.
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