Your 60s can mark a new chapter. The mortgage might be smaller. Your kids are more independent, and retirement feels closer and more real. It’s also a time when many Australians pause and wonder if they still need life insurance over 60, or whether it is too late to take out a new policy.
You may already know the basics and want to compare your options. Others are asking for the first time what life insurance is and whether it could help their family. Either way, you deserve clear answers about cost, eligibility and how long cover can last.
This guide answers the questions Australians over 60 ask most. You’ll see how cover typically works for your age group, and how Golden Life Insurance might help you give your loved ones a brighter tomorrow.
Do I need life insurance after 60?
For many Australians, life insurance can still play a meaningful role after 60. Whether it’s right for you usually comes down to your debts, your dependants and what you want your loved ones to have when you are gone.
Financial worries can continue well into your 60s and 70s. You might still have a home loan. You might be helping adult children or supporting a partner who depends on your income or super. A life insurance policy provides a lump sum to help your family manage funeral costs, clear debts or give your partner more security in retirement.
Golden Life Insurance is designed for Australian residents aged 40-80. It pays a straightforward lump sum of up to $250,0001 to your loved ones, depending on your age when you apply. This means you can have some peace of mind that your loved ones will have some financial support when you’re gone.
How much does it cost?
The cost of over 60 life insurance can vary widely. Premiums usually depend on your age, health, smoking status and how much cover you choose. Generally, the older you are when you take out a policy, the higher your premiums will be.
For people in their 60’s, premiums can range from medium to very high, depending on the provider and level of cover. Many Australians in this group often face a trade-off between keeping cover and managing higher premiums on a fixed income.
If you are asking how much does life insurance cost for someone like you, it makes sense to look at the cover amount, your age, and your health together rather than price alone.
Is it worth getting after 60?
Whether cover is worth it after 60 depends on your goals. For some it can be a helpful safety net. For others it can feel like an extra cost they don’t need.
Government guidance suggests taking a close look at what would happen if you passed away without a payout. Could your partner comfortably keep on top of everyday bills? What would happen with any mortgage or loans? Would there be enough to cover funeral and final expenses? It also recommends weighing this up against your savings, super and any other assets.
With features like 100% early payout for terminal illness,2 a straightforward claims process and immediate cover,1 many people over 60 choose independent life cover plans like Golden Life Insurance. This can help some find peace of mind – whether that’s putting something in place for a spouse or partner, leaving a legacy for children or grandchildren, or helping cover funeral and final expenses so family has one less thing to worry about.
In the end, it’s about whether a lump sum payment could help your family in ways your current arrangements don’t, and whether it helps you enjoy your golden years knowing you have put some financial support in place.
Do I even qualify?
In many cases, Australians can still apply for life cover in their 60s. Eligibility usually depends on your age, your health and the policy’s entry rules.
Research into default insurance in super shows many funds set cut-off ages for adding or increasing cover. Death cover inside super commonly ends around the late 60s or early 70s. Disability cover often ends in the mid-60s. Older Australians are more likely to have their cover reduced or removed as they age, particularly if their super balance is low.
Golden Life Insurance is a direct policy, not held through super. We believe that straightforward over 60 life insurance should be available for those who need it. That’s why we’ve designed it so that applying can be a breeze. If you’re an Australian resident aged 40-80, you can apply with no medical exams or blood tests required. There are no complicated forms to fill in; simply answer a few health and lifestyle questions, and you're all set. You can arrange everything over the phone in minutes, or you can get a quick quote, and our specialists will give you a call back.
Does it expire after a certain age?
Most policies don’t last forever. They often have an upper age at which cover ends.
Death cover held inside super commonly ends around age 70. Disability cover can stop at 65 or 70. Outside super, some retail life policies allow your cover to continue into your 80s or beyond as long as you keep paying premiums, but the rules vary between providers.
What options are available with Golden Insurance?
For many people over 60, the most important thing is keeping it simple. Golden Life Insurance provides a straightforward lump sum paid if you die or are diagnosed with a terminal illness.
Golden Insurance offers a simple phone-based application process. There are no medical exams or blood tests – just a few health and lifestyle questions. If you are diagnosed with a terminal illness, you can receive a 100 percent early payout of your benefit amount.2
How do we compare?
When people in their 60s compare providers, they may look at how easy it is to apply, what ages are accepted, what exclusions apply, and how flexible the cover is. Price matters, but usually alongside trust, service, and clarity.
It’s important to look beyond just the monthly premium and be aware of issues such as cover quietly reducing or stopping as you age. Older Australians benefit from insurers that explain these things clearly without trying to hide some of the details.
When it comes to peace of mind, it’s important to choose a provider you can trust. See our how we’re part of a global group of highly rated, award-winning life insurance providers.
How long does my cover last?
In many cases, your cover can last for many years after 60, as long as you keep paying premiums and you have not reached the product's expiry age.
If you are thinking about how life insurance fits into your retirement planning, it can help to check how long you want the cover in place, look at how premiums may change over time, and review your policy regularly as your needs evolve.
Whether you’d like to help protect your loved ones from the financial strain of covering mortgage repayments, debts, or other final expenses, we can help. Golden Life Insurance could help you to provide a brighter tomorrow for the ones you love.
Our Australian-based team of Life Insurance specialists is ready to answer any questions you may have or provide a quick quote over the phone. Simply give us a call on 1800 299 351 to learn more.