Over 50s Life Insurance
Similarly to other life stages, life after 50 can be rewarding in so many ways.
You might still be working, preparing for retirement, becoming a grandparent, planning to travel or spending more time with your spouse and family.
Budget Direct Life Insurance has a range of options, from protecting your income if a sickness or injury prevented you from working, providing a lump sum cash payment to help clear debt, or creating a financial legacy for your loved ones if you were no longer around.
Life Insurance Cover Options
Life Cover, otherwise known as term life insurance or death cover, can help provide a degree of financial security for your family and loved ones in the event of your death, or if you are diagnosed with a terminal illness with less than 24 months to live.
By adding optional TPD Cover with Life Cover, you can receive a lump sum payment if you're permanently disabled as the result of a sickness or injury, and are unable to work again.
Income Protection cover can help keep a level of income flowing for your benefit period if you were to suffer a sickness or injury and can't work during that time.
By adding optional Trauma Cover with Life Cover, or as a stand-alone cover, you can receive a lump sum payment if you are diagnosed with 1 of 37 serious medical conditions (listed within the PDS) to pay for excess treatment expenses and adjust your lifestyle.
Your Life Insurance Policy Benefits
Budget Direct Life Insurance comes with a range of cover options that can help protect you and your family and provide reassurance should the unexpected occur.
As long as you meet the relevant age criteria, you can choose which type of cover best suits your lifestyle.
| Cover Type | What you are covered for | Max Age at entry | Cover Expiry Age |
|---|---|---|---|
| Life cover | A lump sum payment if you pass away or are diagnosed with a terminal illness. A funeral advance benefit of $25,000 will also be made available to assist with funeral expenses. | 74 | 99 |
| Total and Permanent Disability (TPD) cover (option within Life cover) | A lump sum payment (advanced from your Life cover) if you’re never able to work again because of sickness or injury | 59 | 75 |
| Income Protection cover | Help replace a share of your income with a monthly payment if you can’t work due to a sickness or injury | 60 | 65 |
| Trauma cover (option within Life cover or standalone cover) | A lump sum payment in case you suffer a serious listed medical condition (noted in the Budget Direct Life Insurance PDS) | 59 | 70 |
Compare life insurance benefits and cover options to find the best life insurance policy for you and your family.
Find out more about Budget Direct Life Insurance.
How much does Life Insurance for Seniors cost?
Your life insurance premiums are calculated and based on several factors, including:
- Your cover amount and the type of insurance benefits
- Your gender
- Your age
- Your occupation
- Your health status
- Your lifestyle and hobbies
- Your smoking status (non-smokers pay much less on average than smokers)
You will be asked about your medical history when you apply for Budget Direct Life Insurance, and a medical exam may be required. If a doctor's report or blood test is needed it will be arranged at our expense.
You should consider the PDS carefully to review the maximum entry age and cover expiry age.
Award-winning Australian Life Insurance
Budget Direct has been awarded Money magazine’s Best Value Direct Life & TPD Insurance award in 2024 and 2025. That’s 2 years in a row! Money magazine's Best of the Best award demonstrates commitment to product and service excellence while delivering amazing value to customers.
We are also the winner of The Mozo Experts Choice Awards 2024 and the Finder Highly Commended Life Insurance award 2025.
Money magazine - Best-Value Direct Life & Trauma Insurance
2025
Money magazine - Best-Value Direct Trauma Insurance
2025
Exceptional Quality Life Insurance
2024
Exceptional Value Life & TPD Insurance
2024
Exceptional Value Income Protection
2024
Finder Highly Commended Life Insurance
2025
Outstanding Value Direct Life Insurance
2023
Make a Claim
Find out how to make a claim on your Budget Direct Life Insurance policy with our step-by-step guide.
Find Out More
The information on this page is a summary only. For all the terms, conditions, limits and exclusions, please read the Product Disclosure Statement (PDS).
Life Insurance FAQs
Yes, there are age limits for the various cover types available. Depending on the type of life insurance you choose, you must meet the following minimum and maximum age criteria:
Type of Insurance |
Minimum Age at Entry |
Maximum Age at Entry |
Cover Expiry Age |
|---|---|---|---|
Life Insurance (Death cover) |
16 |
74 |
99 |
Total and Permanent Disablement (TPD) Insurance (Optional with Life Insurance) |
16 |
59 |
75 |
Trauma Insurance (Optional with Life Insurance) |
18 |
59 |
70 |
Trauma Insurance (Standalone) |
18 |
59 |
70 |
Income Protection Insurance |
18 |
60 |
65 |
When applying for life insurance, you may want to consider your current and future living expenses, how much it may cost to pay off your mortgage or continue paying rent, how much you spend on your children’s education and how much you owe on other loans or debts.
To help you understand the amount of Life Insurance cover you might need, Budget Direct’s Life Insurance Calculator can help you estimate how much cover may suit you.
You can make changes to your insurance by contacting the Budget Direct Life Insurance team at NobleOak on 1300 220 627.
