A couple who have paid more than $31,000 in life insurance have been told that if they don't die before January 17, they will receive nothing.

George and Irene Nesbitt are 89 and have been paying life insurance since they were 66.

Irene and George Nesbitt.

In total, the Nesbitts have paid more than $31,000 in life insurance premiums.

"I wanted to cover our own funeral, I didn't want (our children) to layout anything," Mrs Nesbitt said.

"And I was quite happy to think, oh well, we don't have to worry about it anymore."

However, they were recently told their policy would expire before they turned 90.

The Nesbitts have been paying life insurance since they were 66.

"I didn't realise that I didn't get any money, I just thought it meant their cover, I had to stop paying at that age," Mrs Nesbitt said.

The couple even face further withdrawals for December and January.

The Nesbitts wanted life insurance so they didn't have to pay for their funeral.

Commonwealth Bank, which owns the Nesbitt's insurance provider Colonial, said in a statement they were sorry to hear of the couple's dissatisfaction, but were unable to extend their cover on that policy.

"We are in touch with the Nesbitts to explore if there is any kind of assistance that we can offer," the statement read.