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This paper sought to find the effect of job mobility experiences over the life course on mental and physical health outcomes. Three hypotheses were drawn from the life course and cumulative inequality theory. Unique effect hypothesis predicted that more jobs in the life course would lead to more risks of mental and physical health status. Trajectory effect hypothesis predicted that the effect of earlier job change is partially mediated by the socioeconomic status in later life. Cumulative advantage hypothesis illustrated intentional job quits seeking upward mobility would lead to positive effect on later health status. Using Korean Longitudinal Survey of Aging (KLoSA) dataset surveyed in 2006 through 2012, 8,605 respondents were analyzed and random-effect regression models of logit and poission were applied to the probability of major depression and 10 chronic diseases comorbidity index. Results supported the unique effect hypothesis as larger number of jobs one experiences was found to lead to more risks of having depression and more chronic diseases. Moreover, cumulative advantage hypothesis was partially demonstrated. While the negative effect of the number of jobs still remains significant, more experiences of job mobility for better job was not positively related to physical health status but only significantly related to mental health. This paper concluded that health inequality among olders can be originated from job insecurity over the life course, and urged further researches on different levels of life insecurity and welfare policy that counterpart those effects.