Income Protection Quotes for 60 Year Old Male and Female

Can I get income protection insurance if I am 60 and over?

Yes you can. The maximum entry age for Income Protection Insurance for most Australian insurers is typically 59 or 60, but some insurers will let you take out income protection cover at higher ages. However, your options quickly become limited, and it's generally a good idea to make sure you are insured before then, especially if you plan to keep working after age 65.

  • Maximum entry age is usually 59 or 60 (Age of next birthday)
  • Cover usually expires at 70

Continue reading our guide for more information. Alternatively, if you're ready:

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Receive direct quotes from these brands for 60's and over

Product details Maximum cover Maximum Entry Age Cooling-off
Income Protection
Income Protection
Cover up to 85% of your income up to $10,000 per month if you can't work due to sickness or injury. Cover for over 1,000 jobs and full-time, part-time and self-employed. $10,000 60 30 Get quoteMore info

Is there an age limit for Income Protection?

ProviderAge of entryConditions
Asteron61Stepped premium only after age 59
BT69Special product for age 59+
ClearView60Hybrid premiums not available after age 54
Comminsure54When on a level premium
Mine Wealth69Super membership required
TAL59Certain occupations are limited to the age of 54

There are many insurers and options available, but the field shrinks as one gets older. If you're having trouble finding advanced age income protection insurance it may be worth consulting an insurance broker to help you find the available options.

Can my age limit be extended if I bought my policy before 64?

The expiry ages for policies are typically higher than the entry ages, and getting cover beyond age 60 often means making sure you are insured before then. Some policies will give you the option of extending the age limit, but may impose additional conditions after age 65, or another cutoff point. Other policies will automatically guarantee renewability up to a certain age limit. For example, Suncorp Bill Protect lets you retain cover until age 75, but you need to take out a policy before age 60. Others, such as AIA income protection policies, offer a "2 year benefit period to age 70" option. This can insure you up to age 69, but includes the following conditions:

  • Policy owners must be between 61 and 65 years of age at their next birthday in order to be eligible for this benefit.
  • Maximum benefit payment of $20,000 applies.
  • Only available with a stepped premium structure. Premiums are not available as level or optimum.
  • Other benefits received under government age pension will be offset against benefit payable.
  • Expiry date is the policy anniversary prior to the policyholders 70th birthday. Therefore, the age limit is 69 despite the name of the option. The cover and any benefit payments being made will be end at this date.

Do superannuation income protection policies have different age limits and requirements?

The options, maximum entry ages and maximum age limits will vary between individual policies and insurers, both inside super and outside. Each policy should be considered similarly on its own merits. In both cases, your cover options become more limited after age 59 or 60. As such if you're planning on working beyond age 65 it's preferable to check your cover as soon as possible, and see if you're still protected beyond that age.

Do I still need to consider income protection in my 60s?

Statistics show that Australians are no longer intending to retire in their early 60's. A 2015 survey by the Australian Bureau of Statistics (ABS)

  • 71% of Australians intend to retire at 65 years or over
  • A quarter of males intend to work over the age of 70

Risks at the age of 60

People that are still working in their 60s are generally at a critical point in their lives when they are looking to prepare for their retirement years and accumulate savings to let them live comfortably when they stop working. Generally speaking, people in this age bracket are not in the same health that they were in their 20s and can be more susceptible to having to take extended periods off work to recover from illness or injury. This is why insurance premiums increase with age, as people in this age group are statistically more likely to make a claim on their policy.

The last thing you want in your 60s is to have to dip into hard earned savings to keep on top of any outstanding debts and daily living expenses. Income protection will ensure that if you are forced to take time off work, a steady flow of income will keep the essentials covered and let you focus on your recovery.

I am not as active as I was, surely I won't get injured?

Just because you are not as active as you once were is no reason to feel the chances of you being injured are slim. Many of the most common causes of people being forced out of work are from accidents that happen at home and not on the playing field. What's more, income protection also provides protection for any serious illnesses you may suffer.

What's the benefit of having income cover in your 60s?

  • Cover against risks: Life today is full of uncertainties; in this scenario Life Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event.
  • Protection against rising health expenses: Insurance plans offer the benefits of protection against critical diseases and the ever-increasing hospitalisation expenses.
  • Reliable source of income during retirement: Insurance is one of the best instruments for retirement planning. The money you save through it can provide a steady source of income during your retirement.
  • Tax concessions: Insurance plans provide attractive tax-benefits during the time of entry and exit under most of the plans.
  • Helps pay mortgages: Insurance also acts as a tool to cover mortgages and loans taken by the policyholders so that, in case of any unforeseen event, the burden of repayment does not fall on surviving family members.

What does income protection provide?

Income protection provides cover for up to 75% of your regular income (some policies will cover up to 100% if the remainder is contributed to super) in the event that you are forced to take time out of work as a result of serious injury or medical condition. Policies can be tailored to include a whole range of features to give you the right support during your recovery including cover for rehabilitation expenses, nursing care and bed confinement benefit to name a few.

What to look for when comparing income protection policies if your over 60

  • Benefit period: Income protection pays you a benefit up to 75% of your gross monthly income. The length of cover may vary between each provider but there are income protection policies which, extend cover to age 65. Thus, even if you are 60 years old, there is still something for you.
  • Premium waiver: Aside from this, income protection has a waiver of premiums feature which lets you waive the premiums when you are receiving the pay-out. This feature allows you to retain the policy without paying the premiums.
  • Guaranteed insurability: Also referred to as "guaranteed renewability", this is an important feature. It means the insurer cannot decide to decline your policy renewal, and that you'll retain cover until the expiry age as long as you don't let it lapse. Without this feature an insurer may decide not to renew your cover after a certain age, when the risks, and therefore the chance of paying out, is higher. Moreover, a non-cancellable contract may also let you renew your cover even after making a claim. Policies with this option may cost more than those without, but the security is generally well worth it.
  • Waiting period: Another thing that you should be looking for is the length of the waiting period. How long are you willing to wait before you can cash in your claim? Income protection has flexible waiting periods you can choose from between 14 days to 24 months. There are also some policies which, offer a no waiting period feature in their policy. However, these policies with no or short waiting periods, have higher premiums than those with longer waiting periods.
  • Rehabilitation expenses benefit: One more additional feature that is beneficial for you at 60 years of age is the rehabilitation expenses benefit. Again some policies have it and some don’t. The rehabilitation benefits pay you an additional amount to help with rehabilitation costs. Other income protection policies also have added medical and surgical expenses benefits. The best way to find out if these add-ons are available is to compare various income protection policies from different insurance providers.

Receive an income protection quote if you're 60 and over

Richard Laycock

Richard is the senior insurance writer at and is on a mission to make insurance easier to understand.

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