Income protection quotes for male and female 60+ years old

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. If possible, take out cover 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

Brands who offer income protection for 60s and over

ProviderMaximum ageConditionsApply
BT
  • 69
Special product available for age 59+Speak to an adviser
Asteron
  • 61
"Stepped premium" type only after age 59 (This means the premium increases each year).Speak to an adviser
Virgin
  • 60
N/AGet a quote online
Zurich
  • 60
N/ASpeak to an adviser
ClearView
  • 60
"Hybrid premiums" not available after age 54Speak to an adviser
OnePath
  • 60
N/ASpeak to an adviser
AIA
  • 59
N/ASpeak to an adviser
AMP
  • 59
N/ASpeak to an adviser
MLC
  • 59
N/ASpeak to an adviser
NobleOak
  • 59
N/AGet a quote online
TAL
  • 59
Certain occupations are limited to the age of 54Speak to an adviser
Comminsure
  • 54
When on a level premiumSpeak to an adviser

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.

Receive direct quotes from these brands for 60s and over

Name Product Short Description Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period
Protect your lifestyle with Virgin Income Protection and new eligible customers can earn 25,000 Velocity Points. Ends 31 Aug 2018. Min monthly premium and T&Cs apply.
$10,000
85%
5 years
14, 28, 60, or 90 days

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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 "two-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 I still need to consider income protection in my 60s?

Statistics show that Australians are no longer intending to retire in their early 60s. 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

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

  • Cover against risks: Life today is full of uncertainties; income protection helps you keep up with your expenses if an injury or illness puts you out of work in the short term e.g. a month.
  • 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 remaining 25% 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 period. Cover for rehabilitation expenses, nursing care and bed confinement are just a few of the benefit available.


What to look for when comparing income protection policies if you're 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. So even if you are 60 or older, there is still something for you.
  • Premium waiver: A waiver feature lets you waive the premiums when you are receiving the pay-out, and retain the police without payment of 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. Some policies offer a no waiting period feature, however, policies with no or short waiting periods typically have higher premiums than those with longer waiting periods.
  • Rehabilitation expenses benefit: A feature that benefits anyone over 60, this benefit pays you an additional amount to help with rehabilitation costs. Other income protection policies also have added medical and surgical expenses benefits. This offer will vary from provider to provider. The best way to find out if these add-ons are available is to compare various income protection policies from different insurers.

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

Richard Laycock

Richard is the Insurance Editor at finder, and has been wrangling insurance Product Disclosure Statements for the last 4 years. When he’s not helping Aussies make sense of the fine print, he can be found testing the quality of Aperol Spritzes in his new found home of New York. Richard studied Journalism at Macquarie University and The Missouri School of Journalism, and has a Tier 1 certification in General Advice for Life Insurance. He has also been published in CSO Australia and Dynamic Business.

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2 Responses

  1. Default Gravatar
    AliciaMarch 14, 2018

    I haven’t received any emails with quotes i requested for an income insurance

    • finder Customer Care
      RenchMarch 20, 2018Staff

      Hi Alicia,

      Thanks for your inquiry.

      You may try to re-login in our finder AU site and fill out the form again from our Income Protection Quotes page. It should direct you to another page showing you a list of quotes that you can compare or it should be sent to your email under your finder account.

      Please reply back to us if you still can’t get quotes from our page so I can forward this to our team for necessary updates.

      Best regards,
      Rench

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