What's the maximum age I can take out an income insurance policy?

In most cases, it's 59 or 60. It will generally be much harder to find an insurer willing to cover you after this time. If you already have an income protection policy, you can still be covered until you are 65, or, in some cases, as old as 70.

Do I need income protection insurance if I'm in my 50s?

If you still rely on your income to pay the bills, income protection insurance can be valuable. If you could get by fine without it – perhaps you have other sources of income – then it might not be necessary and you might want to consider other forms of life insurance . Death cover, total and permanent disability (TPD) insurance, or trauma cover can pay you and your family a large lump sum if you become critically ill or die.

Can I get income protection after I turn 60?

It's possible, but it can be a lot more difficult to find. We looked at 10 different income protection policies and only found 1 provider who offered a maximum entry age that exceeded 60. This was Aspect Insurance , which sets a maximum entry age of 65.