What happens when I reach retirement age?
Life insurance policies, including income protection, trauma and TPD, generally expire when you reach a certain age. After this point you will no longer be able to make a claim, even if you are still working. For some products this age is fixed, while others will allow you to hold the policy for longer, for an extra fee.
In general, the expiry ages are as follows:
|Policy Type||Usual Expiry Age|
For policies held within an industry superannuation fund there are usually additional rules, and once you reach a defined age you will no longer be able to make contributions. Policies held within an SMSF will have more flexibility, but there may still be restrictions.
Expiry ages can vary between insurance products, so if you want a longer policy our life insurance specialists will be able to help you identify those which expire at a later age.
Income protection policies in particular can offer an extension of up to 10 years over the average, with some insurance companies offering cover up to age 80.
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If have any questions or would like to buy a life insurance policy, please complete the enquiry form, or call us on 1300 543 346 during business hours.