What happens to my life insurance 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|
|Term Life Insurance||99|
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 advisors will be able to help you find one which best meets your needs. 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.
Contact a 1300 Life Insurance Advisor Today
1300 Life insurance have access to the full range of Life Insurance available from all Australian life insurance companies. Our advisors use sophisticated analysis to evaluate the features and benefits of each product against your own needs. Our duty of care is to always act in your best interest. We will:
- Assess your needs
- Make an unbiased recommendation
- Provide you with a written statement of advice
- Ensure your cover is properly implemented
If your interested in Life Insurance, please complete an enquiry form and our advisers can get in touch with you. Alternatively you can also phone 1300 543 346 during business hours.