As The Retirement Age Continues To Rise,  It’s Still So Important For Older Australians To Have Income Protection


Over the past five years, the retirement age of Australians has been slowly creeping up. The increase of the retirement age has mainly been influenced by the pension eligibility age increasing. By the 1st of July 2023, Australians born after 1957 will need to be 67 before qualifying for the age pension.

So, even though you and your partner might have no children living at home and you are heading more towards your senior years, it is still essential for you to have income protection. The last thing you want to do is rely on your adult children or your partner’s income if you become ill or injured and are unable to work as a result. You don’t need to rely on anyone else to ensure your financial stability if you have chosen the right income protection insurance.

You never know what life will have planned for you, and you don’t want any part of your future to include financial instability. Even if retirement is on the cards for you, an active income protection policy could protect you and your family from unexpected expenses.



You might be thinking that income protection insurance is just for young people who have a mortgage or children to support; however, this is not the case. Just because you are older doesn’t mean you don’t have a range of other personal expenses such as home maintenance & repairs, maintenance of other assets (e.g. investment properties) and holiday funds. Anyone who is still working to bring in an income should be purchasing income protection.

Income protection generally pays you up to 75% of your income if you cannot work for some time due to illness or injury. Most insurers will consider a range of different factors when assessing older Australians for income protection insurance. Often you will need to enter into an income protection policy before the age of 60 and then you can continue being protected up until the age of 65. This is once again dependent on the insurer that you choose to take your policy with. Life insurers will often have stricter rules regarding age, while general insurers can have a different set of age parameters.

While price is essential when choosing your income protection insurance policy, it isn’t the only consideration. It would be best if you choose your insurer based on the best value for money and policy type.



If you are in a position that means you would be unable to afford to go for some time without income, then you need to find yourself an income protection policy today.

Aspect Underwriting offers accessibility and value for money through their income protection policies. As a specialist insurance agency, they provide customised income protection cover to their clients. With Aspect UW, you can receive up to 85% of your income (usually 75% with other insurance) if you become ill or injured. They also offer coverage for Australians until they are 70 years old, so even if you consider retirement in a few years, you will still have access to income protection.

Head to the Aspect UW website today to get a quick and easy quote and even purchase your policy on the same day. Don’t spend another day unprotected.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.