Income Protection: Does Working Longer Keep You Young?

A satisfying work life apparently keeps us youthful and more and more of us are prepared to test this out in a trend that is seeing the average age of retirement extending well beyond 65. Sixty five used to mean more time for golf, grandchildren, gardening and for some a gold watch. But these days people are happily working into their 70’s, particularly in senior management, medical and professional occupations.

This trend has produced a new dilemma for clients who wish to keep their Income Protection Insurance for the period post 65 as traditional policies expire at around the same time. Insurance companies have risen to this challenge by developing policies that will continue the cover well past age 65.

If you’re still working beyond age 65 then you still have an asset that is as deserving of insurance as any other asset you possess. Just think about that for a second – few people would cancel their home & contents or motor vehicle cover when they reach age 65 as the loss of one of those assets would hurt financially. Your income is no different – it’s always cheaper to pay a premium than to lose the whole lot if things don’t go as planned. And let’s face it – things often don’t go to plan!

What do you need to do?

If you are loving work and see no reason to stop then have a chat to us about reviewing your cover. Reviews can be anytime and, as with all insurance, while you are still healthy is always preferable. It is harder and sometimes impossible to get cover once you have a medical problem. Between 55-59 it is still possible to extend the life of your cover and after age 60 things become more difficult and some options are ruled out.

There are plenty of theories out there about how to keep young and vibrant in later years – if a great business or career is your answer then get in touch with us keep your insurance doing it’s vital job.