I’ve recently had to do a fair amount of risk insurance research for various clients aged over 60.

Frustratingly, there are not a lot of options in terms of disability and trauma insurance cover.

This contrasts with the trend towards an aging workforce and accessing super at a later stage in life.

Most of the 50 and 60 something professionals I meet are also working beyond retirement age as a matter of choice.

And for some reason, a 65 year old whose income protection has reached its expiry has little to no chance of getting a replacement policy no matter how healthy they are or appropriate such cover would be.

It is fair to say that the cost of premiums within this age bracket becomes unaffordable to most Australians. I believe this is simply reflective of the risk insurers must absorb in issuing cover to individuals in that broadly defined group.

That said, why can’t insurers offer cover albeit at a premium that is ‘win-win’ for both consumer and insurer?

Fortunately the market appears to be moving in that direction as seen in the tendency of insurers to extend trauma cover to age 70 and increase the maximum entry ages in which new policies are available.

For the sake of many underinsured Australians over the age of 60, I hope that trend continues.