I am 61.5 years old and invested $200.00 dollars per fortnight into a listed investment company ARGO and a few other ASX listed companies instead of loss of licence insurance throughout my 42 year career. It is worth roughly $350,000.00 now, depending on the market on a particular day. I am fortunate that I am currently healthy and hope I can stay that way, I have no problem with medicals so it seems to have paid off. I am lucky I work for a great company
That was my strategy. Some of my colleagues joined the AFAP and signed up to their loss of licence cover, which was pretty generous as it returned the premiums paid at retirement, not sure if that still exists.
Our company pays a portion of the cost of insurance if you want your own cover but covers us for a blanket $300,000.00 which reduces to zero once you reach 65 as part of our EBA..
Hope that gives you some ideas.
Cheers,
Craven.