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Best Income Protection Insurance in Australia

We scored 11 policies on price, features and add-ons. Here's who we ranked as the best income protection insurance for cost, claims experience, seniors and mental health.

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Finder Awards: Best Income Protection Insurance Australia

Winner: NobleOak Income Protection Insurance

Finder Awards
NobleOak Income Protection Insurance
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NobleOak won the Finder award for best income protection for the second year running thanks to their affordable cover and high-quality policy features.

NobleOak offers a higher maximum payout than the other insurers featured on Finder, so if you're looking for a bigger benefit, this could be the policy for you. It was also the only brand we looked at that offered the flexibility of interim cover, meaning you have insurance while your application is being underwritten but hasn't been approved yet.

Why trust our picks?


Brands compared


Different profiles


Quotes generated

We created an algorithm that scores policies based on more than 6 different factors, including price, maximum monthly benefit, claims outcomes and extra features. Using 16 different customer profiles, we requested quotes from 11 different insurance brands.

In total, we looked at 448 quotes. We then applied our algorithm to those 448 quotes to come up with an overall score for each brand. The highest-scoring brand was our winner.

Finder Awards methodology

Our 2021 Finder Awards for Best Income Protection Insurance looked at 11 online Australian brands across 12 different personas for both males and females aged between 30 and 50. We only compared direct insurance brands in Australia and our comparison was not of the entire market.

Top picks for income protection insurance

Using the data from our awards research, we selected some of the standout brands we thought you should know about. While we've tried to cover as many different details as possible, our picks don't reflect personal circumstances and it's up to you to decide what's right for you.

Best for competitive pricing

NobleOak ($63.56), Bendigo ($83.55), and Medibank ($84.15) all impressed when it came to average monthly price points – these were the only 3 brands under $100* per month, with NobleOak being nearly a quarter (23.92%) cheaper than any other brand we looked at.

Best income protection policy for seniors

Income protection insurance is typically available up until age 60. Insuranceline offered the highest entry age (60) and policy expiry age (65). They were followed by AAMI, who offer a maximum entry age of 60 and a policy expiry age of 65. TAL edged out NobleOak in third as they offer a maximum entry age of 60, which is 4 years more than NobleOak.

Here's a rundown of the maximum entry age, and the age at which your policy would expire, of the brands we looked at in this category.

InsurerMaximum entry agePolicy expiry

Best income protection policy for mental health conditions

According to healthdirect.gov.au, 1 in 5 Australians suffer from a mental illness every year. Unfortunately, most income protection policies won't pay out if you're unable to work due to mental illness.

However, we found 7 income protection brands at the time of writing – out of 18 policies we looked at – who offer some cover as standard. These are:

  • AAMI
  • Aspect
  • Insuranceline
  • MLC
  • Suncorp
  • TAL
  • Zurich

You won't be able to claim on mental health conditions within 6 months of taking out cover. Plus, benefit periods are limited to 2 years in total.

Additionally, NobleOak, AIA and BT each offer mental health cover if you opt in to Total & Permanent Disability (TPD) Insurance.

We've chosen TAL as the winner for best income protection for mental health conditions, as they offer a range of partner programmes that can support your mental health and wellbeing.

Did you know? A Productivity Commission report by the government has found that only 8% of those who applied for income protection insurance got cover without exclusions or extra costs.

Best income protection policy for claims experience

NobleOak was the stand out choice for its claims experience as:

  • At 98.4%, it had the highest paid claims rate of 11 brands on Moneysmart's claims comparison tool. The industry average was 94.8%
  • CommInsure came second, paying 96.4% of claims while TAL was third with 96.1%
  • NobleOak also scored 0 disputes per 100,000 lives insured – the industry average was 174.6
  • Finally, its policy cancellation rate of 3.4% was lower than any other provider

*These Moneysmart figures are for Income Protection Insurance bought through a financial adviser between 1 July 2020 and 30 June 2021.

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2 Responses

  1. Default Gravatar
    JohnFebruary 20, 2022

    Once i qualify for income protection insurance am i allowed to do any work? If so what is maximun hours per month? Thanks

    • Avatarfinder Customer Care
      JamesFebruary 23, 2022Staff

      Hi John,

      Generally, no. You have to be unfit to work at the end of your policy’s waiting period to be eligible for income protection payments. However, I’d encourage you to speak with your insurer directly to find out about your specific circumstances.


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