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Compare income protection insurance quotes

1 - 6 of 12
Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Minimum Entry Age Sum Insured
TAL Accelerated Protection Income Protection
$30,000
Up to 70%
Up to
Age 65
18
$1,305 million
Get up to 70% of your income covered with flexible short and long term benefit periods.
AAMI Income Protection
$10,000
Up to 75%
Up to
5 years
18
$222 million
Enjoy 5% off your premiums every year for the life of the policy when you take out a new AAMI Income Protection policy. Offer ends 8:59am (AEST) 2nd of April 2024. New customers only. T&Cs apply.
NobleOak Income Protection
$30,000
Up to 70%
Up to
Age 65
18
$65 million
With NobleOak, you can lock in a policy with a benefit period covering you up to the age of 65. Cover limits may go as high as $30,000.
Medibank Income Protection
Medibank Income Protection
$12,500
Up to 70%
Up to
5 years
18
Data not available
Get a quote in less than 5 minutes. No blood tests or medicals needed. 10% discount for Medibank health members.
ahm Income Protection
$10,000
Up to 70%
Up to
5 years
18
Data not available
Get a quote in less than 5 minutes. No blood tests or medicals needed.
Insuranceline Income Protection
$10,000
Up to 75%
Up to
5 years
18
$222 million
Take out a new Insuranceline Income Protection policy and get a $100 eGift card after your first 4 months of cover. T&Cs apply. Ends 31 March 2024.
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Why compare income protection with Finder?

  • You pay the same price as buying directly from the income protection insurer.

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  • We've done 100+ hours of policy research to help you understand what you're comparing.

What is income protection insurance?

Income protection pays a monthly wage if you need to take time off work due to a sudden accident or illness. Most insurers will pay up to 70% of your pre-tax income. They'll also set a maximum benefit, usually around $10,000 monthly.

The payouts from income protection can help you meet regular expenses, such as your mortgage or rent and groceries. It can also maintain your family's lifestyle while you focus on your recovery.

How does income protection insurance work?

With income protection, you get an ongoing cash benefit after a successful claim. It lasts until one of the following occurs:

  • You can return to work
  • Your benefit period ends
  • You reach an age when you can no longer renew your policy

The benefit period is the maximum amount of time you can receive payments. In most cases, this is for 1, 2 or 5 years. Some insurers offer a benefit period until the age of 65. These policies will cost more.

You can only claim income protection after you've passed the waiting period stated in your policy. It starts from the day you file your claim and it can be 14, 28, 60 or 90 days.

Tip: The longer your waiting period, the cheaper your policy will be. However, choose with care as you'll need to have enough money to support yourself for the duration of your waiting period.

  • Finder research has found just 35% of Australians would be able to meet their bills for more than 3 months if they lost their job tomorrow.

Income protection calculator: How much cover you could get

Gross annual income
$
Percentage covered

We estimate that you could get...(click Calculate to see results)

What's the cheapest income protection?

According to the latest Finder awards research, a policy with NobleOak may cost as little as

$24.72 per month

Suit worker
A cheap income protection policy may cost $25.27 per month with TAL. This quote was for a male, white-collar worker (accountant).
Construction worker
For blue-collar workers, such as tradies, a cheap income protection policy may cost $49.43 a month with NobleOak.

What's the average cost of income protection?

Finder's research team gathered 150+ quotes from 10 insurance brands across 32 different customer profiles (e.g. diverse ages, smoker statuses, occupation types and genders) in February 2023.

Based on this research, here are the average costs for non-smokers and smokers. This average is calculated across male and female white-collar workers between the ages of 30 and 40 for each brand.

InsurerNon-smoker average monthly premiumSmoker average monthly premiumApply today
TAL$30.38$41.72Get quote
RAC$36.38$57.50More info
RACQ$42.69$52.80More info
Zurich$43.02$55.92More info
NobleOak$36.51$57.27Get quote
Bendigo$46.36$58.52More info
Aspect$59.39$87.72More info
AAMI$60.84$76.06Get quote
Insuranceline$60.84$76.06Get quote
Suncorp$60.84$76.06More info

Here's what some experts had to say...

3 ways to buy income protection insurance

The ways to get life insurance in Australia are direct, retail or via super.
Paper and pen

Direct

Do some research and buy directly with an insurer.

Trader

Retail

Seek advice from a broker who'll build you a policy.

Retirement

Super

Get basic cover in your super fund.

The latest income protection deals and discounts

We put together a list of exclusive deals and sign-up offers below to help you save:

Store Discount

Enjoy 5% off your premiums for the life of the policy

Enjoy 5% off your premiums every year for the life of the policy when you take out a new AAMI Income Protection policy. Offer ends 8:59am (AEST) 2nd of April 2024. New customers only. T&Cs apply.

Last verified

Deal ends

Get a $100 bonus gift after 4 months

When you get life insurance, income protection or funeral insurance with InsuranceLine. Offer ends 31 March 2024. T&Cs apply.

Last verified

Deal ends

Get 12 months income protection for the price of 11

New members will get a one month free when paying annually

Last verified

Why you can trust Finder's income protection experts

Free

We're free

You pay the same as buying directly from the insurer. We make money from referral fees when you choose a policy, but you don't pay any extra.
Expert icon

We're experts

Our team of income protection experts have researched and rated dozens of policies as part of our Finder Awards and published 80+ guides.
independent

We're independent

Unlike other comparison sites, we're not owned by an insurer. Our opinions are our own and all guides must meet our editorial standards.
help

We're here to help

Since 2016, we've helped thousands of Australians find income protection by explaining your cover options, simply and clearly.

Frequently asked questions

We updated the frequently asked questions
This article was updated on 30 August 2023. We updated the frequently asked questions.

Read more on this topic

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    Cover up to 85% of your salary with one of Aspect's flexible income protection policies.

  • Income protection for tradies

    The tradies guide to income protection insurance.

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    You have 3 insurance options when it comes to sole trader insurance, to protect you and your business.

  • Self-employed insurance

    Read our guide to the various types of insurance available to the self-employed.

  • Superannuation income protection

    What is superannuation income protection? Find out the benefits and drawbacks and if it's right for you.

  • Expat income protection insurance

    Income Protection can cover your income in case anything happens to you while travelling overseas, some conditions apply.

  • AIA Income Protection Review

    Find out what an AIA income protection insurance policy covers and receive a secure quote for cover. AIA income protection can cover up to 75% of your income following serious injury or illness.

  • NobleOak Disability Income Insurance Review

    NobleOak has been offering personal insurance solutions direct to Australians for over 137 years. Discover the benefits and features available on the NobleOak Income Protection policy and make a secure enquiry for cover.

  • MLC Income Protection Review

    Compare income protection cover from MLC and receive quotes from an experienced consultant. Compare MLC against other Australian insurers to see how cover and price compare.

  • OnePath Income Protection Review

    Compare income protection policies available from OnePath and receive a secure quote from an insurance consultant. Find out how OnePath compares to other insurers.

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