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Compare income protection insurance Australia

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Best Income Protection

Compare income protection insurance quotes

Name Product AUFLI-INC 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
19
$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
Save up to 10% on premiums every year for the life of the policy on AAMI Income Protection. Offer ends 2 December 2024. T&Cs apply.
ahm Income Protection
$10,000
Up to 70%
Up to
5 years
18
Data not available
Apply and buy income protection online with ahm. No medical or blood tests needed to apply. Get a quote today.
Zurich Ezicover Income Protection
$12,000
Up to 70%
Up to
5 years
19
$5 million
Get your first month of cover free when you buy Zurich EziCover Income Protection.
Medibank Income Protection
$12,500
Up to 70%
Up to
5 years
18
Data not available
No medicals or blood tests needed to apply. Plus, if you're a Medibank health member, get a 10% discount on your premiums every year.
Suncorp Income Protection
$10,000
Up to 75%
Up to
5 years
18
$222 million
Save up to 10% on premiums every year for the life of the policy on Suncorp Income Protection. Offer ends 2 December 2024. T&Cs apply.
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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.

Pros and cons of income protection

Weighing up the pros and cons of income protection is a helpful way of working out if it's right for you. Take a look below.

Pros

  • Peace of mind. Money is one of the major causes of stress in life. Income protection can't guarantee all your money worries will go away, but it can take care of one of our biggest concerns: what happens if I can't work? It lets you focus on getting better, not how you'll pay your next bill.
  • Short-term help that stops long-term problems. Income protection is for those scary times when you're temporarily unable to work. It's short-term financial help that ensures your money worries don't become a long-term problem. If you can rely on income protection, you don't need to worry about alternative ways of paying your bills, like selling your car, picking up a second job when you can return to work, or relying on high-interest loans.
  • Easy to claim. You don't need to prove permanent disability to work; just that you're temporarily unable to perform your duties.
  • Good for small business owners. If you run your own business, income protection insurance is very helpful security if an illness or injury strikes and stops you from working.

Cons

  • Can be trickier if you have a pre-existing medical condition. Sometimes it can cost you more if you have a pre-existing medical condition and in some cases you won't be covered if you need to take time off due to that.
  • More expensive for different occupations. You'll likely have to pay a little more if you work in a high-risk job where injuries are more likely to occur.
  • Waiting periods. Income protection policies generally have a waiting period - usually around 30 - 90 days - before it begins to pay you, so you may have to fall back on sick pay until the waiting period is over.

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 deals and sign-up offers below to help you save:

Store Discount

10% off for ahm health members

ahm health members save 10% on their income protection premiums.

Last verified

Save up to 10%

Save up to 10% on premiums every year for the life of the policy on AAMI Income Protection. Offer ends 2 December 2024. T&Cs apply.

Last verified

Deal ends

Save up to 10%

Save up to 10% on premiums every year for the life of the policy on Suncorp Income Protection. Offer ends 2 December 2024. T&Cs apply.

Last verified

Deal ends

Medibank health members save 10%

If you’re a Medibank health member, you can enjoy a 10% policy discount annually.

Last verified

Get your first month of cover for free

Get your first month of cover free when you buy Zurich EziCover Income Protection

Last verified

Why you can trust Finder's income protection insurance experts

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Frequently asked questions

We updated the frequently asked questions
This article was updated on 30 August 2023. We updated the frequently asked questions.
To make sure you get accurate and helpful information, this guide has been edited by David Gregory as part of our fact-checking process.
Gary Ross Hunter's headshot
Editor, Insurance

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

Gary Ross's expertise
Gary Ross has written 669 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

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