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Income protection insurance that’ll work harder than you do

Peace of mind doesn't come easier than this. Compare income protection insurance.

Compare income protection insurance quotes

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
Take out a new AAMI Income Protection policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
ahm Income Protection
$10,000
Up to 70%
Up to
5 years
18
Data not available
Get 10% off your first year of ahm Income Protection when you apply by 1 July 2024. 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
$12,500
Up to 70%
Up to
5 years
18
Data not available
Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.
Insuranceline Income Protection
$10,000
Up to 75%
Up to
5 years
18
$222 million
Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
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.
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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.

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 10% on your first year

When you apply by 1 July 2024. T&Cs apply.

Last verified

Deal ends

Get a $100 eGift card after your first 4 months of cover

Take out a new AAMI Income Protection policy before 30 June 2024. T&Cs apply.

Last verified

Deal ends

Save 10% on your first year

When you apply by 1 July 2024. T&Cs apply.

Last verified

Deal ends

Chance to win a $1,000 gift card

Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, 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

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

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
expert adviceYou save time. We spend 100s of hours researching income protection insurance so you can sort the gold from the junk faster.
independentYou can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.

Frequently asked questions

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

Written by

Gary Ross Hunter

Gary Ross Hunter is 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 profile

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