The prices and benefit payouts below are based on a 35-year-old, non-smoking accountant with no pre-existing conditions listed. Quotes checked across 4 brands in September 2022.
| Monthly income (Pre tax) | Average cost per month (male) | Average cost per month (female) | Monthly Payout Range |
|---|---|---|---|
| $4,000 | $59.98 | $69.59 | $3,000 |
| $5,000 | $74.79 | $86.80 | $3,750 |
| $6,000 | $89.59 | $104.01 | $4,500 |
| $8,000 | $119.21 | $138.43 | $6,000 |
| $10,000 | $148.82 | $172.85 | $7,500 |
| $12,000 | $178.44 | $207.27 | $9,000 |
| $14,000 | $199.89 | $231.92 | $10,000 - $10,500 |
| Response | Female | Male |
|---|---|---|
| I don't have life insurance | 55.01% | 44.71% |
| Yes | 21.62% | 25.6% |
| No | 9.14% | 15.03% |
| I don't know | 14.24% | 14.66% |
Both occupation AND income can affect the cost of cover. For example, a retail supervisor and a registered nurse who earn $4,000 a month will pay a different premium on income protection.
Likewise, a medical specialist may have a higher income to insure than a general doctor. This, along with the occupation category can mean a difference in premiums.
When you take out a life insurance or income protection policy, you have the option to structure your premium repayments as either stepped or level.
Stepped premiums will increase over time in line with your age. They are a more affordable option at the start of your policy but increase steadily overtime...particularly once you have reached 40 years of age.
Level premiums will start out higher than stepped but will remain the same for the life of the policy. Generally level premiums will end up being more affordable in the long run.
The graph below gives you an idea of how stepped and level premiums differ based on annual premuiums (on the left) and years (at the bottom). There is also a line for hybrid premiums – some insurers also offer this.
Here are a few ways you can save money and reduce the cost of your income protection.
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