Income protection in NSW

Live in NSW? Find the income protection insurance that’s right for your needs.

New South Wales is one of Australia’s most populous states, with a variety of people in all occupations and walks of life. Because of this, income protection insurance is easy to find, either by yourself or with the help of an insurance broker; the hard part is making sure you have the right cover for your needs.

Income protection insurance can keep you going if you suffer an illness or injury that prevents you from working. It does this by paying out a portion of your usual income, typically 75%, until you’re able to get back to work. Income protection insurance lets you focus on recovering rather than stressing over finances.

Can help me find income protection if I'm a NSW resident? allows you to compare policies online and get a quote either with an adviser or directly with an income protection brand.

Compare cover directly with these brands

Name Product Short Description Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period
Cover up to 85% of your Income (up to $10,000 per month) if you can’t work due to sickness or injury. Cover for 1,000 job types - full-time, part-time and self-employed.

5 years
14, 28, 60, or 90 days
Receive up to 30% off in your premiums if you’re in good health and meet BMI qualification tests. T’s and C’s apply.
24 months
14 or 28 days
Take out a policy and get a $100 bonus gift after holding cover for 2 months. T's and C's apply. Offer ends 31 March 2019.
5 years
14, 28, 60 or 90 days
Get income protection cover (up to 75% of your income) without a medical test. Plus, Medibank health insurance members can save 10% off premiums.
5 years
30 or 90 days
Cover up to 75% of your monthly income if you can’t work due to illness or injury, up to a maximum of $10,000 a month.
5 years
30 or 90 days
Cover up to 75% (to a maximum of $30,000) of your monthly income with NobleOak Income Protection.
2 years or to the age of 65
30 or 90 days
Cover up to 75% (to a maximum of $10,000) of your monthly income with Guardian Income Protection.
5 years
30 or 90 days
Join Qantas Income Protection and earn up to 100,000 Qantas points. T&CS apply including minimum premium and policy hold periods apply to earn points.
5 years
2, 4, 13 weeks or 2 years
Receive up to 75% of your income (up to $10,000 per month) if you're unable to work due to serious illness or injury.
5 years
30 or 90 days

Compare up to 4 providers

How do I apply for income protection if I work in NSW?

Some of the ways you can apply for income protection in NSW include:

  • Online with an adviser
  • Online directly with an income protection brand
  • In person with a broker

In regional NSW areas, you’re more likely to have to contact an insurer online or over the phone, as it may be difficult to find insurance brokers in your area.

Do I need income protection insurance if I get NSW worker’s compensation?

Income protection and worker’s compensation are two different things. The main difference is that:

  1. Income protection. Protects you around the clock at home and at work.
  2. Worker’s compensation. Only applies to work related injuries and illnesses, sustained at work or because of work.

Workers compensation pays for recovery expenses, not income replacement

Income protection insurance will pay a proportion of your normal income, while NSW worker’s compensation is more focused on paying the costs associated with a particular injury or illness.

How much stamp duty do I pay for income protection in NSW?

Stamp duty is a tax placed on a variety of financial service products, including income protection insurance. In New South Wales, the stamp duty is 5%, which will be declared and paid for by your insurer and factored into the cost of your premiums.

State by state income protection stamp duty comparison

StateStamp Duty
Northern Territory10%
New South Wales5%
South Australia11%
Western Australia10%

How can a NSW insurance broker help me?

Insurance brokers can be particularly useful when it comes to navigating complex insurance issues. A broker can help you with issues such as:

  • Overlaps between health insurance, life insurance and income protection insurance
  • Considering all the options, such as bundling income protection with life insurance
  • Making claims more efficiently and effectively
  • Clarifying any unclear or difficult to understand parts of your income protection insurance policy
  • Answering any questions or walking you through the steps

When will income protection insurance not pay out?

All income protection insurance plans come with some typical conditions and exclusions. Some common exclusions include:

  • No cover if you don't actively seek medical treatment. A requirement that you must be actively seeking medical attention for injuries and illness, and following the advice of a licensed medical practitioner.
  • Illegal activity and putting yourself in danger. Policies will generally not pay out if you were injured while doing something illegal or acting exceptionally irresponsibly.
  • Payments inside the waiting period. Benefits will not be paid until the end of the waiting period (the minimum amount of time between being injured and claiming benefits).
  • No proof of your inability to work. You cannot claim if you cannot prove an inability to work due to injury or illness, or without a licensed medical practitioner’s say so.

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