Income protection insurance brokers

A professional insurance broker can help to shape an income protection policy that will suit your specific needs.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Finding the right income protection policy for your needs can be a challenge. However, income protection insurance brokers can help to make the process a lot more manageable – and find you a competitive deal at the same time. What's more they can break down the key features that come with policies, explain any exclusions and help you through the application process step-by-step.

Get in touch with an income protection broker

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

Sex
Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

Lender Logos

Why should I get an income protection insurance broker?

Income protection will cover you and your dependents if you’re unable to work as a result of injury or illness. This is usually offered as part of life insurance, but is also available by itself.

It's an important investment because your lifestyle depends on your earning ability, so getting the best income protection insurance available can give you peace of mind. Income protection insurance will cover you and your family if you’re unable to work, either temporarily or permanently.

Income protection insurance brokers will:

  • Negotiate with insurance companies on your behalf to get better prices and better coverage than you could by yourself.
  • Find a customised insurance plan, or negotiate with insurance companies directly to create a custom plan with everything you need and nothing you don’t.
  • Check on smaller insurance companies that are hard to find, and you might not know exist. Insurance brokers know them and consider these alongside the big brands.
  • Answer any questions you have in easy to understand ways so you know exactly what you’re getting.
  • Stay impartial. As an independent outsider their only incentive is to find you the best plan at the best price. You can also find insurance brokers that work with one particular insurance company to get you a custom plan, but this will always be made disclosed to you.
  • Offer professional advice if you’re not sure which features are best for your situation. They’re able to take you through everything from start to finish.
  • Help you make claims by letting you know what you need and liaising with the insurance company on your behalf.

Insurance brokers work directly with insurance companies to get policies that aren’t usually available to the general public. These policies might have lower premiums, better coverage or specific benefits that you want but can’t otherwise get at a good price. In short, income protection insurance brokers are professional insurance policy finders.

What can income protection insurance brokers do?

Beyond simply getting good policies, insurance brokers can offer a number of other services. They can:

  • Identify risks and help you reduce them. Brokers can help you find everything that your insurance policy needs to cover, and point out ways you can reduce your risks.
  • File claims on your behalf and see them through, negotiating with insurance companies every step of the way.
  • Warn you if you’re being provided misleading information.
  • Balance cost vs benefits. A common mistake is to simply get the cheapest policy which is often inadequate. Insurance brokers will let you know if they think you’re falling into this trap.
  • Clearly explain everything in an insurance policy and make sure you’re fully informed.
  • Give advice on how to budget for insurance policies.

How much do income protection insurance brokers cost?

This depends on the type of insurance broker. They will always disclose their fees to you clearly and answer any questions you might have so you know how much it will cost.

Some insurance brokers will charge you a fee directly, often on an hourly basis. This will be a one-time payment, and after they find a policy for you there won’t be any more costs until you wish to use their services again.

Other insurance brokers receive a commission from insurance companies for signing you up. If this is the case, they will disclose it to you ahead of time.

If you have particularly unique or frequent insurance requirements, you can also retain a broker, or the services of an insurance broker company for ongoing service. This is usually paid for with an ongoing fee.

In all cases, insurance brokers must explain their fees to you in clear terms. If you aren’t 100% certain on anything, always ask them.

Do I need an income protection insurance broker?

Insurance brokers are a great option for complex or difficult issues. Income protection insurance is very important, and the best policies will be tailored specifically for you. The broker will take everything into consideration to customise your policy to its fullest.

  • Do you have dependants? This is different from income protection which covers you alone.
  • Do you have mortgage requirements, student debt or other ongoing financial requirements? In the event of you being unable to work, there are different ways of handling them. A broker can help you choose the best path.
  • Does your occupation have an unusually high risk of permanent injury or disability? Loss of income must be considered as a serious possibility.

You can always find income protection insurance without a broker, but if none of the policies seem perfect for your needs you should consider using an insurance broker.

What sort of questions should I ask my broker?

To get the most out your income protection insurance broker, you should ask them questions regarding anything you’re not entirely sure about, and find out their qualifications. You should never need to ask whether they’re independent or working on behalf of an insurance company as they must disclose this freely.

Good questions to ask include:

  • What are your qualifications? All brokers must hold an Australian Financial Services (AFS) license or be authorised representatives of license-holders. More highly qualified brokers will also have Qualified Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP) certifications.
  • What experience do you have with the type of insurance I’m looking for? Many insurance brokers are specialists. For the best income protection insurance, find a broker who has a lot of experience with life insurance or income protection insurance in particular.
  • How do you bill for your work, what are your fees? They will explain their fee structure and you should have a good idea of how much it will cost to use their services.
  • Who is your typical client? It’s good to find an insurance broker who specialises in clients just like you. Some typically represent businesses, and other typically represent individuals.
  • Do you have any references? Ask for references from previous clients.
  • What services do you offer? They should be able to provide a complete list of what they can do in writing, so you can look at it carefully and decide how to get the most out of their services.

You could also compare income protection quotes yourself from direct brands

Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period Options
AAMI Income Protection
$10,000
75%
Up to
5 years
14, 28, 60 or 90 days
If you’re an existing AAMI customer, you can save 5% on income protection. New customers can get one month free by paying annually.
Insuranceline Income Protection
$10,000
75%
Up to
5 years
14, 28, 60 or 90 days
Get a $100 bonus gift after 2 months. Plus, and get 12 months cover for the price of 11 if you pay annually. T&Cs apply.
Suncorp Income Protection
$10,000
75%
Up to
5 years
14, 28, 60 or 90 days
Sign up and become a member of Suncorp Benefits. Access savings of up to 15% from major retailers. Existing members can get a 5% discount off their policy.
NobleOak Income Protection
$25,000
75%
Up to 65
30 or 90 days
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 $25,000.
Commbank Income Protection by AIA Australia
$10,000
75%
Up to
2 years
30, 90 days
Get income protection online in a few simple steps. Receive access to the AIA Vitality program and a 5% discount if you hold both life insurance and income protection policies with AIA & Commbank.
RAC Income Protection
RAC Income Protection
$10,000
75%
Up to
2 years
30 or 90 days
You can get cover of up to 75% of your income, to a limit of $10,000 per month, with RAC.
RACQ Income Protection
RACQ Income Protection
$10,000
75%
Up to
2 years
30 or 90 days
Easily purchase RACQ income protection online, with access to the AIA Vitality program and a 5% discount for joint policies.
Bendigo MaxLife Income Protect
Bendigo MaxLife Income Protect
$10,000
75%
Up to
2 years
30 or 90 days
Take advantage of a 5% joint policy discount with Bendigo. Also, you can unlock policy savings through the wellbeing programme AIA Vitality.
loading

Compare up to 4 providers

Questions you still might have about income protection insurance brokers

Is it more normal to hire an insurance broker or handle it myself?

Brokers handle about half of all insurance policies in Australia. It's normal to brokers for business insurance needs, but also common to hire them for personal insurance.

What if I have a dispute with my insurance broker?

Disputes with insurance brokers are very rare, making up only 2.5% of reported insurance-related disputes. If this happens, you can report it to the Australia's Australian Financial Complaints Authority (AFCA). All licensed insurance brokers are required to be members of an authorised independent dispute resolution scheme so you will always have someone to turn to.

Should I let my insurance broker know if my circumstances change?

Yes, it's generally a good idea. Any changes may mean the advice they previously gave isn't valid anymore, and they can notify the insurance company of these changes.

Do brokers always cost more, or always save me money?

Sometimes it will cost more, and sometimes it will cost less overall. It depends on how much they can save you in insurance premiums, and how highly you value their advice and other services. There will never be any hidden fees, so you can carefully consider whether or not to use them.

If you want to be absolutely certain that you have an effective income protection insurance policy then it's highly recommended. Overall they provide excellent value for money.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site