Income Protection In The Northern Territory

Work in the Northern Territory? Find income protection insurance to suits your needs.

Australia’s Northern Territory is home to some of the most majestic scenery and wildlife in the country, which is why it hosts over a million tourists each year. Whether you live in Darwin, the greater state or anywhere else in Australia, the right income protection insurance can protect you and your livelihood.

Income protection insurance will pay out a portion of your usual income, usually about 75%, if you’ve suffered an injury or illness that prevents you from being able to do your job. It will keep paying until you can return to work or the policy runs out. This means you can take care of yourself and your family should disaster strike.

Receive a quote with these direct brands and apply

Name Product Short Description Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period
Cover up to 75% (to a maximum of $25,000) of your monthly income with NobleOak Income Protection. Benefit period can be tailored to suit your needs.
$25,000
75%
2 years or to the age of 65
30 or 90 days
Protect your lifestyle with Virgin Income Protection and new eligible customers can earn 25,000 Velocity Points. Ends 31 Aug 2018. Min monthly premium and T&Cs apply.
$10,000
85%
5 years
14, 28, 60, 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. Take out cover today and you could get a bonus $100 Gift Card.
$10,000
75%
5 years
30 or 90 days
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.
$10,000
75%
5 years
30 or 90 days

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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How do I apply for income protection insurance if I live in NT?

To get income protection in Darwin, you may wish to visit an insurer in person to discuss the exact benefits available and to understand what all the terms, conditions, restrictions and limits mean. Alternatively you can compare policies online either via an adviser or directly with an insurer. In more isolated segments of the Territory, it’s still easy to take out income protection insurance online or over the phone.

Do I need income protection insurance? Won’t NT workers compensation cover me?

Income protection insurance and NT workers compensation are two different things.

  • Workers comp in NT only applies if you are injured at or because of work, or if you get sick directly because of the job.
  • Income protection insurance will pay out no matter how you became sick or injured, or whether or not it was work-related, as long as the injury or illness is covered by your insurance policy and is not excluded.

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

Stamp duty tax in the Northern Territory is 9%. This financial services tax is placed on a variety of products, including income protection insurance. This amount is declared and paid for by the insurance company, and marginally increases customer premiums.

How does income protection duty in NT stack up against the other states and territories?

StateStamp Duty
ACT2%
Northern Territory10%
New South Wales5%
Queensland9%
South Australia11%
Tasmania10%
Victoria10%
Western Australia10%

In NT, as in the rest of Australia, you can claim the cost of income protection insurance premiums as a tax deductible, but only the income protection part. So if you have combined income protection and health insurance, only the premiums from the income protection insurance are tax deductible.

If you make a claim, any benefit payments made to you are taxable and must be declared.


Income protection insurance for NT mining workers

Along with tourism, the NT mining industry is one of the state’s biggest earners. It’s classified as a high risk occupation, meaning income protection tends to be pricier, but also more necessary.

Getting the best income protection value for money in this industry is usually about finding a policy that covers the gaps left by NT workers compensation, or your health or life insurance policies if applicable.

Income protection insurance generally won’t pay out if you’re claiming benefits for the same injury from a different source, however it can still be useful if it pays more, because you can then choose who you want to get benefits from. For example, if you’re a NT miner injured on the job and covered by both workers compensation and income protection insurance, you can choose which you’d like to claim benefits from, and which terms and limits you wish to go with.


When are some income protection conditions that I should be aware of?

All income protection insurance plans come with some typical conditions and exclusions. Some of the more common exclusions are:

  • A requirement that you must be actively seeking medical attention for injuries and illness, and following the advice of a licensed medical practitioner.
  • Policies will generally not pay out if you were injured while doing something illegal or acting exceptionally irresponsibly.
  • Benefits will not be paid until the end of the waiting period (the minimum amount of time between being injured and claiming benefits).
  • 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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Andrew Munro

Andrew writes for finder.com, comparing products, writing guides and looking for new ways to help people make smart decisions. He's a fan of insurance, business news and cryptocurrency.

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