Best
Best income protection insurance Australia 2026
If your income stopped tomorrow, could you cover the mortgage? The best income protection insurance in Australia, rated by Finder's experts.
Top Value
Cheap
Key takeaways
- NobleOak won the 2026 Finder Award with a strong 98.4% claims acceptance rate.
- Selecting a longer waiting period can significantly reduce your income protection premiums.
- Compare stepped premiums for initial lower costs or level premiums for stable long-term pricing.
- Best income protection: NobleOak Income Protection
- Best Value Income Protection: TAL Accelerated Protection Income Protection
- Best cheaper income protection: AAMI Income Protection
What different scores mean
9+
Excellent
These products offer great value, with a good score across both features and price.
7+
Great
These are competitive products, though they didn't quite get top scores.
5+
Standard
These products might offer less value or command a higher premium than others in the market.
0+
Basic
These products might only offer a basic set of features or aren't very competitive on price.
How we picked the best income protection
Our insurance team has gathered 200+ quotes from 14 of Australia's most popular providers to compare options. All the policies in this guide can pay you a monthly salary if you need to take time off work due to a sickness or injury. Remember, there's no single best income protection policy that suits everyone's needs, since we all have different budgets and priorities. The below should be used as a guide only.
Why you can trust our research
14 income protection providers analysed
100+ prices gathered
100+ hours of research
How can I find the best income protection insurance policy?
Here are 4 features to keep an eye on when choosing the best income protection insurance for you:
Benefit period
This is how long you will be paid. Usually, the insurer will give you a few options to choose from – e.g. 1, 2 or 5 years. The smaller the benefit period you choose, the cheaper your policy will be.
Waiting period
Once you're unable to work, you can submit your claim. You'll then need to wait a specific time before your policy begins. This is the waiting period.
For example, say you submit your claim on 1 November and you select a 14-day waiting period, your policy will begin on 14 November. You will receive your first monthly payment on 14 December.
Most policies let you choose from a few different waiting periods – the bigger the waiting period, the cheaper your policy will be. If you think you can get by on sick leave for a while, it might be worth selecting a bigger waiting period.
Maximum cover
Insurers will also put caps on the amount you can claim per month. You'll only be able to earn a percentage of your current salary (usually up to 70%).
Insurers also set a maximum monthly benefit, typically around the $10,000 mark. If you earn more than that per month, insurers such as TAL and NobleOak go up to $30,000.
Stepped or level premiums
Stepped premiums go up as you get older but tend to start off cheaper. Level premiums don't increase over time but typically cost more to start off with. If you're worried about payments becoming unaffordable over time, level premiums might be best for you. Otherwise, it's likely that stepped premiums will be cheaper in the shorter term.
Our expert says
"An easy way to reduce your income protection premiums is to choose a longer waiting period. I have my policy set at the maximum: 90 days. I figure this is for a worst case scenario and if I claim on this policy, I should have enough savings to cover me for 90 days while I wait for benefits to kick in. In the meantime, my premiums are quite a bit lower."
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FAQs
Sources
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