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Cheap income protection insurance

You can find cheap income protection from $25 per month as a 30 year old non smoker. Compare costs from all brands below.

How much is low-cost income protection?

We requested 100+ quotes from 9 direct income protection brands in Australia. We ranked them from least expensive to most expensive. Check out who's offering coverage at an affordable rate.

These quotes are based on February 2023 research. For a 30 year old non-smoking office worker with $3,000 monthly income protection cover. Prices vary based on your age, gender, income and occupation.

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Income protection calculator: How much cover you could get

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Finder survey: What is the main reason Australians of different ages take out income protection insurance?

Response65-74 yrs55-64 yrs45-54 yrs35-44 yrs25-34 yrs18-24 yrs
Peace of mind2.29%1.74%7.77%2.54%5.05%4.12%
I'm self-employed0.57%1.16%0.52%0.51%0.92%
I have a mortgage2.91%4.66%9.14%2.75%
I have financial dependents1.16%4.15%3.55%2.75%1.03%
I'm worried about being made redundant0.52%0.51%1.38%2.06%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023

Editor's top income protection insurance pick for April 2024

James Martin
Finder's editor for insurance James Martin has reviewed income protection insurance providers and selected a policy that he believes is worth considering as a good option to help navigate the cost of living crisis.

What we like about HCF Income Protection

Finder's February 2023 cost research shows HCF had the cheapest income protection both for 30-year-olds and 40-year-olds. Its lowest priced policy cost just $15.40 for a non smoking 30-year-old female. For comparison, TAL was the second cheapest at $30.38 monthly. HCF was more competitive on price than 10 other brands we got quotes from.

Keep in mind:

This policy has a few drawbacks it's important to factor in. The longest you can be on paid a claim for is 12 months. Most other providers pay 2-years, 5-years or up to the age of 65. Its maximum monthly benefit payment of $7,500 may sound a lot, but most providers cap their benefit at $10,000. NobleOak and TAL go as high as $30,000.

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Compare income protection policies and quotes in Australia

1 - 6 of 12
Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Minimum Entry Age Sum Insured
TAL Accelerated Protection Income Protection
Up to 70%
Up to
Age 65
$1,305 million
Get up to 70% of your income covered with flexible short and long term benefit periods.
AAMI Income Protection
Up to 75%
Up to
5 years
$222 million
Take out a new AAMI Income Protection policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
NobleOak Income Protection
Up to 70%
Up to
Age 65
$65 million
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 $30,000.
Medibank Income Protection
Up to 70%
Up to
5 years
Data not available
Get a quote in less than 5 minutes. No blood tests or medicals needed. 10% discount for Medibank health members.
ahm Income Protection
Up to 70%
Up to
5 years
Data not available
Get a quote in less than 5 minutes. No blood tests or medicals needed.
Insuranceline Income Protection
Up to 75%
Up to
5 years
$222 million
Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.

Why should I look for cheap income protection insurance quotes online?

Some of the benefits of looking for cheap income protection insurance online include:

  • You can compare multiple policies. There are a range of income protection policies and providers avalable online, meaning you can boost your chances of finding the right cover.
  • Your personal information is secure. The details you provide when submitting an enquiry for an income protection quote will be held securely and used solely to confirm your quote request.
  • It's time-effective. You can save a lot of time by going online to find cheap income protection insurance. If you choose to purchase your policy direct, cover can be arranged entirely online or over the phone.
  • You can access experienced insurance advisers or brokers. By getting income protection quotes online, you have the option to speak to an insurance adviser who can provide tailored recommendations based on the quotes you receive.

Comparing cheap income protection policies: 5 key points

While comparing your options, you may find that policies look similar when it comes to cost and features. But there are some ways you can reduce the cost of income protection insurance.

Number 1

The waiting period

This is how long you must be off work before your benefit period starts. Start by working out how much sick pay and savings you have to tide you over if you had to immediately stop working. Typical waiting period options are 14-, 30-, 60-, or 90-days; 1 or 2 years. Generally, a longer waiting period can lead to a cheaper premium.

Number 2

The benefit period

The benefit period is the amount of time that you can receive payments from your insurer. The most common benefit periods you'll find in Australia are 2 years, 5 years and up to the age of 65. Cheaper plans tend to have shorter payout times.

Number 3

Features and add-ons to your policy

You can add extra options and tailor your policy to match your personal situation. For example, you could opt for a retirement protector where you have a monthly benefit paid into your super fund (seperate to any regualr payout from your insurance). You can save by leaving out such optional covers.

Number 4

Premium structure

Level premiums will lock-in your premium rates throughout the policy's term. This will be more expensive initially, but in the long-term, they can be more a more affordable option than stepped premiums.

Number 5

Compare a range of quotes

It's unlikely that choosing the first income protection insurance policy you see will be the right cover for a competitive price. Just as it's a good idea to compare at least 3 quotes for works in your home, we'd encourage you to shop around by comparing deals that offer the cover you require at a great price.

Income protection discounts to help you save on cover


Chance to win a $1,000 gift card

Expires 31 Jul 2024
Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply.

Get 12 months income protection for the price of 11

New members will get a one month free when paying annually

Medibank health members save 10%

If you’re a Medibank health member, you can enjoy a 10% policy discount annually.

Is it cheaper to get income protection cover through my super?

Purchasing cover through your super fund can be an affordable option - the group terms offered may lead to cheaper cover than with a standalone policy. The application process is quick (acceptance is often automatic, in fact).

But as well as pros, there are some important cons to be aware of when taking out cover through super.


  • It's generally cheaper and you won't have to go through any medical tests to get cover
  • Many income protection policies will impose restrictions when insuring people who work in hazardous occupations, but you're likely to be accepted either way with insurance within super
  • Your premium payments are taken from your super contributions rather than your after-tax income
  • Your insurance premiums are funded from your superannuation contributions rather than from the money you have available for day-to-day expenses


  • Income protection through super offers a lower level of cover when compared to standalone policies. It can't be tailored to your specific needs
  • Cheap income protection through your super cannot be tailored to your needs
  • The claims process can be longer and more complex
  • You'll need to convince both the insurance provider and the fund trustee of the legitimacy of your claim in order to receive a benefit
  • You're essentially dipping into your retirement savings to pay for your insurance – money that otherwise would have been invested

Why you can trust Finder's income protection experts


We're free

You pay the same as buying directly from the insurer. We make money from referral fees when you choose a policy, but you don't pay any extra.
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We're experts

Our team of income protection experts have researched and rated dozens of policies as part of our Finder Awards and published 80+ guides.

We're independent

Unlike other comparison sites, we're not owned by an insurer. Our opinions are our own and all guides must meet our editorial standards.

We're here to help

Since 2016, we've helped thousands of Australians find income protection by explaining your cover options, simply and clearly.

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