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Nobody wants to pay too much for income protection but getting stuck with a policy that doesn't actually meet your requirements is far worse.
In this guide, we'll look at current sign up deals that offer discounts, compare side by side brands and take a look at some average pricing.
Here are some cheap income protection policies for people on a $4,000 monthly income:
|Policy||Premium (per month)|
|ClearView LifeSolutions||$53.82 per month|
|Asteron Life Complete||$57.46 per month|
|CommInsure Protection||$59.12 per month|
|MLC Insurance||$59.68 per month|
|TAL Accelerated Protection||$62.11 per month|
|OnePath OneCare||$66.38 per month|
|Zurich FutureWise||$63.30 per month|
|AIA Priority Protection||$63.59 per month|
|Zurich Wealth Protection||$56.08 per month|
|AMP Elevate||$74.82 per month|
|Policy||Premium per month|
|BT Protection Plans||$80.54 per month|
|CommInsure Protection||$80.21 per month|
|ClearView LifeSolutions||$81.59 per month|
|Asteron Life Complete||$84.52 per month|
|TAL Accelerated Protection||$87.90 per month|
|MLC Insurance||$89.53 per month|
|AIA Priority Protection||$95.41 per month|
|Zurich Wealth Protection||$95.50 per month|
|OnePath OneCare||$98.82 per month|
|AMP Elevate||$117.94 per month|
|BT Protection Plans||$120.73 per month|
*Quotes are based on a 35 year old office worker who doesn't smoke. Premiums are an estimate based on finder.com.au's quote engine and are subject to change. Quotes were last checked May 2019 and are subject to change.
|AIA Priority Protection||$98.92 per month|
|ClearView LifeSolutions||$100.00 per month|
|Asteron Life Complete||$100.11 per month|
|AIA Priority Protection||$148.39 per month|
|Asteron Life Complete||$154.27 per month|
|CommInsure Protection||$156.34 per month|
One of the great benefits of income protection insurance is that it can be customised with additional cover options to be tailored to suit your specific needs and circumstances. If you have a tight budget, there are a number of things to consider to help keep your policy affordable:
While short-term protection is usually provided by your employer, such as employee sickness benefit entitlements or workers compensation, it is important to note that the benefit is often not sufficient enough to cover your daily living expenses and other financial commitments, such as your mortgage repayments. Income protection insurance can provide the protection that is designed to act as a financial buffer for when you are too ill to return to work for an extended period of time.
Many Australians these days look for cheap income protection insurance online and there are many reasons why this method of finding and buying income protection cover has become so popular. These include:
While the cost of income protection is an important consideration, it is vital that you do not compromise on cover in order to cut costs. If you purchase income protection insurance based purely on the price of the cover, without taking the time to review the actual conditions of the policy, you could find yourself exposed to losses your situation requires cover for.
Many people make the mistake of going with the first policy they come across. The Australian insurance market offers a diverse range of policies that can be funded both inside and outside of super or bundled with other types of cover. Speaking with a consultant to help you design a policy offering suitable cover can make the process much more straightforward and give you access to great savings on your premium.
Statistics have shown that many Australians still neglect the importance of having a form of protection in place for their ability to earn an income in case of serious illness or accident. As much as 83% of Australians will not hesitate to insure their cars (AAMI, 2008). However, when compared to insuring their income in the event they are unable to work due to illness or injury, only a mere 31% have income insurance in place (TNS/IFSA, 2006). Your income should be considered your most important asset. Without it, you lose the ability to maintain your financial commitment and take care of those who depend on you. This is when having income protection insurance in place can be valuable, as it generally provides a monthly benefit to replace your income of up to 75% of your average salary.
In addition to being purchased as a standalone policy, income protection insurance is also available through your superannuation fund. Purchasing cover through super can be more affordable option - the group buying power of super funds mean cheaper cover for you - but there are also a few drawbacks to taking out cover this way. Examine the lists of pros and cons below to help you decide whether taking out cover through super is the best* option for you.
Are you ready to start your journey to get yourself covered and find cheap income protection quotes? Being prepared for the application stage when buying income protection insurance online can ensure that the process goes as smooth as possible.
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