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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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Editor's top income protection insurance pick for July 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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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

Compare income protection policies and quotes in Australia

1 - 5 of 9
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
Save up to 10% on premiums every year for the life of the policy on AAMI Income Protection. Offer ends 30 Sept 2024. T&Cs apply.
ahm Income Protection
Up to 70%
Up to
5 years
Data not available
Get 10% off your first year of ahm Income Protection when you apply by 31 July 2024. T&Cs apply.
Medibank Income Protection
Up to 70%
Up to
5 years
Data not available
Save 10% on your first year of Medibank Life Insurance when you apply by 31 July 2024. T&Cs apply.
Zurich Ezicover Income Protection
Up to 70%
Up to
5 years
$5 million
Get your first month of cover free when you buy Zurich EziCover Income Protection.

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


10% off for ahm health members

ahm health members save 10% on their income protection premiums.

Save 10% on your first year

Expires 31 Jul 2024
When you apply by 1 July 2024. T&Cs apply.

Save up to 10%

Expires 30 Sep 2024
Save up to 10% on premiums every year for the life of the policy on AAMI Income Protection. Offer ends 30 Sept 2024. T&Cs apply.

Save 10% on your first year

Expires 31 Jul 2024
When you apply by 1 July 2024. T&Cs apply.

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 insurance experts

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
expert adviceYou save time. We spend 100s of hours researching income protection insurance so you can sort the gold from the junk faster.
independentYou can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.

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James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

James's expertise
James has written 258 Finder guides across topics including:
  • Car, home, life, health, travel and pet insurance
  • Managing the cost of living
  • Money-saving tips

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