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Cheap income protection insurance

You can find cheap income protection from $57 per month. Review 7 brands side-by-side to see which policy is right for you.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Income protection insurance can offer peace of mind that you'll be paid a monthly benefit of up to 85% of your income if you get sick or have an accident and can no longer work. A great way to find cheap income protection is by comparing lots of options in one place, side-by-side.

Compare cheap income protection insurance in Australia

1 - 5 of 5
Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Average Claims Acceptance Rate Average Claim Time Sum Insured
AAMI Income Protection
$10,000
75%
Up to
5 years
87.20%
2.1 months
$211 million
If you’re an existing AAMI customer, you can save 5% on income protection. New customers can get one month free by paying annually.
Insuranceline Income Protection
$10,000
75%
Up to
5 years
87.20%
2.1 months
$211 million
Get 12 months cover for the price of 11 months if you pay annually. T&Cs apply.
Suncorp Income Protection
$10,000
75%
Up to
5 years
87.20%
2.1 months
$211 million
Sign up and become a member of Suncorp Benefits. Access savings of up to 15% from major retailers. Existing members can get a 5% discount off their policy.
TAL Income Protection
$30,000
70%
Up to
Age 65
87.20%
2.1 months
$211 million
Get up to 70% of your income covered with flexible short and long term benefit periods.
RAC Disability Income Insurance  (Only available in Western Australia)
$30,000
70%
Up to
Age 65
Data not available
Data not available
$59 million
When you purchase RAC Income Protection, WA residents receive complimentary RAC membership which includes access to discounts on fuel, savings on shopping, entertainment and more. T&Cs at rac.com.au.
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How much is low-cost income protection?

Looking for cheap income protection insurance?

We looked at a comprehensive range of brands to show you examples of affordable cover. These prices do not reflect personal circumstances and costs may vary.

We requested quotes from over 12 direct income protection brands in Australia and then ranked them from least expensive to most expensive. Check out who's offering coverage at an affordable rate.

These quotes are based on a non-smoker aged 35 with $100,000 worth of life insurance cover. Prices vary based on your age, gender, income and occupation.

PolicyMale Female
RAC$45.64$49.91
Nobleoak$46.99$51.39
ClearView LifeSolutions$97.80$148.92
Zurich Wealth Protection$113.68$176.35
TAL Accelerated Protection$114.48$175.41
OnePath OneCare$114.69$184.14
MLC Insurance$127.09$163.19
AIA Priority Protection$135.68$277.61
AAMI$137.27$166.54
Insuranceline$137.27$166.54
Suncorp$137.27$166.54
BT Protection Plans$186.23$312.72

Premiums are an estimate based on Finder's quote engine and are subject to change. Quotes were last checked on March 2022 and are subject to change.

Premiums are based on an office worker in NSW aged 45 or 55 who doesn't smoke. Premiums are an estimate from the Finder's quote engine. Quotes were last checked March 2022 and are subject to change.

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

Deal

AAMI customers save 5% on income protection

Verified Today
Existing AAMI customers save 5% on their income protection premiums. T&Cs apply.
Deal

Get 12 months income protection for the price of 11

Verified Today
New members will get a one month free when paying annually
Deal

Save 5% on Suncorp Income Protection for existing customers

Verified Today
Get a 5% discount if you have a car or home insurance policy with Suncorp. T&Cs apply.

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.

Pros

  • 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

Cons

  • 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

Frequently asked questions

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