Income protection insurance brokers

Making an informed decision on what income protection policy is right for you can be confusing at times. This is where an income protection insurance broker comes in. They can break down the key features that come with policies, explain any exclusions and help you through the application process step-by-step.

What is an income protection broker?

An income protection broker is a qualified professional who can help you manage the end-to-end process of securing the right income protection for you. They can use their industry knowledge to help you find competitive deals, and help you avoid unsuitable products. Also, a broker can recommend to you other insurance products that further serve your needs.

What do income protection insurance brokers do?

Beyond simply getting good policies, insurance brokers can offer a number of other services. They can:

• Identify risks and help you reduce them. Brokers can help you find everything that your insurance policy needs to cover, and point out ways you can reduce your risks.
• File claims on your behalf and see them through, negotiating with insurance companies every step of the way.
• Warn you if you're being provided misleading information.
• Balance costs vs benefits. A common mistake is to simply get the cheapest policy, which is often inadequate. Insurance brokers will let you know if they think you're falling into this trap.
• Clearly explain everything in an insurance policy and make sure you're fully informed.
• Give advice on how to budget for insurance policies.

Life insurance brokers: Pros and cons

Why should I consider an income protection insurance broker?

Income protection will cover you and your dependents if you're unable to work as a result of injury or illness. This is usually offered as part of life insurance, but is also available by itself.

It's an important investment because your lifestyle depends on your earning ability. Getting the best income protection insurance available can give you peace of mind. Income protection insurance can cover you and your family with payouts of up to 70% of your income, and up to 75% with some insurers, if you're unable to work, either temporarily or permanently.

Income protection insurance brokers will:

• Negotiate with insurance companies on your behalf to get better prices and better coverage than you could by yourself.
• Find a customised insurance plan, or negotiate with insurance companies directly to create a custom plan with everything you need and nothing you don't.
• Check on smaller insurance companies that are hard to find and you might not know exist. Insurance brokers know them and consider these alongside the big income protection brands.
• Answer any questions you have in easy-to-understand ways so you know exactly what you're getting.
• Stay impartial. As an independent outsider, in theory their main incentive is to find you the right plan at a competitive price. You can also find insurance brokers that work with a particular insurance company to get you a custom plan, but this must be disclosed to you.
• Offer professional advice if you're not sure which features are best for your situation. They can take you through everything from start to finish.
• Help you make claims by letting you know what you need and liaising with the insurance company on your behalf.

Finally, insurance brokers work directly with insurance companies to get policies that aren't always available to the general public. These policies may have some favourable terms.

How do fees and commissions work with income protection brokers?

This varies from broker to broker. Generally, fees will work in either of 2 ways:

1. The broker charges you a fee directly, often on an hourly basis. This can be a one-time payment, and after they find a policy for you there won't be any more costs until you wish to use their services again.
2. If you have particularly unique or frequent insurance requirements, you can also retain a broker, or the services of an insurance broker company for ongoing service. This is usually paid for with an ongoing fee.

Insurance brokers may receive a commission from insurance companies for signing you up. Brokers must always disclose their fees to you clearly and answer any questions you might have about the cost. If you aren't 100% certain on anything, always ask them to clarify.

How much will a broker cost me?

Broadly, fees may set you back between 10% and 25% of the base premium amount, according to Public Liability Insurance, an Australian-owned broker. It states on its website that "broker fees will always be separately listed on your insurance invoice, making the whole process very transparent".

It's likely a good idea to compare a range of quotes and pricing structures from a number of different brokers to get a sense of what using a broker will cost you.

Do I need an income protection insurance broker?

Insurance brokers are a great option for complex or difficult issues. Income protection insurance is very important, and policies can be tailored specifically for you. The broker will take everything into consideration to customise your policy.

• Do you have dependents? This is different from income protection, which covers you alone.
• Do you have mortgage requirements, student debt or other ongoing financial requirements? In the event of you being unable to work, there are different ways of handling them. A broker can help you choose the best path.
• Does your occupation have an unusually high risk of permanent injury or disability? Loss of income must be considered as a serious possibility.

You can always find income protection insurance without a broker, but if none of the policies seem perfect for your needs, you may want to consider an insurance broker.

6 key questions to ask an income protection broker

To get the most out your income protection insurance broker, you should ask them questions regarding anything you're not entirely sure about, and find out their qualifications. You should never need to ask whether they're independent or working on behalf of an insurance company as they must disclose this freely.

Good questions to ask include the following:

• What are your qualifications? All brokers must hold an Australian Financial Services (AFS) licence or be authorised representatives of licence-holders. More highly qualified brokers will also have Qualified Practising Insurance Broker (QPIB) or Certified Insurance Professional (CIP) certifications.
• What experience do you have with the type of insurance I'm looking for? Many insurance brokers are specialists. For the best income protection insurance for you, find a broker who has a lot of experience with life insurance or income protection insurance.
• How do you bill for your work? What are your fees? They will explain their fee structure and you should have a good idea of how much their services cost.
• Who is your typical client? It's good to find an insurance broker who specialises in clients like you. Some typically represent businesses and others represent individuals.

• Do you have any references? Ask for references from previous clients and you could also seek out credible customer reviews online.
• What services do you offer? They should be able to provide a complete list of what they can do in writing, so you can decide how to get the most out of their services.

Get in touch with an income protection broker

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How we calculate Income Protection Finder Scores

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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.

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Finder Score	Maximum monthly benefit	Maximum % of income covered	Maximum benefit period	Minimum entry age	Sum insured
Promoted 9.5 Excellent TAL Accelerated Protection Income Protection	9.5 Excellent	$30,000	Up to 70%	Up to Age 65	19	$1,305 million	Get up to 70% of your income covered with flexible short and long term benefit periods.	Get quote View details Compare product selection Compare	loading
Promoted 8.6 Great HCF Income Protect Insurance	8.6 Great	$10,000	Up to 70%	Up to 12 months	18	$22 million	Discount: Get 6 weeks free with HCF Income Protect Insurance. Offer ends 10 Nov 2026. T&Cs apply.	Cover up to 70% of your monthly income by choosing a fund that puts members first.	Get quote View details Compare product selection Compare	loading
Promoted 8 Great Medibank Income Protection	8 Great	$12,500	Up to 70%	Up to 5 years	18	Data not available	Discount: Get 10% off when you purchase by 30 Nov 2026. T&Cs apply.	Get quote View details Compare product selection Compare	loading
9.9 Excellent NobleOak Income Protection Finder Award	9.9 Excellent	$30,000	Up to 70%	Up to Age 65	18	$65 million	Discount: Get 2 months free with NobleOak Income Protection. Offer ends 30 Nov 2026. T&Cs apply.	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.	Get quote View details Compare product selection Compare	loading
8.5 Great AAMI Income Protection	8.5 Great	$10,000	Up to 75%	Up to 5 years	18	$222 million	Discount: Get a $100 first year discount when you take out a new AAMI Income Protection policy. T&Cs apply.	Get quote View details Compare product selection Compare	loading
7.5 Great ahm Income Protection	7.5 Great	$10,000	Up to 70%	Up to 5 years	18	Data not available	Discount: Get your first month of cover for free when you purchase by 30 Nov 2026. T&Cs apply.	Get quote View details Compare product selection Compare	loading

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How we picked these

Finder Score - Income Protection

Income Protection is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 21 products and gave each one a score rank out of 10, to make it easier to compare Income Protection products against each other.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read the full methodology

Why compare insurance with Finder?

• You pay the same price as buying directly from the insurer.

• We're not owned by an insurer (unlike other comparison sites).

• We've done 100+ hours of policy research to help you understand what you're comparing.

What's next?

• Learn more about how income protection works
• Tips to take out affordable income cover in Australia
• How to check if you have life insurance cover in your super fund

Questions you still might have about income protection brokers

• Can an income protection broker assist with policies held within my superannuation fund?

  Yes, an income protection broker can provide advice on policies held within your superannuation fund. They can help you understand the terms, conditions and suitability of your existing cover and compare it with other options both inside and outside super. This ensures your policy aligns with your financial goals and personal circumstances.

• What documents or information will I need to provide to an income protection broker?

  To help a broker provide accurate advice and suitable policy recommendations you will typically need to provide details about your income, employment history, medical background, financial commitments and any existing insurance policies. Specific documents may include payslips tax returns, medical records and superannuation statements.

• How can I check if an income protection broker is properly licensed and regulated in Australia?

  In Australia all financial advisors and insurance brokers must hold an Australian Financial Services AFS licence or be authorised representatives of a licence holder. You can verify a broker's credentials by checking the ASIC Connect Professional Registers. This register lists all licensed financial service providers and their authorised representatives.

• If I already have income protection insurance can a broker help me review my current policy?

  Absolutely A broker can conduct a thorough review of your existing income protection policy. They will assess whether your current cover is still appropriate for your needs, identify any gaps or redundancies and compare it against other products on the market. They can also help negotiate with your current insurer or find a new policy that offers better value or features.

Written by

James Martin

Journalist

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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, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. 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 167 Finder guides across topics including:

• Car, home, life, health, travel and pet insurance
• Managing the cost of living
• Money-saving tips