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Maximum % of income Covered


Maximum Monthly Benefit

5 years

Maximum Benefit Period

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Product NameZurich Income Safeguard
Maximum Monthly Benefit$30,000
Maximum % of income Covered70%
Maximum Benefit Period5 years
Benefit Period Options 1, 2 or 5 years
Waiting Period Options30, 60, 90 days, 1 year or 2 years
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Zurich Income Safeguard provides an ongoing income if you can no longer work due to illness or injury. The insurance behemoth offers a choice of income protection policies that could meet your needs.

Pros and cons of Zurich Income Safeguard


  • A benefit period up to 65 years on some income protection plans.
  • There's an option to cover Business Expenses.
  • Income protection products from Macquarie are now available under Zurich.


  • Restriction on waiting periods for certain occupation types.
  • To be eligible for cover, you must be in full-time employment (minimum of 24 hours)

Zurich Income Safeguard: A quick summary

Maximum monthly benefit amountUp to $30,000 – plus, an additional limit of $30k per month restricted to a 1- or 2-year benefit period.
Age of entry19-60
Residency statusAustralian resident or in the process of applying for Australian residency.
Employment statusPermanently employed or working between 20 and 60 hours per week. Or, employed in a non-permanent position/self-employed with consistent income for the last 2 years including 20-60 weekly work hours.
What products are offered?
  • Income Safeguard
  • Business Expenses
  • Child Cover
How do I apply?With an adviser over the phone

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What does Zurich Income Safeguard cover?

This policy pays out either for a partial or total disability benefit. Let's drill into the covers a bit more:

  • Income benefit. You'll receive a monthly benefit of up to 70% of your pre-tax income if you are unable to work due to illness or injury or only able to work at a reduced capacity. Benefits will be paid after you have served a waiting period. With Zurich, the waiting period options are 30-days, 60-days, 90-days, 1-year and 2-years.
  • Specified injury benefit. If you suffer a specified injury, such as quadriplegia or loss of limbs, you'll be eligible to receive a benefit immediately (without having to serve a waiting period).
  • Rehabilitation benefits. This feature ensures that you will be reimbursed for workplace modification costs and rehabilitation costs to help you get back to work. A rehabilitation bonus is also paid if you participate in a pre-approved rehab program.

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Additional options for Zurich Income Safeguard insurance

These options are available with all levels of cover for an extra cost:

  • Increasing claims option. Your income benefit will increase quarterly in line with the CPI.
  • Super contributions option. Ensures your superannuation contributions don't take a hit when you're receiving a monthly benefit.

What factors affect the cost of Zurich Income Safeguard?

The following factors can affect the cost of your Zurich Income Safeguard protection premiums:

  • The level of cover you choose. Premium is the most expensive and Standard is the cheapest.
  • Your sum insured. The higher the income you need to replace, the more you will need to pay for cover.
  • Stepped or level premiums. Stepped premiums start out cheaper and increase every year, while level premiums remain constant until you reach a certain age.
  • The benefit period. The longer the benefit period, the more you will have to pay.
  • How often you pay your premiums. Paying half-yearly, quarterly or monthly results in an increased premium.
  • Your gender. Premiums generally cost more for females than for males.
  • Whether you smoke. Smokers pay higher premiums because of increased health risks.
  • Your health status. If your medical history is patchy, expect to pay more for cover.
  • Your pastimes. Love adventure activities such as hang-gliding and bungee-jumping? Expect to pay more for cover if you do.

Conditions for benefit payment

In order to qualify for an income benefit payment under your Zurich Income Safeguard policy, you'll need to be under the regular care of a medical practitioner. Once you've served the waiting period that applies to your policy, you'll be able to start receiving a benefit if you meet one of the following conditions as a result of sickness or injury:

  • Your pre-disability income from your usual occupation has decreased by 20 per cent or more
  • You're unable to perform one or more "income-producing duties" of your usual occupation
  • You're unable to perform the income-producing duties of your usual occupation for at least 10 hours per week.

The benefit amount you receive will differ if you aren't earning any income at all as opposed to if you are still able to earn a portion of your pre-disability income.

Under an agreed value policy, you'll receive the insured monthly benefit as stated on your policy. If your cover is in the form of an indemnity value policy, you'll receive the lesser of the insured monthly benefit and 75 per cent of your pre-disability income.

You'll continue receiving benefits until one of the following occurs:

  • Your illness or injury no longer prevents you earning a income
  • The benefit period ends
  • Your cover expires
  • You die
  • You are no longer under the regular care of a medical practitioner
  • You are no longer following the treatment recommended by a medical practitioner

Exclusions to be aware of

Zurich will not pay your income protection claim if your sickness or injury is caused by:

  • An intentional self-inflicted act
  • Attempted suicide
  • Uncomplicated pregnancy or childbirth
  • Any act of war
  • Illicit drug use
  • Any event or medical condition specified as an exclusion on the policy schedule.

Read Zurich's PDS for a full list of common exclusions with your insurance.

What else you need to know about Zurich Income Safeguard policy

  • Cooling-off period. After you take out cover and Zurich has sent you a policy schedule, you have 30 days to decide whether or not this cover meets your requirements. If it doesn't, you can cancel your policy within this time and receive a full refund of your premium, as long as you haven't made a claim or exercised any other rights under the policy.
  • Premiums structure. Income protection insurance from Zurich is available with stepped or level premiums. Stepped premiums usually increase at each policy anniversary. Level premiums are based on your age when you apply for cover and stay the same at each policy anniversary until you reach your 64th or 65th birthday.
  • Premium payment frequency options. You can choose to pay your premiums monthly, quarterly, half-yearly or yearly. Paying yearly is the cheapest option.
  • Unpaid premiums. If your premium remains unpaid for more than 30 days after it is due, your policy will lapse.
  • Maximum benefits. The maximum Zurich will pay per month is $30,000, but restrictions apply.

Ready to receive a quote for Zurich Income Safeguard protection?

If your in the market for a new income protection policy or looking to review your existing cover, you can make a secure enquiry with an insurance consultant and receive a quote for Zurich Income Safeguard.

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

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Compare alternative income protection providers in Australia

1 - 5 of 10
Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Average Claims Acceptance Rate Average Claim Time Sum Insured
AAMI Income Protection
Up to
5 years
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
Up to
5 years
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
Up to
5 years
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
Up to
Age 65
2.1 months
$211 million
Get up to 70% of your income covered with flexible short and long term benefit periods.
NobleOak Disability Income Insurance
70% for the first 24 months, 60% thereafter
Up to
Age 65
Data not available
Data not available
$59 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.

Compare up to 4 providers

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  1. Default Gravatar
    March 17, 2020

    Will i be able to claim income protection if i get corona virus or my business closes

    • Default Gravatar
      March 18, 2020

      Hi Vanessa,

      Thanks for your comment and I hope you are well.

      Yes, you will be able to claim income protection for coronavirus as there are no exclusions for epidemics or pandemics in income protection policies. According to or review, your insurer promises to pay a percentage of your typical wage if you ever become too sick or injured to work. Policies will usually payout up to 75% of your regular gross income but note that this is dependent on your provider. This goes for employed or self-employed individuals. For waiting periods, Zurich has 30 days waiting period. During this time, you won’t receive any money during the waiting period, and it won’t be backdated.

      In the event of loss of job due to business closure, you can contact Zurich to ask how they handle this situation. Know that your insurance company’s response this week might not be the same way it responds next month. We have a guide on how to prepare for the possibility of unemployment.

      At this point in time, it’s important to review your insurance policy’s Product Disclosure Statement and terms and conditions and contact your provider for any questions you have.

      Hope this helps and feel free to reach out to us again for further assistance.


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