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The higher the Finder Score the better the product. We assess products for their pricing across multiple personas and eight features.
The Finder Score methodology is designed by our Insights team and reviewed by our editorial team. We review the products objectively. Commercial partnerships do not affect the scores.
Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.
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We've done 100+ hours of policy research to help you understand what you're comparing.
Income protection insurance is a policy that pays a portion of your lost income if you are unable to work because of a disability, illness or injury. This provides a crucial financial safety net, helping you cover essential bills and ongoing expenses so you can focus on your recovery without financial stress.
Most insurers will pay up to 70% of your pre-tax income. They'll also set a maximum benefit, usually around $10,000 monthly. The payouts from income protection can help you meet regular expenses, such as your mortgage or rent and groceries. It can also maintain your family's lifestyle while you focus on your recovery.
With income protection, you get an ongoing cash benefit after a successful claim. It lasts until one of the following occurs:
The benefit period is the maximum amount of time you can receive payments. In most cases, this is for 1, 2 or 5 years. Some insurers offer a benefit period until the age of 65. These policies will cost more.
You can only claim income protection after you've passed the waiting period stated in your policy. It starts from the day you file your claim and it can be 14, 28, 60 or 90 days.
Tip: The longer your waiting period, the cheaper your policy will be. However, choose with care as you'll need to have enough money to support yourself for the duration of your waiting period.
Weighing up the pros and cons of income protection is a helpful way of working out if it's right for you. Take a look below.
"While it's counterintuitive, you'll want to consider insurance when you're in tip-top shape. This is absolutely a worthwhile investment of your time and helps provide a safety net... lock it in early to get better terms if you can. If you wait and get your cover at a later date, you might find the specific condition you've since had is excluded from your policy."
"No one is ever really prepared for life's harsh surprises, but the right income protection insurance can help soften the blow during a tough time for your family: financially, emotionally and physically while you're on a claim."
"There's a lot more to finding the right cover than simply looking for the cheapest deal. Ultimately, you get what you pay for with income protection. In my view, policies held in super are rarely worth it in the long run. Going directly to an insurer or a broker is the pathway to a more comprehensive policy."
Do some research and buy directly with an insurer.
Seek advice from a broker who'll build you a policy.
Get basic cover in your super fund.
We gathered quotes from a selection of products using the criteria below to give an indication of price.
Remember, price is just one part of the picture. Consider other factors such as fees, features, benefits, risks and overall suitability for your needs. Always review the details that matter most to you before making a final decision.
Our income protection insurance guides can help you compare and understand what cover option is right for you.
Some more helpful stuff
Income protection insurance: A beginner's guide
Learn the key points about how income protection works.
How does my job affect my income protection?
Tradies are well aware of the dangers of their work. Find out how insurers see things.
Is income protection insurance tax-deductible?
Here's why income protection is often (but not always) tax deductible.
Is income protection worth it?
A balanced look at how income protection can protect you.
We put together a list of deals and sign-up offers below to help you save:
Want to find out more about a specific insurer? We've reviewed over 20 of them. Here's a bunch of the most popular ones:
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You save time. We spend 100s of hours researching income protection insurance so you can sort the gold from the junk faster.
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How much could you save if you lived in a different city in Australia? Let's find out.
Income protection can be a valuable form of cover for Australians when its features are fully understood.
Find out what is and isn't covered by AAMI Income Protection and how to apply.
Income protection for couples ensures your partner isn't hurt financially if you are temporarily unable to work due to illness or injury.
Find out why income protection is still useful if you're over 60, and compare cover.
Salary continuance and income protection both serve to replace income in the event of injuries and illness. However, there are some key differences to know about.
Receive income cover for illness or injury with Suncorp Income Protection.
Life insurance and income protection serve two different purposes but can both offer valuable cover alone and when combined.
What are the key differences between income protection and WorkCover? If you already have WorkCover why would you still consider income protection?
Find out how much your income protection insurance policy will pay out in the event of a claim. Receive quotes for income protection and apply securely.
