Our insurance team have gathered 260+ quotes from 10 of Australia's most popular providers.
Our expert picks are based on 2023 Finder Awards, Australian Prudential Regulation Authority (APRA) data and customer reviews, plus other policies our team believe offer something beneficial, such as mental health and pre-existing cover.
All the policies on this page can pay you a monthly salary if you need to take time off work due to a sickness or injury. Remember, there's no single best income protection policy that suits everyone's needs, since we all have different budgets and priorities.
Why you can trust our research
10
policies analysed
260+
quotes gathered
100+
hours of research
AAMI income protection could be good if you want a policy that covers mental health or pre-existing conditions, as it's one of the few insurers that clearly states it can cover you.
TAL is our expert's top pick because it's the cheapest policy on average and the 2023 Finder Award winner – you can start receiving 70% of your monthly income within 2 weeks of submitting a claim.
NobleOak income protection is a good option if you want a trusted insurer that offers good cover, including cover for up to 70% of your pre-tax income and tax-deductible premiums.
Insuranceline income protection is a good policy if you want covered for a larger percentage of your salary (75%) and access to some sign up perks others don't offer.
Here are 4 features to keep an eye on when choosing the best income protection insurance for you:
This is how long you will be paid. Usually, the insurer will give you a few options to choose from – e.g. 1, 2 or 5 years. The smaller the benefit period you choose, the cheaper your policy will be.
Once you're unable to work, you can submit your claim. You'll then need to wait a specific time before your policy begins. This is the waiting period.
For example, say you submit your claim on 1 November and you select a 14-day waiting period, your policy will begin on 14 November. You will receive your first monthly payment on 14 December.
Most policies let you choose from a few different waiting periods – the bigger the waiting period, the cheaper your policy will be. If you think you can get by on sick leave for a while, it might be worth selecting a bigger waiting period.
Insurers will also put caps on the amount you can claim per month. You'll only be able to earn a percentage of your current salary (usually up to 70%).
Insurers also set a maximum monthly benefit, typically around the $10,000 mark. If you earn more than that per month, insurers such as TAL and NobleOak go up to $30,000.
Stepped premiums go up as you get older but tend to start off cheaper. Level premiums don't increase over time but typically cost more to start off with. If you're worried about payments becoming unaffordable over time, level premiums might be best for you. Otherwise, it's likely that stepped premiums will be cheaper in the shorter term.
Looking for more options? Use the comparison tool below to compare income protection policies or click here if you'd rather chat with a broker.
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