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What is income protection insurance?
Income protection pays a monthly wage if you need to take time off work due to a sudden accident or illness. 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.
How does income protection insurance work?
With income protection, you get an ongoing cash benefit after a successful claim. It lasts until one of the following occurs:
- You can return to work
- Your benefit period ends
- You reach an age when you can no longer renew your policy
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.
- Finder research has found just 35% of Australians would be able to meet their bills for more than 3 months if they lost their job tomorrow.
Income protection calculator: How much cover you could get
We estimate that you could get...(click Calculate to see results)
Best income protection insurer for 2023
Want to know which policies are market-leading? Finder's data and insights experts created a rating algorithm to compare 12 income protection insurance policies in Australia across pricing and key features. Our 2023 winners are:
What's the cheapest income protection?
According to the latest Finder awards research, a policy with NobleOak may cost as little as
$24.72 per month
A cheap income protection policy may cost $25.27 per month with TAL. This quote was for a male, white-collar worker (accountant).
For blue-collar workers, such as tradies, a cheap income protection policy may cost $49.43 a month with NobleOak.
What's the average cost of income protection?
Finder's research team gathered 150+ quotes from 10 insurance brands across 32 different customer profiles (e.g. diverse ages, smoker statuses, occupation types and genders) in February 2023.
Based on this research, here are the average costs for non-smokers and smokers. This average is calculated across male and female white-collar workers between the ages of 30 and 40 for each brand.
|Insurer||Non-smoker average monthly premium||Smoker average monthly premium||Apply today|
Learn more about income protection insurance
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.
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The latest income protection deals and discounts
We put together a list of exclusive deals and sign-up offers below to help you save:
Read our income protection reviews
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:
If the brand you're looking for isn't here, check out our directory.
Why you can trust Finder's income protection experts
You pay the same as buying directly from the insurer. We make money from referral fees when you choose a policy, but you don't pay any extra.
Unlike other comparison sites, we're not owned by an insurer. Our opinions are our own and all guides must meet our editorial standards.
Since 2016, we've helped thousands of Australians find income protection by explaining your cover options, simply and clearly.
We're here to help
Frequently asked questions on income protection insurance
This article was updated on 4 May 2023. We added information about how Finder is editorially independent and the research behind our income protection awards.
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