Income Protection Quote Comparison: Compare Income Protection Insurance Quotes Online
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Compare Income Protection Insurance Quotes in Minutes
Comparing income protection insurance quotes online allows you to review multiple policies side by side, helping you understand the differences before you apply.
To get started, you’ll typically need to provide:
- Your age and occupation
- Your annual income
- Your smoking status
- Your employment type
- Your preferred waiting period
- Your preferred benefit period
- Details of any existing cover
Once you’ve entered your information, you can compare quotes from different insurance brands and review key features, benefits and exclusions.
What Is Income Protection Insurance?
Income protection insurance provides a regular monthly payment if you’re unable to work due to illness or injury. Most policies pay up to 70% of your pre-disablement income for a set period while you’re unable to work, however, benefit percentages and structures vary and may reduce over time . The amount you receive and how long payments continue depends on your policy’s terms and conditions.
Unlike life insurance or TPD insurance, income protection is designed to replace your income while you recover and return to work.
You can use the payments to help cover everyday expenses such as:
- Mortgage or rent repayments
- Utility bills
- Groceries
- School fees
- Loan repayments
- Other household costs
How Does Income Protection Insurance Work?
If you’re unable to work because of a covered illness or injury, you can make a claim after completing your policy’s waiting period.
Once your claim is approved, you’ll receive monthly payments until:
- You return to work
- Your benefit period ends
- You reach the policy expiry age
- You no longer meet the definition of disability
- You pass away
Waiting periods explained
The waiting period is the amount of time you must wait after becoming unable to work before payments begin.
Common waiting periods include:
- 14 days
- 30 days
- 60 days
- 90 days
Generally, longer waiting periods result in lower premiums.
What Affects Your Income Protection Insurance Quote?
Several factors influence the cost of your cover.
| Factor | How it affects your premium |
|---|---|
| Age | Premiums generally increase as you get older |
| Occupation | Higher-risk jobs usually cost more to insure |
| Income | Higher benefit amounts can increase premiums |
| Smoking status | Smokers often pay higher premiums |
| Health history | Medical conditions may affect pricing or exclusions |
| Waiting period | Longer waiting periods can reduce premiums |
| Benefit period | Longer benefit periods usually cost more |
| Cover amount | More cover generally means higher premiums |
| Optional benefits | Extra features can increase the cost |
| Cover inside or outside super | May affect premiums and tax treatment |
Because each insurance brand assesses risk differently, it’s worth comparing multiple quotes rather than accepting the first option you receive.
Additional Paid Income Protection Benefits
Income protection benefits are an essential safety net for anyone who may be unable to work due to illness or injury. These paid options provide you with a way to further customise your policy to provide additional financial support to help cover living expenses while you’re unable to earn an income.
Short Waiting Period for Accidental Injury and Critical Illness Option
The Short Waiting Period is a feature of certain income protection policies (generally where 14 or 30-day Waiting Periods apply) that allows you to receive benefits during the Waiting Period if you are Totally Disabled for at least three consecutive days due to either:
- An Accident (within 30 days of the Accident date), or
- A Critical Condition (or symptoms of a later diagnosed Critical Condition).
Typically, the insurance brand will pay 1/30th of the Monthly Benefit amount for each day of Total Disability during the Waiting Period, starting from the first day of your Total Disability and continuing until the earlier of:
- The end of the Waiting Period, or
- You are no longer Totally Disabled.
Take note: It’s important to refer to the covered Critical Illness Conditions definitions in your PDS. Certain exclusions apply during the initial 3 months of the insurance, and conditions must meet the definition as diagnosed by a Specialist and confirmed by a medical adviser appointed by your insurance brand.
Super Contributions Benefit Option
The Super Contributions Benefit Option provides an additional benefit if you are eligible for Total Disability Benefit or Partial Disability Benefit and continue contributions to your superannuation (super) on your behalf. This benefit is paid directly into your nominated super fund.
The amount of the Super Contributions Benefit Option is typically calculated by taking the lesser of two factors. Firstly, it is based on the Super contributions Benefit amount specified in your Policy Schedule. Secondly, it is determined by considering the average amount of super contribution payments made to your fund over the 12 months prior to the onset of Disability, or during any other relevant period mentioned in the table below.
| Situation | Period that applies |
|---|---|
| More than a 10% decrease in super contributions payments compared to the previous 12 months | 24 months prior to Disability |
| Worked more than 3 consecutive months but less than 12 months prior to Disability | Months actually worked in the 12 months prior to Disability |
| On unpaid employer-approved maternity leave, paternity leave, sabbatical, or study leave during the 12 months before Disability | 12 months prior to starting leave |
If you select the Super Contributions Benefit Option and you are eligible to have contributions to super made on your behalf while receiving either a Total Disability Benefit or a Partial Disability Benefit, your insurance brand will typically pay a Super Contributions Benefit into your nominated super fund. This benefit is paid in addition to the monthly disability benefit, but the combined Disability Benefit and super contributions Benefit cannot typically exceed $30,000 / month. Separately, the amount of your super contributions you can insure under this option is generally capped at 15% of your earnings.
Indexed Claim Benefit
To ensure that benefits maintain their value in the face of inflation, your Monthly Benefit and Earnings Before Disability will receive an annual increase, not surpassing the Maximum Income Protection Benefit. The annual percentage change in CPI determines the adjustments in CPI.
In cases where there is no increase in the consumer price index (CPI), the insurance brand typically would increase by a set % of between 3-5% to the benefit amount, however, it’s important to note that this may vary depending on your insurance provider so it’s generally a good idea to refer to your PDS. This option ensures that the insured’s claim payments are potentially adjusted to account for fluctuations in the cost of living over time.
Booster Option
If you choose to include the Booster Option in your policy and experience Total Disability or Partial Disability you may be eligible to receive the Booster Benefit, for a period of up to 6 months.
Calculating Your Booster Benefit
If you have opted for the Booster Option, the following adjustments will be made:
- The Booster Option amount that you applied for and got approved for will be added to your Monthly Benefit.
- Typically, 20% will be added to the percentage used in calculating your Income Replacement Ratio amount.
Unique Built-in Benefits
Regarding income protection policies, different insurance brands offer a range of unique built-in benefits that can add value to your coverage. These benefits are designed to provide additional protection and peace of mind.
- Needlestick Benefit: Medical professionals may be eligible for coverage up to $1 million for occupationally acquired Hepatitis B, C, or HIV. Refer to the relevant PDS for details.
- Recurrent Disablement Benefit: Recurring Disability typically treats a recurrence of a sickness or accident within the first 6-12 months of returning to work as an extension of the previous one, subject to specific conditions. If the recurrence is considered a continuation, there is no additional waiting period; however, the combined benefit period cannot exceed the policy’s limit.
- Rehabilitation Expenses: Typically provide financial support for individuals with disabilities. In general, a third-party provider will be engaged to offer occupational rehabilitation services. These services may include covering the expenses related to rehabilitation courses, retraining programs, or getting specialised equipment that directly contributes to your ability to return to work.
- Salary Increase Benefit: Gives you the option to request a monthly benefit increase of up to 20% without the requirement of providing additional medical evidence after certain life changes within the qualifying periods. However, this increase is subject to the maximum insurable amount.
How to Compare Income Protection Quotes Online
Step 1: Tell us about yourself
To compare quotes, you’ll need to provide some basic information, including your age, gender, state, occupation, smoking status and the amount of cover you need. insurance brands use these details to calculate your premium and determine your cover options.
Step 2: Compare quotes
Get quotes from a range of insurance brands and compare the cost of each policy. Look at the premium, any fees or charges, and choose a policy that offers good value, not just the lowest price.
Step 3: Compare what’s included
Price is only part of the picture. Compare the features and benefits of each policy, including:
- Built-in benefits, such as recurrent disability benefits and benefit indexation.
- Optional extras, such as Super Contribution Cover.
Step 4: Check the waiting and benefit periods
Compare the waiting period (how long you’ll wait before payments begin) and the benefit period (how long payments will continue). Choose a policy that suits your financial situation.
Step 5: Read the exclusions
Before you apply, check what’s not covered. Look for exclusions relating to pre-existing conditions, occupations or other circumstances that may affect your eligibility.
Why Compare Income Protection Insurance Quotes With Us?
Comparing income protection insurance quotes can save you time and help you make a more informed decision.
By reviewing multiple options in one place, you can:
- Compare policies side by side
- Understand key differences quickly
- Access a range of insurance brands
- Find cover that suits your budget
- Receive support throughout the application process
Frequently Asked Questions and Answers
How many income protection quotes should I compare?
Aim to compare at least three policies before making a decision. This can help you understand the differences in pricing, features and eligibility requirements.Can I get income protection if I’m self-employed?
Yes. Income protection insurance is available to many self-employed Australians, including sole traders and business owners. You’ll usually need to provide evidence of your income.Are income protection premiums tax-deductible?
In many cases, income protection premiums are tax-deductible when you hold the policy outside of superannuation. Tax treatment can vary depending on your circumstances, so consider seeking professional advice.Does income protection cover redundancy?
No. Income protection insurance covers illness and injury that prevents you from working. It doesn’t cover redundancy, unemployment or dismissal.Can I hold multiple income protection policies?
You may be able to hold more than one policy, but insurance brands generally limit the total amount you can claim to a percentage of your income.
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On a salary of approx. $75,000 what would you pay age 58 female, non smoker, sales support
Hi Teresa,
Thank you for the enquiry. There are a number of variables that influence the cost of your insurance premium. However, here is an Income Protection quote for a 58 year old female non-smoker working in sales support earning $75,000 based in NSW. $3,228/year or $291.22/month based on the above details.
If you would like a detailed comparison quote based on your exact details please reach out to the team on 1300 135 205. We also have a Lowest Price Guarantee.
Dear Expert
I am an expat working in Indonesia and interested in obtaining income protection plan. Apart from what I have read the questions I have is:
1. Does it cover Australians working overseas?
2. Does it cover if you have lost your job not due to sickness or accident. For example termination due to budgetary reasons, etc.
I will further read the website information but appreciate your reply.
Regards
Norman Khan
Hi Norman
Thank you for your questions.
Generally speaking the income protection policies we have available to us do not offer any form of redundancy cover, they will only cover your for sicknesses and accidents that keep you off work.
Your question in relation to expats living abroad is very timely as there have been a number of changes that we have observed made by insurers around their eligibility criteria, I have therefore prepare an updated response to your question about Australian expats living abroad looking for life insurance or income protection in our ask an expert section.
I hope you find the answer valuable!