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Income Protection Comparisons

Income Protection Insurance


Income protection insurance in Australia guards your ability to earn an income.

In the event that you suffer a sickness or accident, an income protection claim benefit will pay you up to 75% of your income.

Having an income protection policy means that should injury or illness strike, you can continue to live your life and still be able to pay for:

  • Your mortgage or rent
  • Day-to-day living expenses
  • Medical expenses associated with your sickness or accident

Get an income protection quote

Getting an income protection quote from a number of insurers can help you decide which policy offers:

  • Competitively priced premiums
  • Policy coverage options
  • Free or low-cost additional benefits

Income protection insurance Australia wide

Our income protection insurance comparisons look at a number of factors:

Income protection comparisons

Premiums – there are many things which can affect your final income protection insurance premiums. We endeavour to help all our clients find a competitively priced policy without compromising on level of cover.

We will typically look at things like your:

  • Occupation
  • Insurable income
  • Benefit period options
  • Waiting period options
  • Policy type (agreed or indemnity)
  • Age, gender & smoking status

Standard policy features – each insurer in Australia generally defines ‘disability’, differently, depending on whether their definition is income, duties or hours based, or a combination of these three. This definition may affect your benefit payment at claim time.

Bonus built-in policy features – there may be some bonus built-in policy features, or ones at additional cost which may be beneficial depending on your situation or occupation. These policy features may increase your benefit payment at claim time.

Call us on 1300 882 762 for an income protection quote which includes a free comparison report of Australia’s top policies.

Our qualified and experienced advisers are ready to answer any questions you may have.

 

Income Protection Updates

Income Protection Benefits are Assessable

Once you go on claim, your monthly income protection payments are generally considered assessable for tax purposes by the Australian Taxation Office (ATO).

Deductibility of Premiums

Income protection insurance is one of the only types of insurance policies that is generally tax deductible, allowing you to potentially claim a sizeable deduction on your premiums.

Level Premiums

Generally, level premiums in a policy give you peace of mind that your premiums will remain consistent up until you reach the age of 65 next birthday. With most level premium policies, at the age of 65 next birthday, your level premium structure will revert to a stepped premium structure.

Stepped Premiums

A stepped premium is the most common form of premium paid by those with income protection insurance policies. With a stepped premium, your premiums will increase each year as you get older.

Agreed Value Income Protection Policy

An agreed value income protection policy allows you to lock in your monthly benefit at application time, rather than at claim time.