Income Protection Insurance

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Benefit Periods

The benefit period is the maximum length of time for which your income protection company will pay you your monthly benefit.

Generally, the benefit period starts at the end of the waiting period and continues until the earlier of:

  • The end of the selected benefit period
  • The policy expiry date
  • The date the insured is not longer disabled
  • The date the policy ends

Benefit Period Options

Benefit periods can range in length from 2 years, 5 years, or up to the age of 65. Some income protection companies also allow a benefit period up to the age of 70.

The length of your benefit period directly influences the amount of premiums you will pay. The reason for this is that generally, the longer your benefit period, the greater the potential risk posed to your insurer.

Things to consider when deciding the best Benefit Period for you:

  • Take into account your financial commitments – that is, any loans and debts you currently have outstanding that rely on steady future income in order to be met.

  • Premium affordability – the longer your benefit period, the more expensive your premiums will be. Premiums are an on going and often long term financial commitment so it is important that you ensure that the income protection premiums fit into your budget.

  • Future disposable income – that is, how much money you currently have at your disposal and how long you could survive relying on your savings in the event that your main income ceases? Also, if you are close to retirement age, you may want to choose a short-term benefit period that would take you up to the point where you can access your superannuation.

If you would like more information to compare income protection benefit periods, please call 1300 135 205 to speak with one of our friendly advisors.