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Income Protection Insurance

Peace of mind if your income stops

What is Income Protection Insurance?

Income Protection insurance is an insurance policy which is benefits to policyholders if they are unable to work due to sickness or injury. Usually, the insurer provides a monthly payment of up to 85% of pre-tax income. It’s designed to provide you with a regular income to help cover your living expenses including mortgage or rent payments, repayments on your car and all your normal bills. Some insurer also includes additional options like redundancy cover.

What does or does not an Income Protection insurance cover?

Based on your policy and insurer, Income Protection Insurance will cover up to 85% of your monthly income while you’re unable to work due to an accidental Injury, an Illness or injured while playing a sport. There are some waiting period options are from 14 days to 730 days before to get the benefits. When the policyholder receives the payments, the payment period will be from 3 months to 5 years or to age 65 or age 75 which is based on the policy. However, Income Protection Insurance will not be covered if pregnancy, injuries by suicide, self-inflicted act or the result of criminal activity, war, drug and mental disorder or illness.

AMP Income Insurance Plus Plan

Maximum Monthly Benefit

$60,000.00

Max % of Income Covered

75%

Benefit Period

2 Years; 5 Years

Waiting Period

14 Days; 30 Days; 60 Days; 90 Days; 180 Days; 365 Days; 730 Days

AMP Income Insurance Premier Plan

Maximum Monthly Benefit

$60,000.00

Max % of Income Covered

75%

Benefit Period

2 Years; 5 Years

Waiting Period

30 Days; 60 Days; 90 Days; 180 Days; 365 Days; 730 Days

AMP Income Insurance Plan

Maximum Monthly Benefit

$60,000.00

Max % of Income Covered

75%

Benefit Period

1 Year; 2 Years; 5 Years

Waiting Period

14 Days; 30 Days; 60 Days; 90 Days; 180 Days; 365 Days; 730 Days

AMP Income Insurance Superannuation Plan

Maximum Monthly Benefit

$60,000.00

Max % of Income Covered

75%

Benefit Period

1 Year; 2 Years; 5 Years

Waiting Period

14 Days; 30 Days; 60 Days; 90 Days; 180 Days; 365 Days; 730 Days

AMP Business Expenses Insurance Plan

Maximum Monthly Benefit

$40,000.00

Max % of Income Covered

75%

Benefit Period

1 Year

Waiting Period

14 Days; 30 Days; 60 Days; 90 Days

AMP Income Insurance Senior Plan

Maximum Monthly Benefit

$30,000.00

Max % of Income Covered

75%

Benefit Period

1 Year

Waiting Period

14 Days; 30 Days; 60 Days; 90 Days

NobleOak Income Protection Insurance

Maximum Monthly Benefit

$25,000.00

Max % of Income Covered

75%

Benefit Period

2 Years; To Age 65

Waiting Period

30 Days; 90 Days

TAL Income Protection Insurance

Maximum Monthly Benefit

$12,000.00

Max % of Income Covered

75%

Benefit Period

1 Year; 2 Years; 5 Years

Waiting Period

14 Days; 28 Days; 91 Days; 728 Days

AAMI Income Protection Insurance

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

75%

Benefit Period

1 Year; 2 Years

Waiting Period

30 Days

Virgin Money Tailored Income Protection Insurance

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

85%

Benefit Period

6 Months; 1 Year; 2 Years

Waiting Period

14 Days; 28 Days; 60 Days; 90 Days

Real Insurance Income Protection Insurance

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

75%

Benefit Period

6 Months; 1 Year; 2 Years; 5 Years

Waiting Period

30 Days; 90 Days

ANZ Income Protection Insurance

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

75%

Benefit Period

1 Year; 2 Years; 5 Years

Waiting Period

30 Days; 90 Days

Budget Direct Income Protection Cover

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

75%

Benefit Period

1 Year; 2 Years; 5 Years

Waiting Period

30 Days; 60 Days

Insuranceline Rate Saver Income Protection Insurance

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

85%

Benefit Period

6 Months; 1 Year; 2 Years; 5 Years

Waiting Period

14 Days; 28 Days; 60 Days; 90 Days

nib Income Protection

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

85%

Benefit Period

6 Months; 1 Year; 2 Years

Waiting Period

14 Days; 28 Days; 90 Days

NRMA Income Protection Insurance

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

85%

Benefit Period

6 Months; 1 Year; 2 Years; 5 Years

Waiting Period

14 Days; 28 Days; 60 Days; 90 Days

RAC Income Protect

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

75%

Benefit Period

6 Months; 1 Year; 2 Years

Waiting Period

30 Days; 90 Days

RACQ Income Protection Insurance

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

75%

Benefit Period

6 Months; 1 Year; 2 Years

Waiting Period

30 Days; 90 Days

Suncorp Income Protection Insurance

Maximum Monthly Benefit

$10,000.00

Max % of Income Covered

75%

Benefit Period

3 Months; 1 Year; 2 Years

Waiting Period

30 Days

Virgin Money Quick & Easy Income Protection Insurance

Maximum Monthly Benefit

$7,500.00

Max % of Income Covered

85%

Benefit Period

6 Months; 1 Year; 2 Years

Waiting Period

28 Days

Insuranceline Time Saver Income Protection Insurance

Maximum Monthly Benefit

$7,500.00

Max % of Income Covered

85%

Benefit Period

6 Months; 1 Year; 2 Years

Waiting Period

28 Days

Medibank Standard Cover Income Protection Insurance

Maximum Monthly Benefit

$7,500.00

Max % of Income Covered

75%

Benefit Period

1 Year; 2 Years; 5 Years

Waiting Period

30 Days; 90 Days

Medibank Essential Cover Income Protection Insurance

Maximum Monthly Benefit

$3,500.00

Max % of Income Covered

-

Benefit Period

1 Year; 2 Years

Waiting Period

30 Days; 90 Days

NRMA Essentials Cover

Maximum Monthly Benefit

$3,000.00

Max % of Income Covered

-

Benefit Period

6 Months; 1 Year; 2 Years

Waiting Period

28 Days

NRMA Involuntary Unemployment Cover

Maximum Monthly Benefit

$3,000.00

Max % of Income Covered

85%

Benefit Period

3 Months

Waiting Period

28 Days

Who offer Income Protection Insurance?

Who Can Qualify For Income Protection Insurance?

Applicant must be employed or self-employed and has an income to qualify.

Is Income Protection Insurance tax-deductible?

Any payments received by Income Protection Insurance policy are tax-free that means the payments have to be included on your tax return as part of your assessable income. However, the premiums of Income Protection Insurance may be tax-deductible.