Income Protection Insurance Comparison

Income Protection FAQs

What is income protection?

If you are unable to work for an extended period of time due to illness or injury, your income protection policy can provide a regular monthly benefit of up to 70% of your income for the length of time determined when you took out your policy.

Income protection can be particularly important for people who are the sole income earners, regardless of whether you have any dependents. However, if you do have people relying on your income, it reduces the financial stress that arises for them and yourself if you become ill or injured and unable to work.

Having this financial protection in place can ensure you and your loved ones can maintain the lifestyle you have worked hard to achieve, even if you are unable to work.

Use our comparison tool to help you find the right income protection product for your needs, or give our Lifebroker insurance consultants a call on 13 54 33.

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Why do I need income protection?

If you are unable to work for an extended period of time due to illness or injury, income protection can provide you with a financial lifeline during a difficult time. It gives you the peace of mind that you will have help keeping up with repayments that you have as well as cover everyday expenses.

Most income protection policies provide up to 70% of your income if you need to claim, which helps ensure that you and your loved ones' lifestyle is maintained and protected if you become ill or injured.

Having an income protection policy in place allows you to focus on your recovery and recuperation and not on your bills.

Compare income protection policies now using our insurance comparison tool, or call one of our specialist insurance consultants on 13 54 33 — we’re here to help.

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How much cover is available?

Most income protection insurers will pay out up to 70% of your income either until a time at which you are able to work again or until the end of your policy’s agreed benefit period, whichever is first.

When you take out income protection you will have a variety of options, including how long you will receive the benefit for and how long the waiting period is before your policy will start paying monthly benefits.

It is important to consider how much cover you need and how long you can go without cover (the waiting period). How many sick days do you have? Do you have savings to cover your income for 1, 3 or 6 months?

It’s also important to note that all new income protection policies are indemnity value policies. This means that you will have to confirm your income when making a claim. If your income has decreased since you applied for cover, your benefit will be paid at the reduced amount, to align with your current income. Agreed Value income protection policies are no longer available for new customers.

The right amount of cover for you will depend on your current income as well as your financial requirements. If you still have questions about how much cover you might need, we’re ready to take your call on 13 54 33.

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How can I decide which cover type or product is right for me?

We have developed an easy-to-use tool to help you compare income protection products from leading life insurers in Australia. Use our comparison tool to compare the benefits, features and price to make a confident decision for your personal circumstances.

The right product for you will be based on a variety of factors and it should be a personal choice. If you need any help with specific features of a policy, just call one of our insurance consultants on 13 54 33, and they can talk you through the options available with Lifebroker.

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What is underwriting in insurance?

There are different types of underwriting. The two that mainly concern life insurance are medical underwriting and financial underwriting. When applying for life insurance products, you will need to complete an application form. Most comprehensive products will require you to complete a series of questions regarding your health and financial history. Insurance companies will also require information about your work and any sports and pastimes that you might participate in.