Compare Income Protection

Income Protection which you can obtain directly from the provider.

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Other Types of Insurance

Advised Income Protection

Income Protection (through adviser)

Life Insurance

Life Insurance (term insurance)

Trauma Insurance

Trauma Insurance (Major Illness)

TPD Insurance

TPD Insurance (Disability)

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What is income protection?

Income protection insurance offers to pay you a monthly benefit if you are unable to work for a certain period of time because of illness or injury. This insures you for a set level of your income (commonly 75% of your gross salary) and will pay you at that level until you are able to return to work or for the agreed benefit period – whichever is sooner.

Income protection insurance is not to be confused with redundancy insurance, which offers limited financial protection in the case of involuntary redundancy.

You can use the CANSTAR website to compare income protection insurance that is available either direct from an insurer or through your financial adviser.

How CANSTAR compares income protection

Every year, CANSTAR researches and rates income protection that is available either direct from an insurer or through your financial adviser. Whichever you choose, there are some common things you should compare in a direct income protection policy or an advised income protection policy:

  • A reasonably high sum insured – the amount of benefit you could claim
  • A reasonably short waiting period – the time you wait before you can claim after buying the policy
  • A reasonably long benefit period (claim period) – the length of time you can continue to claim benefits
  • A partial disability benefit
  • A recurrent disability benefit
  • A specified injury or illness benefit
  • No exclusion on your pre-existing conditions
  • An affordable insurance premium

Since things like waiting periods and benefit periods vary so much from insurer to insurer, it’s important to compare your options on the CANSTAR website and choose the insurance provider that gives the best value for your needs.

Keep in mind that the level of cover you have and the different features of your policy will make the insurance premiums more or less expensive. That’s why CANSTAR also compares insurance on price.

Use the comparison tool at the top of this page to compare direct income protection, or click the “Income Protection (through adviser)” button to compare advised income protection.

To learn more about income protection insurance, read the latest star ratings report for direct income protection insurance or advised income protection insurance.

 

Written by: TJ Ryan