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Income Protection which you can obtain directly from the provider.

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Canstar is now Australia’s biggest financial comparison site,
comparing more brands than any other.

Latest in Income Protection Insurance

Recent Star Ratings

Direct Income Protection
Advised Income Protection

What is income protection?Direct Income Protection Star Rating

Income protection insurance pays you a benefit if you are unable to work for a period of time because of illness or injury. This insures you for a set level of income and will pay you until you can return to work or for the agreed 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