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How much will income protection cost you through an adviser?
15 Sept 2014
Income protection is one of the most important personal insurances to have. After all, your income is your source of cash and without it, most of us would be in serious trouble. So how much should you expect to pay for an income protection policy? While to a certain extent the amount of cover you insure for will determine price, the type of job you do (along with whether you are a male or female) will also be a big part of it.
Based on the policies Canstar assess, we have estimated that – assuming that you are a 30 year-old non-smoker wanting income protection cover of $4,000 per month, with a 30 day wait and a benefit period of two years – you could expect to pay the following annual premiums for income protection insurance that you obtained through a financial adviser (Advised Income Protection):
| Occupation | Male | Female |
| Pilot |
$1,008 |
$1,436 |
| Baggage Handler |
$1,308 |
$1,803 |
| Air traffic controller |
$1,719 |
$2,438 |
| Building Foreman / Supervisor – licensed |
$783 |
$1,118 |
| Carpenter |
$865 |
$1,228 |
| Earthmoving Equipment Driver / Operator |
$1,294 |
$1,822 |
| Lecturer |
$419 |
$620 |
| Teacher |
$497 |
$707 |
| Child Care Worker |
$697 |
$991 |
| Doctor |
$452 |
$638 |
| Registered Nurse |
$855 |
$1,213 |
| Paramedic |
$1,052 |
$1,511 |
| Restaurant manager |
$759 |
$1,065 |
| Chef – qualified |
$842 |
$1,194 |
| Kitchen Hand |
$1,142 |
$1,623 |
| Mining – Engineer – above ground |
$643 |
$922 |
| Mining – underground – Skilled Tradesperson – No explosives |
$1,226 |
$1,727 |
| Supermarket Manager – full time |
$732 |
$1,027 |
| Shop Assistant – Supermarket |
$920 |
$1,239 |
Source: Canstar Advised Life Insurance Star Ratings, 2014.
The above quotes are based on a monthly income protection benefit of $4,000, so obviously the amount for which you insure will affect the cost. And of course it’s crucial to consider the income protection policy inclusions: not all policies are created equal! You can compare Advised income protection policies here.
Compare Income Protection Available Through Advised Life Insurance
This is different to income protection that you can buy directly from the provider.
