nib Income Protection Insurance

nib is a provider of income protection insurance, health insurance, life insurance, travel insurance, and overseas student health cover (OSHC).

Compare nib income protection

Considering nib’s income protection insurance? The table below displays a snapshot of nib income protection policies on Canstar’s database, sorted by star rating. These results are based on a 30-39-year-old non-smoking male in a medium blue-collar occupation, such as trades.  

Click here to compare more policies based on your circumstances.

Compare Income Protection Insurance

What income protection does nib offer?

At the time of writing nib offers just income protection insurance policy which offers cover for a variety of conditions that may prevent you from working.

What features does nib income protection offer?

nib’s Income Protection offers the following features:

  • The option of choosing a maximum benefit period of between 6 and 24 months
  • A maximum monthly benefit of up to $7,500
  • Phone-based support and an easy-to-apply online process
  • Policy renewal up until age 75
  • 30-day cooling off period
  • Option to add involuntary unemployment and permanent disability cover
  • Flexible waiting periods – choose between 14 and 28 days  

Compare Income Protection Insurance

What does nib income protection cost?

The cost of your income protection insurance will vary depending on several different factors such as:

  • Your age and gender
  • Occupation
  • Whether you’re a smoker or a non-smoker
  • Benefit period and waiting period

You can customise your policy to suit your specific needs. Get a quote for nib income on its website before applying to see what you might need to pay.

In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.

Compare Income Protection Insurance

nib FAQs

The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.

nib advises that their income protection insurance premiums are generally tax deductible.

Lodging a claim for income protection with nib is a straightforward 3-step process.

    1. Contact nib: Call nib on 1800 633 170 (Mon to Fri 8am to 7pm) and let one of their customer service representatives know you’d like to make a claim. Make sure you have your policy number, details of your diagnosis and the date you stopped working.
    2. Submit claim:  You can find all the information and forms you need to fill out to lodge a claim on the nib website. Your claims specialist can answer any questions you may have about the process.
    3. Approval: nib will assess your claim and let you know of the outcome. Once the waiting period expires, and your claim has been approved, you’ll receive your benefit.

You can apply for nib income protection after comparing your options in Canstar’s comparison tables and generating a quote on nib’s website.

nib may ask you:

  • Your name, date of birth and gender
  • Your smoker status
  • Your occupation details (salary, how many hours you work etc.)

nib’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:

  • You must be between 18 and 60 years old
  • You must be an Australian Resident

nib was founded in 1952 and is now the health insurer for over 1 million Australians. nib won the coveted Canstar Award for Outstanding Value Health Insurance in 2014 (SA) and 2008 (National).

If you’re looking to lose weight and need help managing joint pain, diabetes, heart health, or medications, join nib’s Be Good To Yourself program at your local Amcal or Guardian pharmacy. The program involves an individualised weight management and exercise plan with a Wellness Coach, Exercise Physiologist, and Dietitian, and meal replacement options.

In 2013, nib launched Whitecoat, a customer review, search, and comparison website for Extras healthcare providers.

In 2015-16, nib supported the community through $1.7 million of grants to community organisations such as OzHarvest, and by launching the Headstrong 2.0 mental health program for teens. nib supported Earbus nurses to mentor Aboriginal youth ambassadors to promote health in remote communities.

Written by: Regina Collins | Last updated: June 22, 2018