NRMA Income Protection Insurance

NRMA is a provider of income protection insurance, as well as car insurance, travel insurance, home & contents insurance, life insurance and business insurance.

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Considering NRMA income protection insurance? The table below displays a snapshot of NRMA income protection policies on Canstar’s database. 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.

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What income protection does NRMA offer?

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

What features does NRMA income protection offer?

As a provider of income protection, NRMA offers the following features:

  • The option of choosing a maximum benefit period of 6, 12 or 24 months, or 5 years depending on your choice of cover
  • A maximum monthly benefit of $10,000, with optional involuntary unemployment cover for up to $3,000 per month for three months
  • Cover for employment up to the age of 65
  • Phone-based support and an online application process
  • Other features, such as 5% off premiums for the life of your policy if you’re an existing NRMA member
  • Get one month free every year when you choose to pay annually
  • Option to add involuntary unemployment cover, holiday injury cover, kids’ injury cover and permanent disability cover

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What does NRMA income protection cost?

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

  • Your age and gender
  • Occupation
  • Benefit period and waiting period

You can customise your policy to suit your specific needs. Get a quote for NRMA 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.

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NRMA 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.

NRMA advises that their income protection premiums are generally tax deductible.

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

  1. Details: Make sure you have your policy number and details of your condition on hand including any medical certificates. Check your waiting period (the amount of time that must pass before you make a claim) and check your eligibility to claim any benefits
  2. Lodging: Once you’ve determined you’re unable to work for longer than the waiting period, you can complete a claim form from the NRMA website. You can also call 1300 996 143 and speak to one of their customer service representatives.
  3. Assessment: NRMA will assess your claim and let you know of the outcome. Once the waiting period expires, you’ll receive your benefit.

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

NRMA may ask you:

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

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

  • You must be at least 18 years old and below 65 years old
  • You must be either an Australian or New Zealand citizen or be an Australian Permanent Resident
  • You must be currently employed and work at least 20 hours per week
  • You must be able to demonstrate a previous working history

 

NRMA Insurance was established in 1925 by the National Roads and Motorists’ Association, in order to provide car insurance to members in NSW and the ACT. In 1995, they added Queensland to the mix as well.

  • NRMA supports their community in a number of ways including:
  • Raising awareness of child car safety and offering free child restraint safety checks
  • Supporting 150 Australian community organisations every year through their community grants program
  • Being a corporate supporter of the NSW State Emergency Service (SES)
  • Sponsoring the Brisbane Broncos

NRMA Income Protection

Canstar Research
Rating:
Award: Income Protection Insurance 4-Star Rating

Trades & Services Industry

Non-Smoker

2018 Star Ratings Report

Written by: Regina Collins | Last updated: June 19, 2018