Contact us: 1800 111 456Freecall Australia

Compare Income Protection Insurance

News Alert: Big changes coming to income protection policies on 1st October 2021 due to APRA changes.

What is Income Protection insurance cover?

Income Protection Insurance, also known as income insurance, provides you with a monthly income stream while you are unable to work due to accident or illness. Compare Income Protection Insurance

These regular payments can help you meet living expenses and maintain your standard of living during periods you are without your income.

Income protection insurance policies in Australia generally have the following features:

An income protection policy with a benefit period to age 65 can provide long term financial security and wealth protection (unlike a 6 or 12 month benefit period which will give only short term bill relief).

Compare income protection insurance policies and receive 10% cashback

If you compare income protection insurance quotes online and buy a new policy through Insurance Watch we will refund 10% of your premiums paid in the first year of your policy.

Find out more about the Insurance Watch 10% Cashback Offer.

Just by shopping around you can save up to 60%. If your cover will be needed long term, there could be savings with a level premium vs a stepped premium.

What benefits are included in the best income protection insurance policies?

We don’t just compare quotes, we also compare benefits, as income protection policies vary widely in the benefits that they offer.

Most insurers offer basic and comprehensive policies. The best income protection insurance policies for definitions and benefits are therefore unlikely to be the cheapest. See our tips and traps when buying income protection insurance.

We compare 25+ income protection policies highlighting what to look for when comparing policies such as:

  • Differences in total disability definitions
  • Differences in partial disability definitions
  • Additional benefits offered
  • Star ratings based on product features and benefits
  • Full Product Disclosure Statements from the insurers

If you are looking to keep costs down but still have good quality income protection see our 20 tips to lower income protection insurance premiums. For example, you could save up to 40% just by extending the waiting period on your policy.

We also compare the insurers

Using claims statistics from ASIC and APRA we compare insurance companies based on:

  • Income Protection claims acceptance rates
  • Average claim time in months
  • Number of income protection claim disputes (per 100,000 policies)

Read 1,000+ customer reviews and see which insurers have been rated the best for:

  • Customer service both during and after an income protection insurance application
  • Income Protection claims experience

Compare insurance companies based on their:

  • Size
  • History
  • Ownership
  • Most recent awards