Finding the Right Income Protection Insurance Doesn't Have to Be Complicated
Quick Quotes
Learn, compare, and receive quotes for Income Protection Insurance quickly and easily. Speak with our brokers to compare policies today.
Flexible Cover Options
Choose from different waiting and benefit periods with a coverage level to match your lifestyle and financial needs. Tailor your cover to fit a budget.
Streamlined Service
Organise your Income Protection Insurance with our one-on-one service. Manage your policy, make claims, or adjust your cover with your broker.
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What Is Income Protection Insurance?
Income Protection Insurance is a product that provides financial support if you are unable to work due to accident, illness or injury. Policies provide a monthly benefit after a waiting period which you choose until you can return back to work or until the end of a benefit period which you also choose.
Unless your policy states, coverage is for any sickness, injury or accident that stops you from working. This can be mental or physical.
Generally, you can replace up 70% of your pre-tax income however some policies can replace up to 90% of your income for the first 6 months of claim.
Options are also available to replace your superannuation contributions to ensure your retirement fund isn't jeopardised if you are unable to work for a prolonged period of time.
How Do The Monthly Benefits Work?
Monthly benefits can also be made to top up your income if you are not able to return back to work at your full capacity.
Your benefit period is the maximum amount of time you can receive payments. Available benefit periods are up to 1 year, 2 years, 5 years and age 65. The benefit periods which are available can be dependant on your occupation, age and medical history.
Your waiting period is how long you need to wait from the date of disability before you are eligible for benefits. Benefits accrue daily from the end of your waiting period and are paid monthly in arrears. The market offers waiting periods of 14, 30, 60 and 90 days. Longer wait periods of 6 months, 1 year and 2 years are also available.
Income Protection premiums, i.e. the amount you pay for your insurance, can be tax-deductible, making it a cost-effective way to protect yourself. Premiums can also be funded via your existing superannuation fund if you wish. This includes industry and corporate super funds.
Need A Hand?
Getting a quote for income protection insurance at WeLifeInsure is straightforward. Simple organise a one on one discussion with one of our brokers to walk through your preferences and receive quotes from 9 of Australia's leading insurers. Alternatively, use our online tool to build your own quote.
We can help you find a policy that offers the right balance of coverage and affordability.
Whether you're self-employed, a full-time employee, or anywhere in between, income protection insurance ensures your income can continue if your health takes a turn.
To request quotes for Income Protection Insurance, contact us today.
Income Protection Insurance Benefits
These are benefits which are commonly available with Critical Illness covers either as extra cost options or inbuilt benefits.
Financial Security When You Need It Most
Income Protection provides a steady flow of cash when you can't earn money due to illness or injury. This support helps you focus on recovery and reduces financial stress.
Coverage Tailored To Your Needs
Select from various benefit periods, waiting periods and coverage levels to match your unique position. Adjust your cover as your life circumstances change, ensuring continuous protection.
Tax Advantages
Premiums paid towards Income Protection can be tax-deductible if you choose to pay for them out of pocket. This can equate to a significant tax benefit and net reduction of premiums each year.
Peace Of Mind For Your Family
Keep your family's lifestyle secure with monthly payments that replace your income if you can't work. Essentially, this coverage acts as a financial cushion, lessening the impact of loss of income.
How Much Will Income Protection Insurance Cost?
Premium rates reflect the likelihood of needing to claim based of the above factors. It is important to review your policy regularly to ensure that you are not paying more for a policy than you need to
Organise a time with our brokers to walk through your options to get the best pricing.
Alternatively, you can get a preliminary quote for our online calculator to get an understanding of what you might expect to pay.
Investing in a quality income protection policy can reduce financial hardship if you're unable to work due to accident, illness or injury.
- Your age, occupation, BMI, gender and whether you smoke
- The benefit amount you choose to insure for, this can be up to 70% of your pre-tax income
- The benefit period you choose
- The waiting period you choose
- Your medical history can sometimes effect premiums
- The insurer you choose – different insurers will be more competitive for different circumstances
- The optional extras and quality of policy you choose
- Discounts that your broker can secure for you
Assume you have an income protection policy which costs up to 2% of your income. If you suffer from an injury or illness and are unable to work, 70% of your income is replaced.
Alternatively, without a policy, there is no cost. However, in the event of injury, accident, or illness, income goes to 0%.
The Importance of Income Protection for Various Professions
If your profession requires fine motor skills or high level decision making, ensure that you protect your ability to earn income.
Speak with our brokers to ensure that you are covered for your ability to do your own occupation.
For those in higher-risk professions such as construction or mining, the risk of injury can be a significant occupational hazard. Income protection is crucial if an injury, illness or accident prevents them from work.
Policies can be catered specifically to higher risk professions, ensuring that coverage is available.
Freelancers and gig economy workers often miss out on employee benefits such as sick leave or workers’ compensation that permanent employees are entitled to.
Income Protection fills this gap by offering a safety net should they become unable to work due to illness or injury.
Accidents away from work and illnesses are common causes of claim for those in otherwise 'safe' working environments. Generally, Income Protection can be used to cover for any accident, injury or illness that stops you from working.
For individuals such as sales professionals or business owners whose earnings may fluctuate, income protection is still available to provide a stable financial base during times they are unable to work.
Ensure you speak with our brokers to understand how variable income is treated to ensure you purchase a policy which is appropriate to you.
What Else to Consider
Why Choose Us For Income Protection Insurance
Tailored Solutions
Our brokers help you find an Income Protection policy tailored to you. Whether you're an employee or self-employed, we help you adjust your policy to match your financial scenario.
Expert Guidance
Our brokers offer expert guidance at every step to provide clear, jargon-free explanations to help you understand what your policy options and make an informed decision.
Streamlined Process
We're with you during the claims process to advocate on your behalf and help complete claims requirements so you're paid quickly, fairly and in the amount that you expect.
Competitive Premiums
Get competitive Income Protection premiums that fit your budget without sacrificing coverage. We work hard to get you discounts where available, giving you the most bang for your buck.
1. Contact Us
Start your application process with ease – our team is ready to guide you every step of the way.
2. lodge
We’ll help fill in the forms to submit your details to kickstart your coverage without delay.
3. review
Your application will be reviewed promptly to ensure accuracy and the best fit for your needs.
4. payout
Once approved, benefit payments are processed efficiently to support you when you're unable to work.
These scenarios highlight the risks of not having an income protection policy in place. Without it, individuals often find themselves financially vulnerable, forced to use savings, sell assets, or incur debt just to manage their basic expenses.
Income Protection Insurance reduces this burden by providing a crucial financial safety net that helps maintain your lifestyle and financial stability when you're unable to work.
Different Income Protection policies offer varying features and benefits, so it’s essential to compare them carefully to find the one that best suits your unique needs.
Tom develops a severe illness and is out of work for over six months. Now, without Income Protection Insurance, Tom is not only facing high medical bills but also the ongoing costs of his mortgage and child education fees, which he finds increasingly difficult to manage on his wife's income alone.
Jane breaks her wrist and can't work for three months. Without the regular Income Protection benefits, she struggles to cover her daily living expenses and monthly rent, quickly depleting her savings.
Use our Life Insurance Calculator to help determine how much coverage you might need.
Misconceptions About Income Protection Insurance
Here are some common misconceptions about income protection.
Claims Are Rarely Paid Out
In reality, majority of claims are paid and the process is straightforward, provided that all the necessary documentation is accurately presented. According to MoneySmart, a government website, as of December 2023, the average claims acceptance rate was 95.2% across the industry.
Unnecessary If You're Young And Healthy
Young and healthy individuals often think they don’t need Income Protection when in fact, they have the most to lose if something was to happen. This is because their greatest financial asset (their income) is yet to be earned. It's important to remember that the definition of a surprise is that it's unexpected.
Only For Permanently Disabled
Income Protection policies provide a monthly benefit while you are disabled until the end of a benefit period which you choose. This can be a period of months, years or even to age 65.
It Only Covers Physical Injuries
Unless specified, Income Protection covers any health event that prevents you from working, physical or mental, so you're protected whenever your ability to work is impacted.
It's Too Expensive
You can adjust factors like your benefit period, waiting period and monthly benefits to make it more affordable. Changing how you pay can also make premiums tax-deductible.
The People We’ve Helped Get Insured
Fantastic service provided by WeLifeInsure. Wilson was very knowledgeable and made the entire process of obtaining and reviewing personal insurance easy to follow and understand. He was extremely patient in explaining all important aspects and tailoring the policy to individual needs and circumstances. He was also able to give many other helpful pointers, such that it is evident that he always keeps the best interest of the individual at heart. Highly recommended.
Wilson provided comprehensive explanations to my never ending questions and I felt like I was then in a position to make an informed and appropriate decision for my situation. Consideration was given to ensure that I had explored my current insurance and was aware of what I would be giving up if I switched. Thanks Wilson for your excellent customer service. Highly recommend.
Wilson's organised, calm approach to organising my Insurance products with me was seamless. Never felt like a question was too difficult, or silly to ask and the explanation was clear and excellent comparisons were used to help me gauge what level of cover I need. Would recommend his services to friends and family!
Income Protection Insurance FAQs
Ready to Secure Your Future?
Don't wait until it's too late! Secure your income now with a tailored income protection policy. Get your personalised quote from WeLifeInsure and start your journey to financial security.
