Income Protection Insurance Quotes | Compare & Save!
Looking to compare Income Protection Insurance quotes in Australia?
Then look no further, you have found the right adviser.
We have been providing advice , comparisons and quotes since 1989!
We offer a free online service that compares income insurance quotes from Australia’s leading life insurers.
Get an Income Protection Quote
Here is a sample range of companies we have compared in the past.
But we are not limited to just comparing these. We can compare any Life Insurance policy in Australia today (even discontinued policies). If you have a special request ensure you complete the additional comments box in the online quote form.
At CCA Financial Planners we broker the market to ensure you get the best policy at the best premium. Given our size and over 20 years experience we are able to negotiate and provide advice on the best package for you.
Need to know more facts about Income Protection Insurance?
Income protection should at least cover you for all your monthly expenses while you are unable to work. A good guide is it generally insures up to 75% of your gross income. For the self employed your Income Protection Insurance policy can cover your gross business income as a result of your efforts, less your share of business expenses. We can generally include items like depreciation, donations, car expenses, income splitting etc. Again self employed cover is complex so see our online income calculator or speak to one of our advisers who will be able to help you determine what you can and cannot be insured for.
How can I save money on my Income Protection premiums?
Insure for what you need. If you have 3 months of sick leave or several months of holiday leave due you could use this as a buffer before you need to claim on your Income Protection Insurance policy. By opting for a longer waiting period, let’s say 90 days, you can save 25% off your premiums! There are also standard and plus policies in the market place. Income Protection Insurance standard, covers you if you are sick or have had an accident and cannot work till your benefit period, usually age 65. This is the cheapest type of Income Protection although for most people we don’t recommend this. Income Protection Insurance plus will cover the above but also include extras like the following:
- Advance payments (when you need it most) during the waiting period, like
- Day 1 accident cover and day 3 Bed Confinement Cover.
- Accommodation benefit.
- Double Income benefits for trauma conditions.
- Advance lump sum benefits for broken bones etc.
- Rehabilitation benefits.
- Home Assist and transportation benefits.
Choice of Income Protection Insurance definition
As long as you generally meet three criterias (this is the most common definition in the market place)
- Seeing a doctor because you are sick or you have had an accident
- Not working
- And can’t do at least one important duty of your own occupation
Or some companies are now promoting an ‘hours’ based definition. This means you can work to a maximum of 10 hours per week and you will still receive 100% of your insurance benefit. As this is easier to qualify for, the premiums are of course dearer in most cases.
What’s new for Income Protection Insurance?
Recently the government allowed Super funds to provide Income Protection benefits to age 65 (and claim a tax deduction) although you cannot include extra benefits like trauma cover as these are deemed not to meet the purpose of what super was designed for.
Although two distinct advantages of purchasing your Income Insurance via super are:
- Reduces the impact on your cash flow
- If you claim your Income Protection benefit this does not offset your Centrelink entitlements.
Again this is a complex area so please see one of our advisers for tailored advice.
Need more information on Income Protection Insurance?