Friday, May 20, 2022

Best income protection insurance in Australia

If you’re looking for the best income protection insurance in Australia, you should compare products that fit your budget and fulfill your specific needs.

If you’re unable to work due to a sickness or injury, income protection insurance provides you a monthly payment of up to 70% of your pre-disability income. The greatest income protection policy will usually provide you a benefit and a waiting period to choose from, as well as enough coverage to cover your living expenses while you recover.

Is income protection worth it?

Your income is your most valuable asset, as it allows you to sustain yourself and your family while also saving for retirement. A disability could result in a large reduction in future earnings, which could significantly impact your life. When you first start working, you should consider purchasing income protection insurance to ensure that you can meet your future living needs.

Income protection insurance is generally valuable if you:

  • Own a business or are self-employed. If something goes wrong, you might not have access to employee benefits like sick pay and annual leave.
  • Have a lot of recurring payments, such as a mortgage and a car loan, but no savings.
  • Have a family to look after.

AIA Priority Protection

You can choose to expand your policy by picking either Advantage Optional or PLUS Optional, which provides worldwide coverage 24 hours a day. If you’re on a tight budget, though, Income Protection Accident Only coverage is an option.

Non-full-time employees may be eligible for an Income Protection Essentials policy.

If you are laid off, AIA will waive your premiums for up to three months if you fit their criteria of involuntary unemployment.

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BT Protection Plans

BT offers a Standard Income Protection coverage and an Income Protection Plus policy that is more comprehensive and includes additional benefits.

If you’ve had your insurance for at least 6 months, you can suspend it once every 12 months for a maximum of 12 months. This suspension is in effect if you lose your job, go on maternity leave, take a sabbatical, or if your household income has decreased by 30% or more in the last three months.

Keep paying premiums on BT’s General income protection cover held in a Super or SMSF. Your coverage will continue if you become unemployed or take parental or sabbatical leave.

ClearView LifeSolutions

Income Protection Cover and Income Protection Plus Cover are the two-income protection policies offered by ClearView.

You have the option to have your premiums waived if you are unemployed involuntarily, on parental leave, or have a specified medical condition.

ClearView may waive your waiting period if you are totally handicapped and unlikely to ever return to your full-time job. For example, severe hearing loss, paralysis, or Motor Neuron Disease.

MLC Insurance

Income Protection Platinum (MLC’s highest level of coverage), Income Protection (the regular option), and Income Protection – Special Risk are the three options available (protection for people in hazardous occupations).

For adults aged 19 to 55, MLC income protection offers up to $60,000 per month.


Choose from NEOS Income Protection Standard, which gives minimal benefits, or Income Protection Plus, which provides a comprehensive set of benefits. You can also get Income Protection Super if you choose.

When you go on parental leave or become involuntarily unemployed, your premiums may be waived for up to three months, depending on the coverage you choose.

OnePath OneCare

Choose a policy that fulfills your needs: Essentials (all vocations), Standard (all occupations, excluding ‘R’), Comprehensive (additional benefits on top of Standard), and Professional (all occupations, excluding ‘R’) (cover for specific white-collar occupations). You can also get insurance through Super.

Unless you have inside-super choices or Basic cover, OnePath will normally continue to cover you for up to 12 months if you are unemployed, depending on your terms and conditions.

TAL Accelerated Protection

Income Protection Standard and Income Protection Premier, TAL’s complete plan with a full range of benefits, are available. Also available is Income Protection Super.

If you choose the Premier plan, you can have your premiums waived for up to three months if you are unemployed for no fault of your own, and you will remain insured throughout that time.

Zurich Wealth Protection

Zurich Income Protection (affordable with basic benefits) and Income Protector Plus (additional benefits) are the two levels of coverage available (includes the full suite of benefits).

If you’ve left your employment and your income continuation cover has ended, you can decrease your one- or two-year waiting time to 90 days or one year as a built-in feature.

If you are involuntarily jobless owing to retrenchments, redundancies, or employer insolvency, Zurich will waive your premiums for up to 3 months (excluding Specific Risk vocations).

What does a good income protection policy look like?

  • It guards you against a slew of mishaps and illnesses.
  • Defines what constitutes a disability clearly and concisely.
  • Provides you with the highest amount of coverage you require to maintain your current lifestyle.
  • Covers you for the period you specify (benefit period),
  • Provides you with various waiting times to fit your budget and needs.
  • Premiums are reasonably priced.
  • There is a list of built-in benefits and additional features you can add to customize your coverage.
  • Premiums are waived when an employee is forced to work, when a parent is on leave, or when a claim is being processed.

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