Income protection if you can't work for a while
Income protection pays a monthly benefit, commonly up to 70% of your income, if illness or injury stops you from working for a period of time.
- Monthly payments while you're unable to work
- Choose your waiting period and benefit period
- Can be held in super or paid out of pocket
You'll be contacted to prepare your quotes.
Income protection at a glance
What it is
A regular monthly benefit while you can't work because of illness or injury, paid after a waiting period you choose.
Inside or outside super
Income protection can be held in super or owned personally. Outside super, premiums are generally tax-deductible to you.
Things to know
Benefits are based on your income, so you'll be asked about your earnings when you apply and again if you claim.
What income protection can help with
Income protection payments are commonly used towards:
- Rent or mortgage repayments
- Bills, groceries and everyday costs
- Loan and credit card repayments
- School fees and family costs
You choose how much cover to ask for. We don't give personal advice. If you'd like personal advice, we can refer you to the insurer that issues the cover.
Income protection terms to understand
Waiting period
How long you must be unable to work before payments start. Common choices are 30, 60 or 90 days. A longer waiting period generally means lower premiums.
Benefit period
How long payments can continue for a claim, such as two years, five years or up to a set age.
Partial disability
Some policies pay a reduced benefit if you return to work in a limited way, such as fewer hours, while you recover.
Insured income
The benefit is based on your income before you became unable to work, as the policy defines it.
Income protection through super or out of pocket
You can generally hold this cover either way. Here's how the two compare.
Through super
- Premiums come out of your super balance, not your take-home pay
- Some optional features available outside super can't be offered inside it
- Benefits are paid to you through the super trustee
- Benefits are taxed as income
Out of pocket
- You pay premiums from your own money
- Premiums are generally tax-deductible to you
- More optional features may be available
- Benefits are taxed as income
General information only. Funds and insurers set their own terms, and tax depends on your circumstances. Speak with a registered tax agent about tax.
Getting started takes three steps
You'll be contacted to prepare your quotes. Nothing to pay to ask.
Ask for a quote
Tell us which cover you'd like and how much cover you want, then add your name, mobile and email. It takes about two minutes, with no health questions.
You're contacted
You'll be contacted to confirm the cover and amounts you'd like, and your quotes are prepared.
Apply if you're ready
If you decide to go ahead, the business that prepared your quotes, or the insurer, will explain how to apply. The insurer assesses your application and issues the policy.
Income protection FAQs
How much of my income can be covered?
Policies commonly cover up to 70% of your income before you became unable to work, and some pay more for the first months of a claim. The exact amount depends on the policy and your income.
Does income protection cover me if I lose my job?
Generally no. Income protection covers you if illness or injury stops you working. It doesn't cover redundancy or job loss.
Is income protection tax-deductible?
Premiums for income protection held outside super are generally tax-deductible, and benefits are taxed as income. Speak with a registered tax agent about your own situation.
Can I get income protection if I'm self-employed?
Generally yes. The insurer will ask about your income and how your business runs when you apply.
Do I already have income protection in my super?
Some funds include default income protection, often with a shorter benefit period. Check your latest statement or your fund's website.
Start the conversation today
It takes about two minutes. You'll be contacted to prepare your quotes. There's no cost to ask, and no obligation to go ahead.
Get a quote