Income Protection Calculator

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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

Nobody expects to experience a loss of income due to injury or illness. But, accidents and sickness can strike when you least expect it, and can leave yourself, and your family, exposed to financial hardship. Income Protection can relieve some of the hardship upon successful claim.

Income protection insurance supports you during the temporary period of your recovery, and provides peace of mind while you get back on your feet. It can pay a percentage of your income (usually 75% including superannuation) if you are to suffer an injury or illness that prevents you from working. The cover is 24/7 so you are covered even outside of work. The cover is also world-wide, which means you are covered if you are overseas on holidays as well.

How much cover do I need?

Standard income protection usually covers 75% of your current income including superannuation, for a set period of time (e.g. two years, or until age 65). However, there are some policies that offer a higher percentage of cover, and it is important to take into account your current and future budget requirements before selecting the level of cover that is right for you.

Before selecting a policy, calculate your standard costs of living. These include:

  • Mortgage repayments or rent
  • Car loan payments
  • Education costs for dependents
  • Energy costs
  • Other day-to-day costs of living

At Rate Detective we compare offers from 12 different insurance companies. All the companies on our panel perform medical assessments prior to application, thus ensuring that you do not pay more than necessary for your life insurance.