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Income Protection FAQ

Exclusive Income Protection Insurance Offer

Enquire now and you'll receive a 20% cash rebate on your first year of income protection insurance premiums! This offer is valid for Rate Detective clients only, and can only be be received by applying above.

This offer is available for all insurance companies that are on our panel. To take advantage of this offer, mention the offer to Rate Detective at the time you submit an enquiry for a quote. After 12 months we will email you a reminder that your rebate is due, so you can call to confirm your details. To be eligible for this offer, your policy needs to remain in force for the full 12 months. Any rebate to which you are entitled will be paid directly into your bank account or provided on a Gift Card.

How does income protection work?

In the event of a claim, the insurer will pay an amount (normally up to 75% of your gross salary in Australia) until you have recovered sufficiently to work again, or up until the maximum benefit period as stated in the policy; 2 years, 5 years or up to age 65.

How much income protection cover do I need?

The income protection cover levels offered are determined by your salary, and influenced by things like debts, lifestyle and illness or injury.

In Australia, the maximum amount of cover you are eligible for is as follows:

  • If you are employed 75% of your current gross salary (including employer packaged fringe benefits  and superannuation contributions).
  • If you are self employed 75% of the income generated by the business as a result of your personal  endeavour, less your share of expenses. This is usually averaged over a period of time, so that a good month or year does not result in a higher level of cover than what are entitled to.
  • If your income is above certain limits (for example, over $250,000), a lower percentage of income may apply.
  • Maximums to the monthly benefit sum insured may also apply.

Things to consider:

  • Costs of meeting your debts (mortgage, etc.)
  • Providing sufficient funds for a spouse, children or other dependents
  • Maintaining your assets & investments

What is income protection insurance?

In the event you can’t work due to illness or injury, income protection insurance aims to protect your income by providing you with an income stream.

What should I pay for income protection insurance?

Income protection premiums vary greatly depending on the level of protection you are after.

As a general rule, income protection in Australia costs approximately one week’s salary per year (approximately 2% of your annual salary). And when it comes to tax time, premiums are generally tax deductible. To find out if this is the case for you, seek out advice from a tax professional.

The following factors also influence your income protection premium:

  • Age - the cost of obtaining cover generally increases over time
  • Gender
  • Health and pre-existing conditions
  • Whether or not you smoke - If you currently smoke, or have smoked within the last 12 months you will pay more in premiums compared to a non-smoker. If you already have a policy and premium based on smokers’ rates and you have not smoked in the last 12 months, you may be eligible for a non-smoker’s premium.
  • Occupation - If your occupation is hazardous or high risk, you will pay a higher premium compared to someone who works in an office.
  • Waiting period - how long you can be off work before you require the income to commence. The waiting periods generally range from 2 weeks to 2 years.
  • Benefit Period - The maximum length of time the policy will provide you with an income stream, following the waiting period. These can either be for a set period (2 years, 5 years) or until a certain age (to age 65). If you have recovered from your sickness or injury and are able to return to work, then the monthly benefit will cease at the time of your return.
  • Additional policy features – comprehensive cover, basic cover or any additional features will also affect the policy premium.

Who offers best Income Protection Insurance in Australia?

At Rate Detective, we take your Personal Insurances seriously. We compare up to 9 insurance companies in Australia, rather than just a couple. This service is offered at no cost to you.

To find income protection insurance for you, complete our enquiry form, or contact us via email or phone 1300 793 143. This is a free, no-obligation service.

If you feel comfortable with the information provided in your initial enquiry, please let our consultants know during your discussions.

Why do I need income protection insurance?

What would happen if you woke up tomorrow and found you were incapable of working for an extended period of time? Would you be able to support your household, repay your mortgage or save for the future?

While Workers Compensation protects you if your injury is connected to work, Income protection insurance provides cover for individuals, 24 hours a day, anywhere in the world.

Read more in our article Income Protection versus Workers Compensation.

Discover our Income Protection options

There have been numerous occasions where debate has existed in respect of benefits provided to employees through Workers Compensation cover. There are some who believe that the cover provided by Workers Compensation will be sufficient. This view may well be misguided in light of the benefits available to employees around Australia.

Let's examine the situation around Australia.


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Important information

Not all providers in the market are included in our comparisons.

Also note, any information or advice given on our website is general. It hasn’t taken into account your objectives, financial situation or needs.

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Extent of our comparisons

Not all providers of insurance, mortgages, and credit cards on the market are included in our comparisons. The amount of any savings will depend on your circumstances.

To see who is on our panel, select a product from the menu below:


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. Before acting on any information or advice on this website, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. We recommend that you obtain financial, legal and taxation advice before making any financial investment decision.

Not all providers of insurance, mortgages, and credit cards on the market are included in our comparisons. The amount of any savings will depend on your circumstances.The products compared on this website do not necessarily compare all features that may be relevant to you. Comparisons are made on the basis of price only and different products may have different features and different levels of coverage.

RATE DETECTIVE PTY LTD. AUSTRALIAN CREDIT LICENCE NO. 469009. The Rate Detective website and brand name is operated by Spotter Finance Pty Ltd who are an authorised representatives of Crown Wealth Group Pty Ltd ABN 22 603 037 510 Australian Financial Services Licensee 494274. Spotter Finance and its advisers are authorised to advise and deal in superannuation and life insurance products only.

How we get paid

We (including your adviser) may be remunerated in the following various ways for the financial services provided to you.


We will receive commission on any life insurance products your adviser arranges for you. This commission is built in to the cost of the insurance. The rate of commission varies between the different product providers but can be up to 140% of the initial premium and up to 40% of renewal premiums. Based on the 140% and 40% we would receive up to $1,400 upfront commission on an annual premium of $1,000 and up to $400 of each renewal premium.

Performance Bonuses

Sometimes product providers will pay us bonuses based on the business placed with that insurer. The criteria for such bonuses are typically the volume of business placed and the level of retention of that business over time.

In the event that we receive a performance bonus it will be shared with your adviser. From that part of the bonus generated as a result of business written by your adviser, the adviser may receive up to 100% of that bonus (37.5% if you have been referred by an affiliate, with the affiliate receiving 12.5%).

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