Skip to Content (Press Enter)
All Income Protection Articles

Planning • 3 min read

Compare your Income Protection Insurance

It is important to compare different Income Protection policies. We have broken down some of the important features to look out for.

Not all forms of Income Protection insurance are the same.

When it comes to protecting your assets and your family, you want to make the best choices.

There are lots of things to weigh up, so let’s start with the basics. When it comes to choosing Income Protection Insurance, or deciding whether to keep the policy you already have, two important things to think about are:

1. How much can I afford to pay in premiums?

2. How much will I need each week to live on?

It can be tempting to go for a cheap option, and whilst lower premiums are attractive—chances are the cover may not be as comprehensive as you'd like. The result may be a shortfall in funds when you can least afford it. You could also end up with less cover than you need.

When it comes to income insurance a little bit of planning and research can go a long way.

Which Income Protection Insurance is for me?

Carefully check the terms and conditions on policies, and the way the key terms of each policy are defined. It is also important to read the policy so you know what is and isn't covered. The first things to look at when you’re comparing Income Protection Insurance, however, are the basics:

Which Income Protection Insurance is for me?

Insurance items

Percentage of income paid out

Upper limit of payout per month

Claiming process

Additional benefits

Pre-existing medical conditions


What percentage of your monthly income could you realistically live on? If your insurance doesn't match your needs, it is not ideal.
There may be a benefit limit for high-income earners.
A transparent and quick claiming process is crucial when it comes to getting your payout without added stress or waiting.
Are there benefits provided in addition to income insurance? What is the customer service like?
Does the policy cover you for a pre-existing medical condition?

Insuranceline Income Protection

Our income insurance provides up to 75% of your income.
Our monthly payout can be as high as $10,000 per month.
We ask that you complete a claim form and send it to us with supporting materials such as your most recent payslips as soon as you can.
You can choose optional cover with the Accident Benefit Option so you can access benefits faster if you suffer an Accidental Injury.1
In addition, we offer flexible payment plans and exceptional customer service, as well as a 30-day money-back guarantee.
When you apply for an Insuranceline Income Protection policy, we'll ask you about your health and lifestyle. If you have a pre-existing medical conditon, we'll let you know whether it will be covered or not, before you take out a policy.

Why should I keep my Income Protection Insurance?

  • It safeguards your standard of living and can help you keep your assets, by protecting your ability to make loan repayments.
  • It protects your family from the risk and stress of financial hardship.
  • A small price to pay for peace of mind and financial security.
  • Premiums are generally tax-deductible where cover is held outside of superannuation.
  • I couldn't cope on a government benefit and/or selling my assets to pay living expenses.

If you would like to talk to us about Income Protection Insurance, give us a call on 13 77 87.


Important Information

Qualifying Periods apply after the Cover Commencement Date for Sickness and Injury Cover and Mental Health-Related Conditions. You will not be paid a Benefit for Sickness, Injury or Mental Health-Related Conditions during Qualifying Periods. A Qualifying Period applies when you first take out cover, and if you increase your Monthly Benefit amount.

For more information please refer to the Combined Product Disclosure Statement and Financial Services Guide.

1 The Accident Benefit Option is only available as an option when a Claim Waiting Period of 14 or 28 days is chosen. Where the Accident Benefit Option is selected, in the event of an Accidental Injury that results in total disability for the entire Claim Waiting Period, we will backdate your monthly benefit payments to the date of disablement. Refer to the PDS for details.


Backed by TAL

^Insuranceline Win 1 of 5 $1000 Visa Cards (Competition). Subject to the Terms and Conditions, the Promotor is offering customers a chance to win one of five Digital Visa Gift Cards valued at $1,000, in one of the four draws. Entry commences on the 1st of April 2024 and will run for four months until 11:59pm AEST on the 31st of July 2024 (Entry Period). During the Entry Period, to be eligible to participate in the Competition, customers must get a quote and take out a new Insuranceline Life Insurance, Income Protection Insurance, or Funeral Insurance policy to enter the Competition. A maximum of one (1) entry into the Competition will be awarded per eligible policy. The Promotion is not open to existing customers, or customers who have cancelled a Promoter branded policy in the 12 months prior to the commencement of the Entry Period and then taken out a new Insuranceline branded policy. Each of the four Prize Draws will take place at Level 16, 1 Denison Street, North Sydney NSW 2060 on the respective Prize Draw and Time, as listed in the table in Condition 13 (and if any Redraws if there are any unclaimed prizes, Condition 19) of the full Terms and Conditions, and the winners will be sent an email and will be attempted to be notified via phone within two (2) business days of the Draw and published on Max. retail value of the total prize pool is $20,000. To be eligible at time of the draw, customers must still have an active policy and have paid 1 month of premiums in full. View eligibility criteria and full terms and conditions here. Promoter: TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260. Permits: NSW NTP/09255, ACT TP24/00483, & SA Licence No. T24/388.

**Bonus 10% more cover is calculated on the fifth anniversary from the Policy Commencement Date. Each adult life insured will have an extra 10% of the average Funeral Insurance Cover amount held during the previous five years added to their Funeral Insurance benefit. Terms and conditions apply. Refer to the PDS for more information.

#Claims paid figures relate to all Insuranceline life insurance policies in the 2021 financial reporting year (1 April2021 to 31 March 2022). All claims on Insuranceline policies are assessed against the relevant policy terms and conditions. These terms and conditions, as well an explanation of the claims process, can be found in the applicable Product Disclosure Statement. Claims are administered and settled by the insurer, TAL Life Limited.

***Insuranceline is the longest standing provider of Funeral Insurance in Australia, based on: Strategic Insight, Actuaries & Researchers. Funeral Insurance means a policy with periodic premium payments that provides a lump sum to help pay for funeral and associated expenses when you die and excludes pre-paid Funeral Plans and Funeral Bonds.

The information provided on this website is general advice only which means it does not take into account your individual needs, objectives or financial situation. For this reason, you should consider whether it is appropriate for you, and before you decide to buy or to continue to hold an insurance product, you must read the relevant Combined Product Disclosure Statement (PDS) and the Financial Services Guide (FSG). The PDS/FSG contains important information which will help you understand the product, including what's covered and what's not covered and to decide whether it is appropriate for you. The Target Market Determination (TMD) for the relevant product, where applicable, is also available.

If you are considering cancelling a policy you already hold in order to replace it with a new policy, make sure you read the terms and conditions of both policies before you make a decision. The cover terms may be different, you may lose benefits accrued under your existing policy, and waiting periods may apply to the new policy. Changes in your personal circumstances (such as your age, health, and employment) that have occurred since your existing policy was originally taken out may also affect your new policy. As your application for a new policy may not be accepted, and some policies may be unable to be reinstated after they have been cancelled, you should consider waiting until your new policy is confirmed before you cancel any existing cover.

Promoted by Insuranceline, a trading name of TAL Direct Pty Limited (of Level 16, 363 George Street, Sydney NSW 2000) ABN 39 084 666 017 AFSL 243260. TAL Life Limited ABN 70 050 109 450 AFSL 237848 issues the life insurance benefits. St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover.

The ways in which Insuranceline collects, uses, discloses and secures your personal information are set out in the Insuranceline Privacy Policy, which is available free of charge on request.