Some Of The Best Income Protection Insurance Policies On Canstar In 2022

If you’re looking to take out income protection insurance you might want to check out some of the highest-rated policies on Canstar’s database, based on our annual Direct Income Protection Star Ratings and Awards.

How often have you thought about how you might cope, pay the bills, should you lose your income through illness or injury no matter what your job or profession, whether you’re employed or self-employed?

Having some income protection insurance is one way to help if you find you can’t work due to sickness or injury for an extended period of time.

How can I find the best-value income protection insurance?

Finding the right income protection insurance policy for you should be more than just looking for the cheapest premiums. There are several features and benefits you may want to consider when seeking a policy that suits your needs and circumstances.

Income protection insurance can pay you a monthly benefit, which Moneysmart says is usually up to 90% of your pre-tax income for the first six months. After that, it usually pays up to 70% of your normal salary.

The payments will usually be based on your earnings over the 12 months prior to the illness or injury that leads you to lodge a claim.

In practice, the percentage payment of your normal earnings can vary between providers, as can definitions of what level of injury or illness is required for you to make a claim, so it pays to shop around to see which would offer the best cover to suit your needs.

You should also check what waiting periods you’ll need to serve from the time you first become unable to work until you are able to make a claim. These can be varied depending on how much you’re prepared to pay for premiums.

Moneysmart says you might want to check to see if you already have any income protection insurance through your super.

Canstar’s Direct Income Protection Award and Star Ratings can help you if you’re comparing your options when you shop around.

Compare income protection policies on Canstar’s database

If you’re comparing income protection insurance policies, the comparison table below displays some of the policies currently available on Canstar’s database for a 30-39 year old non-smoking male working in a professional, white-collar occupation. Please note the table is sorted by Star Rating (highest to lowest) followed by provider name (alphabetical). Use Canstar’s Direct Income Protection Insurance comparison selector to view a wider range of policies.

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