What makes a good income protection provider?

It’s a smart idea to compare income protection insurers instead of jumping into a policy with the first insurer you speak to.

The reason for this is that the insurance industry is an intensely competitive market at the moment. Insurers are making their products better than ever before to battle each other for our hard-earned dollars, and you don’t want to miss out on the best deals.

In saying this, a company with a good reputation and an easy, high-performance claims process is priceless for your peace of mind. So when choosing an income protection provider, it’s important to not only look at the quote in terms of dollars and cents, but also in terms of real and lasting value.

Be sure to look out for the following green lights:

• The company can offer flexible payment options to cater for your current financial abilities and also in case your job or income changes in the future.
• The company has a diverse range of cover options to cater for your needs. The policies are able to be tailored with add-on features, payout figures and waiting periods and other important details you’re looking for.
• The company’s premiums are justified by the quality of the product.
• In your dealings with the company, they have offered excellent customer service. The customer rep’s explanation of their products is kind, patient and informative without being overly salesy or skimming over important information.
• You’ve done your research and found that the company enjoys a positive reputation in the community, four and five-star reviews, and has a high rate of paying out claims.

How to choose a policy that works for you

Establish what you’re looking for before running the risk of getting upsold unnecessarily or worse—not getting the coverage you need.

These are great questions to ask yourself to begin with:

• Do I only want to be covered for accidental injury, or are illness, total & permanent disability, redundancy and other possibilities important to my policy?
• How much would I need to be paid out if any of these things happened to me?
• How long would I need to be paid out for if any of these things happened to me? 3 months? 6 months? A year?
• How much can I afford right now on top of all my other bills?
• Do I have a job that is considered potentially dangerous or risky, and does this mean I need to look for a specialist insurer? Will a general insurer cover occupational hazards, or will those be deemed exclusions?
• How long am I willing to wait during the claims process before I get my payout?
• How can I be assured by the insurer that they will pay out my claim? What do I need to know about them that will give me the peace of mind I’m paying for?
• What do they need to know about me? Am I being completely honest with them about my state of health, lifestyle, occupation or medical history?
• Do I feel comfortable with the customer service representatives I’ve been dealing with? Do we have a good relationship? Do I trust their integrity and professionalism?
• Does this policy offer added features that could potentially assist my family or me down the track, such as additional policyholder options, joint discounts or family benefits?

If you have further questions, or require further information, you can compare income protection and one of our friendly licensed specialists will be in touch to assist.

Our top 8 income protection insurers in 2019

Name	Maximum monthly benefit	Maximum % of income covered	Maximum benefit period	Waiting period
Insuranceline Rate Saver Income Protection This year you can take out a policy and get a $100 bonus gift after holding cover for 2 months. Terms and conditions apply. Be quick as the offer ends 31 March 2019.	$10,000	85%	5 years	14, 28, 60 or 90 days
Ezicover Income Protection Get your first month free. No medical exams required. Generally tax deductible premiums. Extra 5.7% discount for premiums paid annually. Worldwide cover, good for those who travel often.	$12,000	75%	5 years	30 days minimum
nib Income Protection You’re able to receive up to 30% off in your premiums if you’re in good health, meet the BMI tests and qualify with the terms and conditions. Great for those looking for extra value.	$10,000	85%	24 months	14 or 28 days
Virgin Income Protection Tailored Award-winning insurance policy, suitable for those working in jobs that aren’t necessarily covered by other insurers. Cover exists for up to 1000 job types, including full-time, part-time and self-employed positions.	$10,000	85%	5 years	14, 28, 60, or 90 days
Medibank Income Protection Great for those who want cover of up to 75% of income, without having to pass a medical test. If you already have health insurance with Medibank, you can save 10% off premiums.	$7,500	75%	5 years	30 or 90 days
NobleOak Income Protection Consistent award-winner over 2018, 2017 and 2016. Need protection now but unwilling to pay up front? Get your first month free with this popular policy offered by a household name provider. Great for those in the higher income brackets needing a higher payout.	$30,000	75%	2 years or to the age of 65	30 or 90 days
ANZ Income Protection Those already banking with ANZ may enjoy the peace of mind that comes with having insurance under the same Top 4 bank. Flexible policies on offer, tailored by qualified insurance specialists in the banking & finance industry.	$10,000	75%	5 years	30 or 90 days
Qantas Income Protection Insurance Highly rated income protection policy with an expiry age of 64 makes this option attractive to older members of the workforce.	$12,000	75%	5 years	Multiple waiting periods available

Getting started

Finding the right policy doesn’t need to be a headache. Get a more tailored selection based on your needs and choose your perfect policy today with our handy comparison tool.