Income Protection Calculator

Income protection insurance pays a monthly benefit — typically 75%–85% of your pre-disability income — if you are unable to work due to illness or injury. Payments continue from the end of the waiting period until you recover, the benefit period ends, or you reach age 65 (for to-65 policies).

Yes. Premiums for income protection insurance held outside superannuation are generally fully tax-deductible in Australia. Policies held inside super are paid with pre-tax super contributions, but benefits paid out may be taxable at your marginal rate. Consult your tax adviser.

The waiting period (also called the excess period) is the time you must be unable to work before payments begin. Common options are 14, 30, 60, or 90 days. A longer waiting period lowers your premium — choose a waiting period that matches your sick leave entitlements or emergency fund runway.

The benefit period is the maximum length of time the insurer will pay your monthly benefit. Options include 2 years, 5 years, or to age 65. Longer benefit periods cost more but provide significantly better long-term protection. A 2-year benefit period is the most common for shorter-term cover.

Yes, significantly. Insurers classify occupations by risk. Professionals in office-based roles attract the lowest premiums. Heavy manual workers (tradespeople, labourers) can pay 2x–3x more for equivalent cover due to higher injury risk. Your occupation class is one of the biggest drivers of premium.