Get One of the Best Income Protection Insurance Products in Australia

Secure your income and financial stability with Aspect’s top-tier Income Protection Insurance. Our comprehensive product offers coverage for illness or injury that prevents you from working, ensuring you receive a regular income during such challenging times. With flexible options and tailored solutions, Aspect provides one of the best Income Protection Insurance products available in Australia. Safeguard your livelihood and protect your family’s financial future with our reliable insurance coverage.

From a quote to fully covered in under 10 minutes, no phone calls required.

We can cover up to 85% of your income and offer the highest levels of cover in the market.

We offer savings bundles when you purchase income protection insurance with another insurance product!

What Is Income Protection Insurance?

An income protection insurance policy is designed to replace a significant portion of your income in case you become temporarily unable to work due to illness or injury. Safeguarding your annual income is crucial for sound financial planning. Unexpected health conditions during your working career may exceed any sick leave entitlement you have, putting strain on your finances. Without income, supporting your family and covering bills becomes challenging.

Aspect offers one of Australia’s best income protection insurance products, backed by Lloyd’s, the world’s specialist insurance market. It covers most occupations, providing up to 85% of your pre-disability income. Unlike traditional policies that involve multiple medical tests and consultations, our end-to-end online system streamlines the process.

You can get a quick quote and full coverage within 10 minutes without the need for phone calls or meetings, allowing you to focus on your recovery with peace of mind.

How Much Does It Cost?

The cost of your income protection policy depends on a wide range of variables, including but not limited to; your benefit period, waiting period and the percentage of your income you want to cover. Our easy-to-use online income protection quote generator offers detailed cost and premium breakdowns. Click the button below to get an income protection insurance online quote now.

What Are The Benefits of Income Protection?

Continue Earning When Unable to Work

Potential Tax Benefits

Flexible Waiting & Benefit Periods

Peace of Mind

Income Protection Eligibility

To be eligible for Income Protection Insurance, you typically need to be between 18 and 64 years old at the time of application. Permanent Australian residency is also a standard requirement. Specific eligibility criteria may vary depending on the insurance provider and policy terms. It’s essential to review the policy documentation to understand the complete eligibility requirements for Income Protection coverage.

Comprehensive Coverage Details

What is the difference?

This policy can also be known as Salary Continuance (SC) or Total Temporary Disablement (TTD), but they all offer the same protections.

The major areas of choice when designing this policy are:

  • Waiting Period (usually 14, 30, 60 or 90 days)
  • Benefit Period (usually 1, 2 or 5 years or ‘To Age 65’)
  • Percentage of your income (usually 75%, Aspect offers up to 85%)
  • Maximum Benefit – Some insurers will cap your benefit, regardless of how much you earn. Our policy pays up to $42,000 per week, as long as your income justifies it, for the nominated waiting period.

As a specialist insurance agency in Australia, we offer customised income protection covers to our clients tailored to their specific needs.

What is covered?

While requesting a quote for this policy, you must understand that you can only be covered if an illness and/or injury prevents you from working after the expiry of your selected waiting period. It does not cover involuntary unemployment or redundancy.

Here are some situations in which you would not be eligible to claim policy benefits:

  • Your disability is due to you deliberately exposing yourself to unnecessary danger/harm.
  • Your disability is a result of self-inflicted harm or an attempt to commit suicide.
  • Your disability is due to pregnancy unless it’s a complication that occurs within the first 33 weeks of pregnancy.
  • Your disability is related to professional sports, war or any pre-existing condition.
  • Your disability is due to elective surgery (unless you’ve purchased the additional benefits bundle as part of your Aspect Income Protection cover).

Read our PDS for further details, or contact us.

Waiting and Benefit Periods

What is the waiting period?

This insurance policy comes into effect on the day you choose, but you start receiving policy benefits, if eligible, after your waiting period is over. A waiting period is the duration of time the insured must be unable to work before a claim can commence.

Aspect offers four waiting periods to choose from. You can choose from either 14, 30, 60 or 90-day waiting periods. Suppose you chose a 14-day waiting period, you will start receiving policy benefits from the 15th day of being unable to work. You won’t be paid for the first 14 days of your disablement.

For shorter waiting periods, the premiums will be higher, which will help reduce the reliance on your savings and annual leave. If you choose longer waiting periods, the premiums will be lower, which will increase your dependence on your savings or annual leave.

What is a benefit period?

A benefit period is the period during which you will be paid benefits by the insurer. The benefit period starts after the insurer has verified your claim and your selected waiting period is over.  This cover offers the option to choose a benefit period of 1, 2 or 5 years.

For instance, if you have selected a 1-year benefit period, you will receive benefits for a year after your waiting period is over. The longer your benefit period is, the higher your income protection premium.

Some insurers offer a ‘To Age 65’ benefit period, which pays you a benefit until your retirement age. Aspect does not offer this benefit period. The cost is significantly higher and may not be worth your while. After all, it’s likely that a medical condition that keeps you off work for 2-5 years will result in total permanent disablement. Therefore, a Total & Permanent Disablement insurance policy coupled with a two or five-year Income Protection policy may be best suited for you.

Combining Add-ons for Enhanced Coverage

This cover can be purchased as a standalone product or can be combined with any or all of the following insurance products:

Trauma Insurance

Trauma Insurance provides you with a lump sum payment, payable on diagnosis if you suffer a serious medical condition like a heart attack, stroke or cancer. The sum insured could range from $50,000 to $500,000, depending on whether it’s a standalone cover or purchased in conjunction with other products.

Total & Permanent Disability Insurance

Total and Permanent Disability Insurance pays you a lump sum amount if you suffer from a severe illness or injury that restricts you from working permanently. Aspect TPD cover is available for a wide range of occupations. Whether you are a white blue-collar worker, we cover the majority of professions. Insure for up to $1,000,000 benefit cover. 

Accidental Death Insurance

Accidental Death Insurance (death by injury) is an easy and low-cost alternative to Life Insurance (death by any cause) or a good way to supplement an existing life benefit. Accidental death cover will pay your estate a benefit amount upon your death as a result of an accident/injury.  Generally, the sum insured would be $100,000 to $1,000,000, depending on your circumstances.

Need More Information?

If you are unsure or require more information, please don’t hesitate to
contact us or read our PDS

Our Claim Process

Check your policy & cover before making a claim.

Provide proof of claim.

We communicate to you once claim has been processed.

Provide notice to us as soon as reasonably practicable of any injury or illness.

Submit your claim form and supporting documents.

Get In Touch

Find out more about how Aspect Underwriting can assist you with your client’s Accident & Health policy needs and London market placements. if you have a specific inquiry please use our full contact form here.

    Frequently Asked Questions

    Income protection is available in most super funds, but usually, you need to opt-in to receive the cover. More than 50% of super funds do not provide the cover automatically. You should contact your super fund to confirm.

    No, it doesn't. Income Protection insurance policies cover you only if injury or illness prevents you from attending work. It does not cover you if you lose your job for non-medical reasons.

    The definition varies from one insurer to the next. A pre-existing condition is usually defined as something you have had, had treatment for, or advice from a medical practitioner in the 12 months prior to purchasing your policy. Some policies exclude the condition permanently, and others will agree to cover the condition after you have been insured for two or three years.

    Some insurers will agree to insure you without medical information, but only if you accept an exclusion relating to pre-existing conditions. The upside is immediate cover, and if you do not have any pre-existing conditions, you will have full cover. Alternatively, you go through the medical underwriting process with the insurer, and they will determine from these results how much cover they'll provide you with and possibly exclude specific conditions.

    Occupations play a role in determining the risk and, therefore, cost of this type of insurance. If you don't select an accurate description of your occupation, when you come to claim, your insurer may decline your claim and even void your policy due to fraudulent disclosure.

    Policies providing income protection insurance pay a benefit based on your actual income. There is no point buying cover for a higher income than you earn as you'll only ever receive the nominated percentage (75% or 85%) of your actual income, usually averaged over the previous 12 months and/or as declared on your most recent tax return.

    Yes. Income Protection policies cover you 24/7, whereas WorkCover only covers you whilst you're at work. An Income Protection policy can also top-up WorkCover payments if the WorkCover benefits you receive on the claim is less than your Income Protection policy benefit.

    Yes, income protection insurance is still valuable for remote workers. It provides financial security if you're unable to work due to illness or injury, regardless of your work location.

    Income protection insurance is a personal decision and is typically not provided by employers. You can purchase it independently to safeguard your income. Sometimes they do as part of your employment conditions, often in Enterprise Agreements (EAs) negotiated between your employer and the Union. This is more common in blue-collar industries such as construction, manufacturing & mining.

    It's essential to notify your insurer promptly if you change jobs or lose employment to ensure that your income protection insurance remains valid and covers your current situation accurately.

    Providing employees with income protection insurance demonstrates employer care and support for their well-being, helping retain valuable talent and providing financial security in times of need.

    Income protection insurance offers long-term coverage beyond sick leave, ensuring a consistent income if you cannot work for an extended period due to illness or injury.

    Income protection insurance covers part-time or casual workers, providing financial support if they become temporarily unable to work due to illness or injury.

    Income protection benefits are typically calculated based on a percentage of your pre-disability income, ensuring you receive a portion of your earnings during the period of incapacity.

    The right income protection insurance policy should include comprehensive coverage, flexible options, suitable waiting and benefit periods, and an affordable premium that fits your financial circumstances.

    To claim income protection insurance successfully, promptly notify your insurer of your incapacity, provide all required documentation, and comply with any medical and claim assessment processes.

    If your income protection claim is rejected, review the reasons given by the insurer, seek clarification if needed, and consider seeking advice from a financial or legal professional to assess your options.

    Disclosures & Important Notices:

    The advice provided on this website does not take into account any of your personal objectives, your financial situation or your needs. For this reason, before you act on the advice you should consider its appropriateness, taking into account your own objectives, financial situation and needs. Before you make a decision about whether to acquire any Aspect Products, you should obtain and read our Product Disclosure Statement (PDS). This PDS contains terms, conditions, and exclusions about our A&H insurance products. If necessary, please seek advice from a Financial Adviser or a qualified Insurance Professional before deciding on appropriate insurance cover.

    As prescribed by the Australian Government and as required under the Insurance Contracts Act, we advise you go through the Key Facts about your Personal Accident & Illness Policy here.

    We would also like to draw your attention to our Important Information provided here. You must be aware of this information when entering into the initial insurance contract, and when reinstating, or varying that insurance contract.

    Our financial service guide (FSG) contains important information about the services we offer you; how we and our associates are paid; any potential conflicts of interest we may have; and what to do in the event of a complaint. Find Aspect Underwriting FSG here and Aspect Broking FSG here.

    The Trustee for Wallis Family Trust t/as Aspect Broking is a Corporate Authorised Representative (CAR No. 1247437) of McLardy McShane Partners Pty Ltd; AFSL 232987, ABN 14 064 465 309. At McLardy McShane Partners Pty Ltd, we are committed to protecting your privacy in accordance with the Privacy Act 1998 (Cth) and the Australian Privacy Principles. Read the Aspect Broking privacy policy here.