Income Protection Insurance in Australia - with Instant Quote
Achieve financial stability with Aspect’s top-tier Income Protection Insurance. Cover up to 85% of your income, the highest in the market!
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Monthly benefits can replace up to 85% of your pre-disability income when illness or injury stops you from working. [1]
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Cover applies for incidents occurring both at and outside work across most occupations: trades, healthcare, transport, self-employment and more.
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Get a personalised quote, apply online and get covered in under 10 minutes, subject to eligibility.
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Aspect's income protection cover is underwritten by certain underwriters at Lloyd’s of London.
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Waiting periods of 14, 30, 60 or 90 days and benefit periods of 1, 2 or 5 years are available at Aspect Underwriting.
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Premiums are generally tax-deductible. However, confirm the position with a qualified tax professional. [3]
What Is Income Protection Insurance?
Income protection is an insurance policy that replaces a significant portion of your income in case you become temporarily unable to work due to illness or injury.
Safeguarding your income is crucial for sound financial planning. Unexpected health conditions may exceed your sick leave entitlement, putting strain on your finances. Without income, supporting your family and covering bills becomes challenging.
Aspect Underwriting offers income protection insurance in Australia, backed by Lloyd’s, one of the world’s most established specialist insurance markets. Our policy covers most occupations, providing up to 85% of your pre-disability income.
With our end-to-end online system, you can get a quick quote and apply online in 10 minutes (subject to eligibility), without phone calls or meetings, so you can focus on your work with peace of mind.
Safe Work Australia recorded 146,700 serious workers’ compensation claims in 2023–24. That’s more than 400 serious injury claims lodged every single working day across Australia. [5] Workers’ compensation alone often falls short. Income protection is designed to fill that gap.
How Much Does Income Protection Insurance 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.
As a general rule, a longer waiting period lowers your premium, while choosing a higher coverage level or longer benefit period increases it. Premiums are also influenced by personal factors such as your age, occupation and claims history.
Tax tip: Income protection premiums are generally tax-deductible for eligible Australians, and any benefits received during a claim are typically treated as taxable income. Speak with a qualified tax professional for advice specific to your situation.[3][4]
How is Income Protection Different from Workers' Compensation?
Workers' Compensation (WorkCover)
- • Covers eligible work-related injury or illness
- • Usually tied to your employment activity
- • State-based; benefit levels vary
- • Usually not available to self-employed workers
Income Protection for Every Profession
Illness and injury can affect anyone in any occupation. Whether your work is physically demanding, shift-based or self-directed, losing the ability to earn can create immediate financial pressure.
With flexible options and tailored solutions, Aspect provides one of the best Income Protection Insurance products for a wide range of professions in Australia. Find cover for tradies, healthcare professionals, self-employed and many more white-collar and blue-collar workers.[1]
Tradies
Physical work means a single injury to your back, hands or knees can pull you off the tools and off the payroll for weeks.
Find out more →Electricians
Working across live systems, heights and confined spaces, electricians face daily risks that can interrupt earnings at very short notice.
Find out more →Miners
Remote locations, heavy machinery and physically demanding conditions combine to create elevated exposure to injury.
Find out more →Plumbers
Confined spaces, awkward positioning and heavy lifting make back injuries and knee strain common reasons that stop plumbers from working.
Find out more →Builders
Project-based income leaves builders particularly exposed when illness or injury prevents them from attending the site.
Find out more →Construction Workers
Operating machinery, working at height and handling heavy materials means a workplace incident can disrupt income quickly and with little notice.
Find out more →Self-Employed
Without sick leave or paid entitlements, self-employed Australians can face direct financial pressure when illness or injury stops them from working.
Start Your Quote →Truck Drivers
Long hours and the physical demands of driving, loading and unloading mean that a health event or injury can occur without warning.
Find out more →Doctors
Long hours, physical strain and clinical demands can affect a doctor’s ability to work when illness, injury or burnout occurs.
Start Your Quote →Sole Traders
When you are in business, any period of disablement translates directly into lost revenue with no buffer between your health and your income.
Start Your Quote →Dentists
Repetitive precision work and sustained positioning can lead to hand, wrist or back issues that can limit a dentist’s ability to practise.
Start Your Quote →Casual Workers
With no paid sick leave, casual workers may face immediate financial pressure if illness or injury prevents them from taking shifts.
Start Your Quote →Personal Trainers
Income depends on the ability to be physically active. An injury to any part of the body can immediately halt client sessions and earnings.
Start Your Quote →Business Owners
When your active involvement drives the business, a period of absence affects not just your income but the continuity of everything you have built.
Start Your Quote →Company Directors
Company directors can face financial pressure if illness or injury prevents them from actively working in the business.
Start Your Quote →Engineers
Engineers are often exposed to physical hazards and high-pressure demands that can affect their ability to work without notice.
Start Your Quote →Note: The occupations listed above are provided as examples and do not represent the full range of professions that Aspect caters to. Cover may be available across many blue-collar, white-collar and self-employed occupations. Eligibility, cover options and premiums are assessed based on individual circumstances. Read the PDS for more details.
Key Benefits & Features of Income Protection
Aspect’s income protection policy includes a range of features designed to support you financially if illness or injury affects your ability to earn an income.
Total Disability Benefit
When a covered illness or injury stops you from working, you can receive monthly benefits of up to 85% of your pre-disability income.
Partial Disability Benefit
If you return to work in a reduced capacity, partial disability benefits can cover part of your pre-disability earnings to help reduce the income gap during recovery.
Mental Health Coverage Included
Psychological disorders that prevent you from performing your occupation can be covered under Aspect’s policy, a feature not consistently offered in the market.
Flexible Waiting Periods
Choose from 14, 30, 60 or 90-day waiting periods based on how long you can cover expenses without income. A longer waiting period reduces your premium.
Benefit Period Options
Select a benefit period of 1, 2 or 5 years based on your risk profile. You will continue to receive monthly benefits until the term ends.
Premium Waiver on Claim
Premiums may be waived while you are receiving monthly benefits, keeping your cover active without adding to financial pressure during recovery.
Tax Deductible
For many Australians, income protection premiums are tax-deductible, reducing the overall cost of the cover. Benefits received are generally treated as taxable income.
Return to Work Assistance
The policy includes provisions designed to support a gradual return to work, helping you transition back into employment while recovering from a covered illness or injury.
Add Other Policies
Income protection can be combined with Trauma, Total & Permanent Disability or Accidental Death cover in a single policy.
Compare Your Income Protection Cover Options
Here is how Aspect’s income protection insurance compares across key cover features, policy options and claim considerations.
| Feature | Aspect Underwriting | Other Insurance Providers |
|---|---|---|
| Income Replacement Limit | Up to 85% of pre-disability income | Usually capped at a lower percentage |
| Monthly Benefit Cap | Up to $60,000 per month [2] | Commonly lower or restricted |
| Waiting Period Flexibility | 14, 30, 60 or 90-day options available | Limited choices in most policies |
| Benefit Periods | 1, 2 or 5 years | Benefit periods vary by policy |
| Mental Health Conditions | Covered, subject to policy term | Not standard across all products |
| Reduced Capacity to Work | Partial disability benefit included | Cover varies by product |
| Premiums During a Claim | Waived while benefits are being paid | Differs between products |
| Getting Covered | Online quote and application available within 10 minutes | Process varies by provider |
| Supplementary Cover | TPD, Trauma and Accidental Death insurance add-on available | Varies by provider |
*The above table is for illustration only. Features, exclusions and pricing vary by insurer and individual circumstances. Read the relevant PDS and Aspect’s product documentation before making any decision.
Your benefit period and your waiting period work together, not independently. A 5-year benefit period with a 90-day waiting period may cost less than a 2-year benefit period with a 14-day waiting period, while providing longer protection.
Understanding Waiting Periods & Benefit Periods
| Waiting Period | Best For | Impact on Premium |
|---|---|---|
| 14 days | People with limited savings who may need financial assistance sooner | Highest premium |
| 30 days | Those seeking a balance between affordability and earlier benefit access | Moderate premium |
| 60 days | Individuals with some savings or access to employer-paid sick leave | Lower premium |
| 90 days | People with a strong emergency fund or several months of expenses saved | Lowest premium |
Your benefit period determines how long eligible payments can continue after your waiting period ends and your claim is approved. Aspect offers benefit periods of 1, 2 or 5 years. Generally, longer benefit periods provide support for an extended recovery but result in higher premiums. The right option depends on your financial commitments, savings and long-term needs.
Combine Income Protection with TPD, Trauma or Accidental Death Insurance
Income protection cover can be purchased as a standalone product or can be combined with any or all of the following insurance products:
Total & Permanent Disability (TPD) Insurance
TPD Insurance provides a lump sum benefit if a serious illness or injury leaves you permanently unable to work. Aspect offers TPD cover across a broad range of eligible occupations.
Trauma / Critical Illness Insurance
Trauma Insurance provides a lump sum benefit on diagnosis of specified serious medical conditions, such as heart attack, stroke or cancer. It can help cover financial commitments during treatment and recovery.
Accidental Death Insurance provides a lump sum benefit to your estate if an accident results in your death. It can be held as a standalone cover or added alongside your existing protection.
Bundling Tip
Bundle your covers based on the risks you are exposed to. Choose policies that are relevant to your lifestyle, work and financial commitments, avoiding overlaps and overpaying for unnecessary products.
What’s Covered and What’s Not
Here are the inclusions and exclusions of Aspect’s Income Protection Insurance policy.
What's Covered
- Back injuries, joint problems, fractures and severe sprains
- Eligible mental health conditions, subject to policy terms
- Cancer, heart disease, stroke and multiple sclerosis
- Chronic respiratory illnesses that affect work capacity
- Injuries from accidents, falls or workplace incidents
- Trauma and serious illness (optional add-on)
What's Not Covered
- Deliberately exposing yourself to unnecessary danger/harm
- A result of self-inflicted harm or an attempt to commit suicide
- Pregnancy, unless complications occur within the first 33 weeks
- Disability related to professional sports, war or any pre-existing condition
- Disability due to elective surgery (unless you’ve purchased the additional benefits bundle as part of your Aspect Income Protection cover)
- Pre-existing conditions undisclosed when taking out the policy
Important: The lists above are only a simplified guide. Before purchasing, take a closer look at the PDS to understand the full terms, conditions, inclusions, exclusions and how the cover may apply to your situation.
Income Protection Eligibility: Who Can Get a Cover?
To be eligible for Income Protection Insurance, you need to be a permanent Australian resident between 18 and 70 years old at the date of purchase. [1] 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.
Employment Status
You must be actively working at the time of purchase. This includes full-time, part-time, casual, self-employed, contracting and freelance arrangements, provided your occupation falls within Aspect’s covered categories.
Age Limits
Applicants must be aged between 18 and 70 at the date of purchase. Cover is not available outside this age range.
Residency
You must be a permanent Australian resident or citizen, living and working in Australia at the time of purchase.
Health and Lifestyle
Your health history, occupation and lifestyle are assessed at application. Pre-existing conditions and high-risk activities or occupations may affect eligibility, exclusions or cover terms.
Eligibility is not based on your job title alone. Insurers usually assess the type of duties you perform, your income, work hours, health history and lifestyle factors. Providing accurate information during the application can help avoid claim-related issues later.
Not Sure If You're Eligible?
Your occupation, income and personal circumstances all play a role in eligibility. The fastest way to get clarity is to get a quote and see what options may be available for your situation.
21-Day Cooling-Off Period: If you change your mind after purchase, you may cancel within 21 days of receiving your policy for a full premium refund (less any non-recoverable government charges), provided no claim has been made or is pending. [1]
Why Choose Aspect Income Protection?
Choosing the right income protection provider is important. You need cover that matches your life, is backed by recognised underwriters and is easy to manage. Here’s what sets Aspect apart in the Australian market.
Up to 85% Income Replacement
Aspect offers one of the highest coverage levels in the Australian market, up to 85% of your pre-disability income, capped at $60,000 per month. You can also choose 75% or 50% cover to keep premiums more manageable while still protecting part of your income.
Quote in Under 10 Minutes
Aspect’s online quote process is quick and straightforward. Enter details such as your occupation, lifestyle, income, preferred cover level, waiting period and benefit period to receive a quote. From there, you can review your options and decide whether to proceed.
Backed by Lloyd's of London
Aspect’s income protection product is underwritten by certain underwriters at Lloyd’s of London, led by AXIS Managing Agency Ltd, Syndicate 1686, a market that has been covering specialist risk for over 335 years.
Covers Most Occupations
From trades and construction through to healthcare, transport and professional services, Aspect covers a wide range of occupations, employed, self-employed or contracting.
Built for the Self-Employed
Sole traders, freelancers, contractors and small business owners are all eligible. Benefits for self-employed applicants are typically based on average income over the previous 12 months.
Flexible Policy Structure
Flexible waiting and benefit period options allow you to build cover that fits your savings position, leave entitlements and financial obligations. Choose between 14, 30, 60 or 90 days waiting period and benefit period of 1, 2 or 5 years.
Straightforward Process
Aspect’s processes are designed to be simple, with no phone calls, medical appointments or lengthy documentation required for a quote. Cover can be arranged quickly online, and the claims process is straightforward if you need to file one.
Bundled Cover Options
Combining income protection with TPD, Trauma or Accidental Death cover under one policy may reduce your overall premium while extending the range of events you are protected against.
How to Make an Income Protection Claim with Aspect
If the unexpected happens, knowing what to do next is crucial. Having a cover through a provider with a clear, straightforward claims process can help you understand the steps, documents and timing involved.
01. Check your policy
Start by reviewing your policy schedule and cover details. This helps you confirm your waiting period, benefit period, selected cover and any conditions that may apply before you begin the claim process.
02. Notify Aspect
Let us know about your illness or injury as soon as reasonably possible. Early notification gives you time to collect relevant information and documents and helps avoid unnecessary delays in the process.
03. Provide Proof of Claim
You may need to provide medical evidence, income details and other supporting documents that show how your illness or injury affects your ability to work. Complete information can help support a smoother assessment.
04. Submit Claim Form
Fill the required claim form and include the supporting documents requested. Make sure the information is accurate and up to date, as missing or unclear details may delay the assessment.
05. Claim Assessment
We will review your claim, supporting evidence and policy terms and communicate our decision accordingly. If more information is needed, you may be contacted during the assessment process.
Your waiting period begins from the date you become unable to work, not from the date you lodge your claim. Notify Aspect promptly to avoid unnecessary delays in the assessment process.[1]
Important: The claim process is usually smoother when you provide complete information upfront. Medical evidence, income records and any requested supporting documents can help us assess your claim more efficiently and reduce unnecessary back-and-forth.
FAQs about Income Protection Insurance in Australia
Income protection can be confusing when you are comparing policies, super cover, exclusions and claim conditions. Here are answers to common questions Australians have when choosing cover, helping you understand what to check before applying or making a decision.
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 automatically provide the cover. 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, received treatment for or been advised about by a medical practitioner in the 12 months prior to purchasing your policy. Some policies exclude the condition permanently, while others agree to cover it 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 coverage 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 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 benefit 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 usually based on your selected cover percentage and pre-disability income, subject to the monthly benefit cap, offsets and policy terms.
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.
Still have questions? Speak with Aspect on 1300 979 458 during business hours, Monday to Friday, or email [email protected].
Contact Us
1300 979 458 (Mon–Fri, 9:00 am – 5:00 pm AEST)
Suite 2, 73A Rupert St, Collingwood VIC 3066
Important Documents
Product Disclosure Statement (PDS) Key Facts Sheet Financial Services Guide (FSG)References & Citations
The content on this page is informed by Aspect Underwriting product documentation and relevant Australian government and regulatory sources.
Aspect Underwriting Pty Ltd, Product Disclosure Statement: Personal Accident & Illness, Version PDS Ind 0925-V1.0, 18 September 2025.
https://www.aspectuw.au/resources/2025/Aspect-UW-PDS-Ind-0925--v1.0.pdfAspect Underwriting Pty Ltd, Key Facts Sheet: Personal Accident & Illness Policy, December 2025.
https://www.aspectuw.au/resources/2025/Key-Facts-Sheet-Dec-2025.pdfAustralian Taxation Office, Income Protection Insurance (Web Page, 16 June 2025).
https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/deductions-you-can-claim/investments-insurance-and-super/income-protection-insuranceAustralian Taxation Office, Income Protection Insurance Payments (Web Page, 16 June 2025).
https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/income-you-must-declare/compensation-and-insurance-payments/income-protection-insurance-paymentsSafe Work Australia, Key Work Health and Safety Statistics Australia 2025.
https://data.safeworkaustralia.gov.au/insights/key-whs-statistics-australia/latest-release