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Planning • 2 min read

Key benefits of Income Protection Insurance

Income Protection Insurance is something that all of us working Australians should think about. If you have financial commitments or a family to support, it’s worth considering.

Debilitating illness or injury can strike suddenly and without warning. If you are unable to work and there’s no spare cash, the bills can soon pile up, assets you worked hard for may have to be sold, and the standard of living you've enjoyed could be lost—maybe for just weeks or months, perhaps even permanently.

Insuranceline Income Protection Insurance provides a safety net to help you meet your existing financial obligations in case you are unable to work due to illness or injury. It’s all about minimising risk and helping you to recover, get back on track and start earning again.

The benefits of Income Protection

If you rely solely on your income or you're the family's main breadwinner, then taking out income protection could be one of the best financial decisions you can make. If you become sick or injured and unable to work, you and your family may receive regular payments to help you keep up with your financial obligations like your home loan, utility bills and groceries, and support you to keep living your life to the fullest.

Income Protection Insurance is also important if you’re self-employed or are paying off big purchases or debts.

  • Unlike worker's compensation insurance, income protection insurance covers you 24/7, not just while you’re working or travelling to and from work.
  • The premiums for Income Protection Insurance are usually tax-deductible.
  • Insuranceline can provide a benefit of up to 75% of your income for up to 5 years.
  • You could cover yourself up to $10,000 per month.
  • You can choose to pay premiums fortnightly or monthly, whichever suits your pay cycle.

When you need to make a claim

When you need to make a claim, an experienced Claims Manager will make the process as stress free as possible.

Find out more about Income Protection, or get an Income Protection Insurance quote.


Important Information

Qualifying Periods apply after the Cover Commencement Date for Sickness and Injury Cover and Mental Health-Related Conditions. You will not be paid a Benefit amount for Sickness, Injury or Mental Health-Related Conditions during Qualifying Periods. A Qualifying Period applies when you first take out cover, and if you increase your Monthly Benefit amount.

Please refer to the Combined Product Disclosure Statement and Financial Services Guide for more information.  

Backed by TAL

^Insuranceline Win 1 of 5 $1000 Visa Cards (Competition). Subject to the Terms and Conditions, the Promotor is offering customers a chance to win one of five Digital Visa Gift Cards valued at $1,000, in one of the four draws. Entry commences on the 1st of April 2024 and will run for four months until 11:59pm AEST on the 31st of July 2024 (Entry Period). During the Entry Period, to be eligible to participate in the Competition, customers must get a quote and take out a new Insuranceline Life Insurance, Income Protection Insurance, or Funeral Insurance policy to enter the Competition. A maximum of one (1) entry into the Competition will be awarded per eligible policy. The Promotion is not open to existing customers, or customers who have cancelled a Promoter branded policy in the 12 months prior to the commencement of the Entry Period and then taken out a new Insuranceline branded policy. Each of the four Prize Draws will take place at Level 16, 1 Denison Street, North Sydney NSW 2060 on the respective Prize Draw and Time, as listed in the table in Condition 13 (and if any Redraws if there are any unclaimed prizes, Condition 19) of the full Terms and Conditions, and the winners will be sent an email and will be attempted to be notified via phone within two (2) business days of the Draw and published on Max. retail value of the total prize pool is $20,000. To be eligible at time of the draw, customers must still have an active policy and have paid 1 month of premiums in full. View eligibility criteria and full terms and conditions here. Promoter: TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260. Permits: NSW NTP/09255, ACT TP24/00483, & SA Licence No. T24/388.

**Bonus 10% more cover is calculated on the fifth anniversary from the Policy Commencement Date. Each adult life insured will have an extra 10% of the average Funeral Insurance Cover amount held during the previous five years added to their Funeral Insurance benefit. Terms and conditions apply. Refer to the PDS for more information.

#Claims paid figures relate to all Insuranceline life insurance policies in the 2021 financial reporting year (1 April2021 to 31 March 2022). All claims on Insuranceline policies are assessed against the relevant policy terms and conditions. These terms and conditions, as well an explanation of the claims process, can be found in the applicable Product Disclosure Statement. Claims are administered and settled by the insurer, TAL Life Limited.

***Insuranceline is the longest standing provider of Funeral Insurance in Australia, based on: Strategic Insight, Actuaries & Researchers. Funeral Insurance means a policy with periodic premium payments that provides a lump sum to help pay for funeral and associated expenses when you die and excludes pre-paid Funeral Plans and Funeral Bonds.

The information provided on this website is general advice only which means it does not take into account your individual needs, objectives or financial situation. For this reason, you should consider whether it is appropriate for you, and before you decide to buy or to continue to hold an insurance product, you must read the relevant Combined Product Disclosure Statement (PDS) and the Financial Services Guide (FSG). The PDS/FSG contains important information which will help you understand the product, including what's covered and what's not covered and to decide whether it is appropriate for you. The Target Market Determination (TMD) for the relevant product, where applicable, is also available.

If you are considering cancelling a policy you already hold in order to replace it with a new policy, make sure you read the terms and conditions of both policies before you make a decision. The cover terms may be different, you may lose benefits accrued under your existing policy, and waiting periods may apply to the new policy. Changes in your personal circumstances (such as your age, health, and employment) that have occurred since your existing policy was originally taken out may also affect your new policy. As your application for a new policy may not be accepted, and some policies may be unable to be reinstated after they have been cancelled, you should consider waiting until your new policy is confirmed before you cancel any existing cover.

Promoted by Insuranceline, a trading name of TAL Direct Pty Limited (of Level 16, 363 George Street, Sydney NSW 2000) ABN 39 084 666 017 AFSL 243260. TAL Life Limited ABN 70 050 109 450 AFSL 237848 issues the life insurance benefits. St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover.

The ways in which Insuranceline collects, uses, discloses and secures your personal information are set out in the Insuranceline Privacy Policy, which is available free of charge on request.