Income Protection Insurance Calculator
Not sure how much income protection cover to compare? Enter your annual income (before tax is deducted) to calculate the maximum monthly benefit available. When comparing income protection cover you can choose an amount lesser than the maximum if you wish.
What does the Income Protection Insurance Calculator do?
If you’re looking for a place to start, our easy-to-use Income Protection Insurance Calculator can help you work out the maximum monthly benefit available based on your income.
In our Income Protection Insurance Calculator, we automatically calculate income protection cover for up to 70% of your taxable earnings.
To understand what the monthly benefit could help you cover, make sure your read the relevant Product Disclosure Statement to understand your cover in detail.
Once you’ve calculated a benefit amount, you can launch a comparison straight away so you can explore and play around with the options available to help you understand which one may suit.
When the Lifebroker Comparison tool has launched, it allows you to understand not only the income protection premiums but the features of each product too.
What else should I consider in addition to the Income Protection Insurance Cover calculation?
This is the period of time that you would wait until you become eligible to receive your first benefit payment, this can vary from 14 days to 2 years. Things people take into consideration when selecting a waiting period are; how much sick leave they are entitled to with their employer, and how much savings they have access to.
This is generally the length of time an insurer will pay a benefit once a claim has been accepted by the insurer. This can be for a set number of years or to a specific age.
Indemnity value policy
Generally the insurer will accept what you earn at the time of application but requires you to verify your income when making a claim. This income amount will then be used to calculate your monthly benefit. This means that if your income has reduced since your initial application, then a reduced monthly benefit will be paid in line with your reduced income. If your income has gone up since you first applied, the maximum you will receive is the monthly benefit you initially applied for.
To help you get started, our comparison tool will default to an indemnity value policy, with a waiting period of 90 days and benefit period of 2 years. Once your results are provided, you can use the 'Edit my Cover' tool to see how each option alters the price and options available.
Lifebroker (AFSL 400209) only provides general advice, which means we haven’t considered your individual financial situation, objectives or needs. You should read the relevant Product Disclosure Statement, along with the Lifebroker Financial Services Guide to understand if the product is right for your financial situation or needs.