Income Protection Insurance Cost Calculator

The cost of income protection depends largely on the amount of income you want to cover and how quickly you would like the policy to pay out after becoming too ill to work.

Income protection insurance cost calculator. Our income protection calculator will help you decide how much of your income you need to protect. We re committed to our readers and editorial independence. Please note the results provided by this calculator are an estimate only and assumes cover estimated at 75 of your current gross monthly income. Choosing a longer deferred period reduces the cost of your cover.

Someone with no dependents might however be interested in income protection insurance which covers you if you lose your salary due to illness or injury. There are several factors that influence the amount of the monthly benefit you will receive from income protection insurance including. The cost of income protection insurance is influenced by a number of factors including the policyholder s age gender smoking status and occupation with those in more physically demanding occupations generally seen to be at greater risk of illness or injury. Iselect earns a commission from lifebroker for each customer referred through the website or contact centre.

With regards to how quickly you want the policy to pay out it is best to align your deferred period with any sick pay entitlement or savings you have. The average income protection insurance costs around 45 a month. Iselect is partnered with lifebroker afs licence number. Maurice thach updated sep 24 2020.

If you can t afford to get cover for everything you want to protect think about what you would prioritise or consider a lower level of cover as some protection might be better than none. It should not be regarded as a substitute for advice from a financial broker. Our income protection calculator is designed to help you estimate how much cover you may need to cover your income if you are unable to work. 400209 to help you compare a range of income protection insurance policies.

Simply enter your annual income to calculate how much income protection you might need to cover your current lifestyle.