Income Protection
Insurance

What would happen if you couldn’t work tomorrow?

A sudden illness, injury, or accident could leave you without an income, and that can quickly lead to financial pressure.

Income Protection Insurance from Covered Life is designed to step in when life takes an unexpected turn. If you’re unable to work due to temporary or permanent disability, you could receive up to 70% of your regular income to help cover your day-to-day living costs, mortgage or rent, and family expenses, giving you the financial breathing space to focus on your recovery.

We offer flexible policies tailored to your lifestyle, with monthly payments that support you for 2 years, 5 years, or all the way through to age 65. Whether you’re self-employed, employed, or running a household, we’ll help you find the right level of cover with waiting periods that suit your needs, from as short as 14 days.

Covered Life makes income protection simple, transparent, and accessible. Our expert team walks you through every step, no jargon, no pressure, just honest guidance. You can also bundle income protection with your life or TPD cover for even greater peace of mind.

Black and white circular logo with a letter C in the center

With tax-deductible premiums, support for both physical and mental health claims, and rehabilitation benefits to help you return to work.

This is insurance designed to support your life because when you’re out of action, your income shouldn’t be.

Benefits

Why Choose Covered Life for Income Protection Insurance?

Compare Income Protection Insurance Australia

Financial Security
When You Need It

Income Protection provides a steady flow of cash when you can't earn money due to illness or injury. This support helps you focus on recovery and reduces financial stress. Coverage for both physical injuries and illnesses.

Coverage Tailored
To Your Needs

Select from various benefit periods, waiting periods and coverage levels to match your unique position. Adjust your cover as your life circumstances change, ensuring continuous protection.

Tax
Advantages

Premiums paid towards Income Protection can be tax-deductible if you choose to pay for them out of pocket. This can equate to a significant tax benefit and net reduction of premiums each year.

Peace Of Mind
For Your Family

Keep your family's lifestyle secure with monthly payments that replace your income if you can't work. Essentially, this coverage acts as a financial cushion, lessening the impact of loss of income.

FAQs

Quick answers to your questions about Income Protection Insurance

  • It replaces up to 70–75% of your income if you're unable to work due to illness or injury.

  • Yes — it helps cover living costs while you recover, reducing financial stress during time off work.

  • Premiums are typically tax-deductible when paid from your personal income (outside super).

  • Typically up to 70% of your gross income before you became unable to work.

  • The waiting period is the time you must be off work before your benefit payments begin (e.g., 30, 60, or 90 days).

  • No — income protection does not cover job loss due to redundancy or voluntary resignation.

  • Yes, but stand-alone policies usually offer better flexibility and features compared to super fund policies.

  • Income Protection provides ongoing monthly payments during your recovery, while TPD provides a lump sum if you can never work again.

  • These offer limited coverage. Income protection fills the gap for longer-term health issues.

  • Absolutely — in fact, it’s highly recommended for self-employed Australians to protect their cash flow.