Income protection insurance calculator

Use our quick and easy income protection calculator to work out what you may need.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Income protection calculator: How much cover you could get

  1. Input your annual income
  2. Select an available offer from a provider
  3. Click the Calculator button to see an estimation of monthly cover
Gross annual income
Percentage covered

We estimate that you could get...(click Calculate to see results)

Compare income protection insurance quotes

1 - 4 of 7
Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Average Claims Acceptance Rate Average Claim Time Sum Insured Apply
TAL Accelerated Protection Income Protection
Up to 70%
Up to
Age 65
Data not available
1.3 months
$1,305 million
Get up to 70% of your income covered with flexible short and long term benefit periods.
AAMI Income Protection
Up to 75%
Up to
5 years
Data not available
2.8 months
$222 million
Take out a new AAMI Income Protection policy before 30 June 2023 and get a $100 eGift card after your first 4 months of cover. T&Cs apply.

If you’re an existing AAMI customer, you can save 5% on income protection. New customers can get one month free by paying annually.
NobleOak Disability Income Insurance
Up to 70%
Up to
Age 65
Data not available
$65 million
With NobleOak, you can lock in a policy with a benefit period covering you up to the age of 65. Cover limits may go as high as $30,000.
Suncorp Income Protection
Up to 75%
Up to
5 years
Data not available
2.8 months
$222 million
Take out a new Suncorp Income Protection policy before 30 June 2023 and get a $100 eGift card after your first 4 months of cover. T&Cs apply.

5% off your premium with a multi-policy discount if you’re an existing Suncorp Insurance customer.

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We don't ask for your phone or email.

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

Lender Logos

Do I need 75% of my income covered? Can I get away with a smaller benefit?

When it comes to deciding if you require the full 75% of your income covered, this is dependant on the total expenses that you encounter on a monthly basis. A good question to ask yourself is: what percentage of your income do your total costs equate to?

Example total of costs vs a $4,000 monthly income

In this case, the applicant may consider taking out 61% of their $4,000 income if they simply want to cover their expenses.

Expense Amount per month
Credit card debts$300
Costs of living e.g. utilities, food.$800
Other expenses e.g. childcare.$600
Total expenses$2,450
Monthly income$4,000
Percentage of income61.45%

Note: This is for illustrative purposes only. Needs will vary depending on personal circumstances.

How are income protection benefits are determined?

There are several factors that influence the amount of the monthly benefit you will receive from income protection insurance, including:

  • Your income. Income protection policies will only cover a set limit of your pre-disability income, usually up to 75 or 85 per cent. The insurer will assess your total income when determining your monthly benefit amount.
  • Agreed value or indemnity value. These are the two different types of income protection cover. Under an agreed value policy, your benefit amount is calculated based on a pre-determined income amount that you and your insurer agree upon when you apply for cover. Meanwhile, an indemnity value policy requires you to prove your income when you make a claim, so the benefit amount you receive is based on your income at that point in time.
  • Policy limit. Each insurance brand will impose a limit on the maximum benefit amount they will pay each month, for example $10,000 or $12,000, so this could obviously impact upon the monthly benefit you will receive.
  • The level of cover you select. Before you apply for income protection insurance, you’ll need to sit down and work out exactly how much cover you need. Once you’ve worked out the monthly benefit you will need to pay your ongoing expenses and continue to provide for your family, you’ll be able to select your desired level of cover.
  • The benefit period. When you apply for cover, you’ll be able to select the maximum amount of time for which your policy will pay a benefit - for example, you may have to choose between benefit periods of six months, 12 months, two years, five years, or until you reach the age of 65.
  • Any additional options. Most income protection insurance policies allow you to add a range of additional cover options to your policy for an additional premium. If you decide to add extra cover to your policy for rehabilitation expenses or childcare costs, for example, this will have an impact on the total benefit amount you receive.

Why should I calculate how much covered I need?

Working out exactly how much income protection cover will be adequate for your needs can be a tricky task. There’s a huge range of expenses to consider, including everything from mortgage repayments to school fees, plus you’ll also need to take into account whether you have any savings tucked away or you will be partially able to rely on your partner’s income.

While it can be difficult to work out your ideal benefit amount, it’s essential that you do so before you apply for cover. You need to be sure that the level of income protection cover you have in place will be enough for you to manage financially if you’re unable to work due to illness or injury.

That’s why this income protection calculator is such a good idea. It allows you to calculate your monthly benefit amount and work out if it will allow you to adequately provide for your family and cover your ongoing expenses. So enter your income details into our income protection calculator and start working out the right level of cover for you.

Why should I consider income protection insurance?

When you take the time to think about it, your income is actually one of the most important assets you have – if not the most important. So if you’re injured or fall ill and you suddenly can no longer rely on your steady stream of income, your comfortable and secure financial situation can get pretty uncomfortable pretty quickly.

Even though you don’t have money coming in from week to week, the ongoing expenses of everyday living keep stacking up. There are mortgage repayments to make, credit card debts to clear, bills to pay, groceries to buy and a range of other expenses to manage. And while you deal with the financial stress of keeping your head above water, there’s also the physical and emotional strain as you try to recover from your medical problems as quickly as possible.

That’s why income protection insurance is such a good idea for anyone who relies on the income from their occupation to meet day-to-day expenses. It provides a financial safety net in case you’re unexpectedly struck down by illness or injury, replacing up to 75% of your regular income each month while you’re unable to work. This provides much-needed peace of mind and allows you to focus on your recovery.

Back to top

Why you can trust Finder's life insurance experts


We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Some final questions you might have

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site