Home Loans Australia Income Protection Insurance Calculator

Our Income Protection Insurance Calculator helps you estimate the monthly disability income benefit you may qualify for based on your gross income. This is important because most Australian income protection insurers cap benefits (often around 75 percent of gross income) to reduce over-insurance and to help ensure cover remains affordable. Use this calculator as a starting point to understand potential benefit levels before comparing policy features such as waiting periods, benefit periods and definitions of disability.

How to complete the calculator (step by step)

1. Enter Gross Income

Type your personal gross income before tax. For the most accurate result, use income from personal exertion (salary, wages, regular contracting income). Avoid including investment income or one-off windfalls. If your income varies, consider using an annualised average based on your most recent financial year and current pay pattern.

2. Select Per (income frequency)

Choose how often you receive the income you entered: week, fortnight, twice monthly, month, or year. Match the frequency to the figure you typed. For example, if you entered an annual salary, select year.

3. Calculate your estimate

Select calculate to generate an estimated monthly cover amount you may qualify for, applying common insurer limits.

How to interpret the results

1. Treat the output as an eligibility estimate, not a quote or approval. Actual benefits depend on insurer rules, underwriting, occupation category, medical history, and policy terms.

2. Compare the estimated monthly benefit to your essential monthly expenses (mortgage or rent, groceries, utilities, debts, insurance, childcare). Consider whether you would also need to cover super contributions or rehabilitation costs.

3. Remember real policies can include offsets (for example workers compensation or other benefits), plus waiting period and benefit period choices that materially change cost and suitability.

Important ASIC note: This calculator provides general information only and does not consider your objectives, financial situation or needs. Consider reading the relevant Product Disclosure Statement and Target Market Determination, and seek advice from an appropriately licensed adviser before making a decision.