Income Protection Insurance
Income protection can provide you with a recurring income while you are sick or injured.
What is Income Protection?
If you suffer a loss of income due to sickness or injury, Income protection can generally cover up to 70% of your monthly income for a defined period of time, which may help you focus on getting back on your feet.
Our award-winning partner TAL
TAL is our life insurance partner and one of Australia’s largest life insurers. The insurer of choice for millions of Aussies, TAL has been awarded the 2023 & 2024 Finder Awards for Best Income Protection Insurance. |
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Get to know TAL's Income Protection Insurance
Everyone has a different reason for taking out income protection. Income protection can cover up to 70% of your monthly income for a defined period of time if you suffer a loss of income due to sickness or injury, which may help you focus on getting back on your feet.
Key features and benefits
Maximum benefit amount
Cover for up to 70% of your monthly income. You can get a quote online for cover up to $20,000 per month. For cover up to a maximum benefit of $30,000 per month, call TAL on 1300 346 709.
Waiting Period
Choose from waiting periods of 4, 8 or 13 weeks between being unable to earn an income and receiving benefits.
Benefit Period
Depending on the policy type, you could receive payments for 1, 2, 5 years or up to age 65 whilst you’re unable to earn an income. Payments only commence after the applicable waiting period.
Premiums
When you’re receiving certain benefits, you won’t have to pay a premium.
Terms and conditions apply.
To find out more, visit the TAL website. The information you provide on the TAL website will be subject to TAL’s Privacy Statement and Privacy Policy, available on their website.
Why TAL Income Protection Insurance
Flexible cover options
You can choose from a range of features and benefits to suit your needs.
More than 150 years’ experience
A trusted provider of Life, Total and Permanent Disability, Critical Illness and Income Protection insurance for over 150 years.
24/7 grief counselling
Access for you and your family to a dedicated support service.
$4.2 billion in claims paid in FY 2023/2024*
Helping more Australians with the moments that matter.
Getting started is simple
1. Explore cover options
Click the link below to explore TAL’s Accelerated Protection range of products.
2. Get a quote in minutes
You can get your indicative, no-obligation quote by entering your personal details, such as: date of birth, gender, occupation, income, smoking status and contact details and hit submit.
The information you provide on the TAL website will be subject to TAL’s Privacy Statement and Privacy Policy, available on their website.
3. Apply and secure your cover
Depending on the information provided in the quote form, you'll be able to either proceed online or continue the application via a callback from a TAL consultant.
Frequently asked questions
Income Protection can generally cover up to 70% of your monthly income for a defined period of time if you suffer a loss of income due to sickness or injury. To find out more, watch our Income Protection video.
What other insurance can I include in my Life Insurance plan?
TAL Accelerated Protection has a range of insurances you can include to build cover that’s just right for you.
Life Insurance
Pays a lump sum in the event of your passing or terminal illness which may support your family if you pass away.
Total & Permanent Disability (TPD) Insurance
Pays a lump sum enabling options on care and way of life if you become permanently disabled and can’t work.
Critical Illness or Trauma Insurance
Pays a lump sum if you become critically ill. The type of Critical Illness Insurance and any applicable options is stated in your Policy Schedule.
Life insurance help & guides
The Detail
*Claims statistics based on total claims paid under TAL Life Limited and TAL Life Insurance Services Limited insurance products between 1 April 2023 and 31 March 2024.
Any financial product advice provided on this website is of a general nature only and does not take into account your personal circumstances. Bank of Melbourne refers customers to TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life), the issuer of life insurance policies. TAL Life is part of the TAL Dai-ichi Life Australia Pty Ltd ABN 97 150 070 483 group of companies (TAL). If you purchase a life insurance policy as a result of a referral from us, Bank of Melbourne will receive a commission of 10% of your premiums (exclusive of GST) for the period you continue to hold a policy.
Before purchasing life insurance, you should read the Product Disclosure Statement (PDS) and the Target Market Determination (TMD) to help you decide if life insurance is appropriate to your objectives, circumstances and needs. You can obtain the PDS and TMD from TAL’s website or by calling TAL on 1300 346 709.
By accessing TAL’s website, you will enter a third-party site not owned by Bank of Melbourne. Any personal information you provide to TAL's website will be collected, used, and disclosed in accordance with TAL's Privacy Statement and Privacy Policy, also available on their website.
If you would like help deciding whether life insurance is right for you, we recommend speaking to a financial adviser.
Bank of Melbourne's Privacy Statement is available at bankofmelbourne.com.au/privacy/privacy-statement or by calling 13 22 66. It covers:
- How you can access the personal information Bank of Melbourne holds about you and ask for it to be corrected;
- How you can complain about a breach of the Privacy Act 1988 (Cth) or a registered Code by Bank of Melbourne and how Bank of Melbourne will deal with your complaint; and
- How Bank of Melbourne collect, hold, use and disclose your personal information in more detail.