Income Protection (IP) pays a monthly benefit when illness or injury stops you working. It replaces up to 70% of pre-disability income, after a chosen waiting period, for a set benefit period or until you recover.
Every retail IP contract on IMFL's panel was issued after APRA's October 2021 reforms, so the 70% cap, indemnity-only structure, and 24-month income reset apply across the board. The panel is AIA, Zurich, TAL, OnePath, ClearView, NEOS, Encompass, Acenda, and Futura.
How the mechanics fit together
- You pick a waiting period (the gap between disablement and first payment).
- You pick a benefit period (the maximum payment runway: 2 years, 5 years, or to age 65).
- Illness or injury occurs. You stop work and start treatment.
- After the waiting period ends and the insurer accepts the claim, monthly benefits begin.
- Payments continue until you recover, the benefit period ends, or the policy's other limits engage (such as the mental-illness sub-limit if relevant).
Where each panel insurer documents the 70% cap
- AIA Priority Protection PDS (Version 32, 9 November 2025), Section 5.1.2 (Built-in Benefits): 70% of monthly Pre-disablement Income at the time of becoming Totally or Partially Disabled.
- TAL Accelerated Protection PDS (12 December 2024), Section 2.6: 70% of the first $25,000 per month ($300,000 per annum) of your Earnings.
- Zurich Wealth Protection PDS (1 November 2025), Income Protection section: You can insure up to 70%, tiered above $240,000.
- OnePath OneCare PDS (October 2025), Income Secure Cover: 70% of the first $300,000 of annual income as at the Cover start date.
- ClearView ClearChoice PDS (13 May 2024, update 5 June 2025), Income Protection Flex (IP70): 70% of your pre-disability earnings.
- NEOS Protection PDS (6 December 2024), Income Support Cover: 70% of the first $25,000 per month of your regular income.
- Encompass Protection PDS (26 September 2025), Income Protection Cover: 70% of your first $240,000 of annual pre-disability earnings, divided by 12.
- Acenda Insurance PDS (27 September 2025), Income Protection: 70% of your Earnings Before Disability (then 20% on the next band for 6 months).
- Futura Protection PDS (1 October 2025), Income Protection Cover: 70% of the first $25,000 per month of your regular income.
What IP is not
IP is not a lump-sum product. TPD and Trauma pay once. IP pays monthly, and only while you remain unable to work under the policy's definition. IP is also not redundancy cover: you must be unable to work due to illness or injury, not because you have lost your job.
Regulator anchor
The 70% cap, the 24-month income reset, and the indemnity-only structure all flow from APRA's Information Paper Individual Disability Income Insurance, October 2021. The Insurance Contracts Act 1984 governs the contract itself.