What should I consider when comparing Income Protection policies from different insurers?

Compare on five structural factors first, not premium: definition of disability, mental-illness handling, benefit period, occupation-class treatment, and the 24-month income-reset clause. Premium is the last filter, not the first.

All 9 panel IP contracts comply with APRA's October 2021 framework: 70% replacement cap, indemnity only, mandatory 24-month income reset. The differences sit in how each insurer applies that framework.

Five comparison axes

1. Disability definition (own-occ versus any-occ)

Most panel PDSs apply own-occupation in the first 24 months on claim and tighten to any-occupation afterward. The exact wording varies. See TAL Accelerated Protection PDS (12 December 2024), Section 9 glossary; AIA Priority Protection PDS (Version 32, 9 November 2025), Section 5; NEOS Protection PDS (6 December 2024), Income Support Cover (own-occ for 24 months, any-occ thereafter for most combinations).

2. Mental-illness coverage

No panel PDS imposes a blanket mental-illness exclusion at the IP level. Individual underwriting may add personal exclusions. Some insurers apply tighter ongoing-claim tests for mental illness after 24 months. Compare each insurer's mental-illness clause carefully if you have a relevant medical history.

3. Benefit period structure

• AIA: 2 years, 5 years, to age 65, to age 70. AIA Priority Protection PDS Section 5.
• TAL: 1, 2, or 5 years on IP Focus; to age 65 on higher tiers. TAL Accelerated Protection PDS Section 2.6.1.
• Zurich: 2 years, 5 years, to age 65. Zurich Wealth Protection PDS Income Protection section.
• OnePath: 2 years, 5 years, to age 65. OnePath OneCare PDS Income Secure.
• ClearView: occupation-class restricted to 2 or 5 years for some classes (CC2 or CC5 codes). ClearView ClearChoice PDS Income Protection options.
• NEOS: 5 years available with 2-year waiting period combinations. NEOS Protection PDS Section 2.
• Encompass: Two Year Waiting Period Reduction Benefit pairs with to-age-65 benefit periods. Encompass Protection PDS Income Protection Cover.
• Acenda: 2 years, 5 years, and longer paired with 2-year waiting period. Acenda Insurance PDS.
• Futura: 5-year with 2-year wait standard. Futura Protection PDS Income Protection Cover.

4. Occupation-class treatment

Manual occupations (tradies, drivers, labourers) sometimes cannot access to-age-65 benefit periods at all under post-2021 reforms. Each insurer publishes its own occupation guide. ClearView is explicit about CC2 / CC5 class caps. Compare your occupation across each insurer's guide before locking a benefit period.

5. Two-year income-reset clause

After 24 months on claim, the insurer recalculates the benefit based on what you would now be earning. The exact mechanic varies. See AIA Priority Protection PDS Section 5; OnePath OneCare PDS at the 2-year reset (After two years on claim, assessment of disability will not be based on the [original income]); ClearView ClearChoice PDS at 70% of your pre-disability earnings until 24 months.

Other factors that matter

• Anti-stacking limits: Aggregate monthly benefit across all policies is capped. AIA caps at 70% of the first $25,000 per month. TAL caps at $30,000 per month (includes Insured Super Contribution Benefit Amount).
• Indexation: All 9 panel PDSs include CPI-linked indexation as standard or optional. The floor differs (CPI versus 5% versus 3% varies by insurer).
• Super Contribution Option: Pays employer SG into your super while on claim. Available across all 9 panel insurers under different names.
• Built-in benefits: Death Benefit on Income Protection, Specified Injury Benefit, Bed Confinement, Rehabilitation Expenses. Compare what is built-in versus optional.
• Indexing during claim: Increasing Claim Option (extra premium loading) versus default in-claim indexation.

Premium is the final filter

The cheapest premium across two equivalent quotes is meaningful. The cheapest premium across two unequal quotes is misleading. Always compare the definitions first, then the premium. A licensed adviser working under general advice can walk you through the panel PDS differences for your specific occupation and benefit-period need.