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Income Protection Income Protection insurance is for those whose income is their primary asset; where disruption to income due to disability, accident or illness would cause serious financial difficulties.
It could help you pay your mortgage, school fees, medical bills, business overheads and other bills if you were unable to work due to illness or injury. Income Protection insurance can replace up to 75% of your regular income, which means you can maintain a standard of living while you recover. Income Protection insurance is particularly suited to those who have financial liabilities, such as a mortgage or a personal loan. The tax implications for Income Protection can be complex and we can provide advice to assist you in this area. Anyone up to the age of 60 years old that is either self-employed or working at least 30 hours per week can apply. Specific policies exist for people who are just starting out in business and may not yet have an income. |
Features
Premiums may be tax deductible, depending on your
policy.
You can tailor your protection level, waiting period, benefit payment period and the portion of your income to insure. Monthly claim payments can be automatically inflation-adjusted each year. You don’t have to pay premiums while you receive claim payments. If your condition worsens again within six months of the initial period of disability, with some policies your benefit can recommence without a waiting period. If you return to work in a reduced capacity, and are earning less than 75% of your usual income, some policies allow you to apply for a partial disability benefit. You can increase or decrease your cover amount with changes in your income. |
How much will you receive You can receive up to 75% of the income you were earning at the time you became disabled.
The amount you receive depends on your policy and the entitlements you receive from ACC, Work and Income NZ or other insurance products. We can help you to optimise the combination of ACC and Income Protection benefits. |
For advice or help, talk to an experienced adviser.
If you believe that Income Protection insurance is the product you need, arrange a consultation with one of our advisers. We will help you decide if this is the right insurance for you and how much cover you will require. |
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