PERSONAL, FAMILY AND BUSINESS RISK AND MEDICAL INSURANCE IN AUCKLAND AND THROUGHOUT NEW ZEALAND
Income Protection
What is Income Protection?
If you face an illness or injury that stops you from working, this insurance provides regular monthly payments to cover your ongoing financial commitments like household bills and mortgage or rent payments.
Income Protection Insurance is a type of insurance that provides individuals with continuity of income should they suffer a long-term illness, disability or other loss of income that is not covered by ACC. Moreover, one type of income protection insurance pays a percentage of your income after a qualifying period.
You can also obtain income protection insurance for situations when an individual suffers trauma, disability or total permanent disability based on regular payments of a previously agreed amount. The right policy for you depends on your age and circumstances.
In other words, income protection is a substitute for loss of income due to long and short term illnesses, sickness disability and it will help you and your family during times of employment or temporary loss of work without worrying about paying your bills, mortgage or rent.
Why do I need it?
Your ability to earn is your biggest asset. If an illness or injury prevents you from working, you’ll want to know your finances and family are taken care of so you can focus on recovery and getting back to work.
Key Features
- Mortgage and Income Protection- Simple protection that caters to a broad spectrum of New Zealanders particularly those starting out.
- Agreed Value Income Protection- Straight-forward cover providing certainty at claim time of what benefit payments will be.
- Indemnity Income Protection-Provides a benefit of up to 75% of gross remuneration package, less offsets.
- Loss of Earnings-The best of both worlds indemnity and agreed value; you choose the calculation that is most favorable at claim time.
Redundancy Cover Benefit (Optional Benefit)
- This benefit is an option under mortgage and income protection and disability income protection. This benefit allows the policy holder a safety net if made redundant. They don’t have to suffer sickness or disability for the benefit to be made applicable. A six month benefit period payment based on income protection monthly income shall be given.
Did you know that?
Every day about 24 New Zealanders have a STROKE. A quarter occurs in people UNDER 65. Every year around 20,000 are diagnosed with cancer.
Overview
With income protection insurance, you’ll be supported to meet your ongoing financial commitments and make choices that are important to you.
You have the choice of traditional Income Protection (either Agreed Value, Indemnity or Loss of Earnings) and Mortgage and Income Protection (MIP). The main difference between the two options is that Mortgage and Income Protection doesn’t have ACC offsets. This means in case of an accident, anything paid by ACC to compensate your income will be deducted from your Income Protection payments.
However your Mortgage and Income Protection payments are in addition to your ACC payments. Depending on your situation you may choose to have a combination of our income protection options ensuring you have the right cover for your needs. With all our Income Protection insurance, you’ll be looked after with total, partial and bridging benefit payments.