Income Protection Insurance is a policy that replaces some of your income if you’re unable to work due to serious illness or injury.
Most policies in New Zealand will, provide a monthly payment up to 75% of your total income to keep your lifestyle going during recovery.
Unfortunately the bills don’t stop coming because you’ve stopped working. Could you cover expenses such as mortgage repayments, medical bills, school fees, business overheads and day-to-day bills? Unless you have a significant savings account set up, this is a very important cover to consider. There are different ways to protect your income depending on your occupation, income, and expenses. This type of income protection does have ACC offsets, so you will not be able to claim ACC + this income protection.
People often ask if they really need this, because ACC is there. ACC can be a great system, but it only covers you for accidents, not for illness! ACC will try to get you back to work as soon as possible. Income Protection cover will allow you to recover on your own speed, and will pay up until retirement age! (depending how you have set it up)
Still not sure?
While there are many different types of cover available in New Zealand it can be hard deciding what you need. Let’s sit down and chat! Our insurance advisers are experts at developing personalised plans by simply listening.
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