Your ability to earn is your greatest asset. That is why you should protect your income so you will still be able to cope with your financial responsibilities as well as your recovery.
What is Income Protection Insurance?
Income Protection Insurance pays you a benefit of up to 75% of your income after a specified waiting period, if you suffer an illness that stops you from working. If you suffer an injury this policy will 'top up' any ACC allowance you may be receiving. The ACC scheme may cover you for treatment from personal injury, ACC however does not provide cover against illness.
The specified waiting period is generally when your income and/or sick leave will cease through your employer or business and can be after 4 weeks, 8 weeks, 13 weeks, 26 weeks or 52 weeks. Choosing a longer wait period will reduce your premium.
A prolonged period of disablement will seriously disrupt your current standard of living and ability to achieve your financial goals. Consider the financial strain if you are unable to work for an extended period. How will you be able to fund your current net monthly income and fund expenses which may include:
- Daily living expenses
- Insurance premiums
- Mortgage repayments
- Personal debt repayments
- Child care
- Children’s school fees both now and in the future
- Retirement savings account
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How will it benefit you?
Income Protection Insurance ensures that things like mortgage payments, hire purchases and regular family expenses can still be met. It means that in an already stressful time, financial worries don’t add to that stress and you can focus on recuperation.
Premiums
Premiums are calculated by most companies on age, occupation and lifestyle habits and can be reduced by taking longer waiting or stand down periods or shorter benefit periods.
Contact Us
For more information, contact us on 09 521 1685 or 09 407 8125. |