Everything You Need to Know about Income Protection Insurance in New Zealand

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At Ease Insurance Brokers, we’re here to tell you that you don’t need to worry about your financial situation should injury or illness render you temporarily unable to work. Thanks to income or salary protection, you can receive up to 75% if your income for years if you can’t make a living, and it’s not as expensive as you might expect.

Because there are many types of cover available, choosing the right one for your needs can be challenging. For that reason, we’ve made it simple to compare quotes from up to eight providers in a matter of minutes. Once you receive your quotes from the nation’s most esteemed providers, we’ll be in touch to discuss your requirements and help you invest your money wisely.

Below, we’ve detailed everything you need to know about income protection, including its benefits, the types of cover available, who it’s for and why it’s so crucial. Don’t hesitate to contact our insurance broker experts if you have any questions.

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Income Protection Insurance protects your most valuable asset.. your income, you can’t afford to live without an income


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  • Income Protection Insurance will pay you money every month when you become unable to work in your usual job.
  • You can insure up to 75% of your pre-tax income.
  • Income protection insurance pays you money if you are unable to work in your usual job due to medical problems, sickness or disease, or have had an accident.
  • Ongoing expenses like, rent or mortgage payments, power phone internet and groceries can be paid when you have income protection or salary insurance.

 

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Why Do I Need to Insure My Income?

Did you know that 40% of working people become unable to work for at least six months at some point in their careers? What happens if you’re one of the unlucky ones that falls into that category? Fortunately, thanks to income protection insurance in Auckland, you don’t need to worry about where the money will come from to pay the bills and mortgage in such a situation.

Salary protection means that you can still receive a liveable income in the event you become unable to work, whether it’s due to illness or injury. If you’re single, the main income earner or in a relationship where both incomes are required to cover your expenses, you don’t need to worry about financial disaster should you ever find yourself unable to make a living.

How Does Salary Protection Work?

Our highly experienced insurance brokers will help you choose the right type of cover for your situation, and it all starts by using our simple tool to compare quotes from New Zealand’s most highly regarded providers. Here’s how income protection works:

  • What You Get
    If you have salary protection, you can ensure that you still receive an income in the event you’re unable to work, whether it’s due to a temporary disability or disease. Depending on the type of cover you choose, you could receive up to 75% of your income for a number of years.
  • Who It’s for
    Provided you have a salary or wage-paying job, or if you’re self-employed and work over 20 hours a week, you can get covered. Some occupations, including pilots and professional sports people, can’t get cover.
  • The Wait Period
    Once you become unable to work, you’ll start receiving an income from your salary protection after one, two, three or more months, depending on your cover.
  • Choosing the Length of Your Coverage
    You can choose a premium that pays you a monthly income for a length of time of your choosing, whether it’s just a few years or until you reach retirement age.
  • Types of Cover Available
    The most common forms of salary protection include: new business income protection, agreed value protection and indemnity protection. Contact our experts for more details.

The Benefits of Income Protection Insurance

Not everybody decides to insure their income, but those who choose not to often live to regret it. To help you decide whether or not it’s right for you, we’ve detailed the core benefits of salary protection below:

  • No Need to Worry about the Bills
    The last thing you need is to worry about how to pay the bills, keep a roof over your head and put food on the table after sustaining an injury that’s left you unable to work. Fortunately, if you insure your income, you’ll never be in such a stressful financial situation.
  • Make a Speedy Recovery
    Studies have shown that those who worry about how to cover their expenses when sick or injured tend to recover slower than those who are financially stable. With salary protection, you don’t need to have tens of thousands of dollars saved just to continue with your life while you can’t work.
  • Don’t Rely on What Can Be Insufficient Government Protection
    As countless people can confirm, government aid and benefits aren’t always enough to keep you afloat when you’re unable to make your usual living. Instead of hoping the government will keep you 100% protected when you can’t work, you could insure your income and secure peace of mind about the future of your finances.
  • Get Paid a Liveable Income Until You Return to Your Previous Occupation
    Thanks to income protection, you won’t be forced to take a different job just to get the money you need to pay the bills. You’ll receive an income from your insurance provider until you either return to work or get a job in a similar or identical occupation.

Why Choose Ease Insurance Brokers?

We know that many people avoid purchasing insurance because they have little faith in providers or assume it’s overpriced, which is why we make it simple to compare quotes from New Zealand’s top providers and advise you on how to choose the right premium for your needs. Get your free quotes today or call us on 0800 141 889 with any questions.

 

Income Protection Insurance Policy Wordings

ALL PRODUCT BROCHURES AND POLICY WORDINGS ARE AVAILABLE ON REQUEST


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Case Study – Dave

Dave started his own business in 1995 working as an auto glazier, having had 14 years experience in the industry. In September of 1996, at the age of 30, he suffered a lower back injury which put him out of work.

Dave’s Disability Income Cover meant he was entitled to an agreed value benefit of $2,000 per month, after a four week waiting period. Dave was paid $1,374.22 per month, which is the agreed value benefit less the payments he received from ACC. However, in June of 1997 his ACC payments ceased, so his income protection payments increased to $2,025 per month. Dave’s injury was such that he will not be able to work as an auto glazier again.

He has, however, commenced a computer course at the Bay of Plenty Polytech. For this, the insurer paid the course fees of $2,445 pursuant to the Retraining benefit.

Case Study - Dave September 28, 2015

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