Income protection insurance

Income protection insurance

A 45-year-old earning $70,000 per annum has a future earnings potential of $1,4000,000 through to age 65, before allowing for any salary increases! Most people wouldn't think twice about insuring a $1 Million house against total loss through fire, but it doesn't occur to them to protect their more valuable asset - their income.

Most people understand that ACC will pay you 80% of your income while you are off work as the result of an accident. What most don't consider is that only 1 in 9 people are off work long term due to accident. The other 8 are unable to work as a result of illness, for which ACC does not cover you.

We will help you sift through the multitude of different cover options, so you can implement quality income protection cover. Unlike inferior covers, the companies we work with provide cover that not only pay if you are unable to work as a result of illness, but can also top up your ACC payments if you are on claim for an accident.

Are you in your first 3 years of business? If so, it can very difficult to find an insurer who will offer income protection cover, without a stable history of earnings. The good news is that we can source excellent cover that will protect you in your first years of business, before you qualify for regular cover.

You can find out more about the various income protection products we can source from our preferred suppliers below.




Frequently Asked Questions

  • Why do I need income protection cover - won't the State look after me if I can't work?
    The state provides a lot less than many people think. For most income earners, in the case of permanent inability to work due to illness you will find yourself on a fraction of what you were earning prior to disability.
  • There are so many income protection options - where do I start?
    There are a lot of questions to be answered when selecting income protection cover. Do I need agreed value, indemnity value, or loss of earnings cover? Do I select a 4, 8, 13, 26, or 52 week wait period? Should I take a 2 year, 5 year, or to Age 65 or Age 70 payment period? Do I combine the cover with a mortgage protection cover, or TPD cover, or both? And if so, how do I maximise the benefit of this combination of covers? We can advise on the best answers to these questions given your particular situation, thereby ensuring you have the right cover, at the right time, for the right cost.
  • Is income protection cover available with a Level Premium option?
    Yes. As with other Level Premium covers, selecting this option for your income protection cover can save you significant amounts on your long-term insurance needs.