Your income is your biggest Asset as such it is imperative that you protect it.
Would you be able to live without earning an income?
Would you be able to keep your lifestyle and pay your bills?
You would insure your house so why wouldn't you insure yourself?
Most people insure their own homes. Most houses in Auckland are worth more than $1 million. The average person in Auckland, who works 40 years is likely to earn in excess of $3 million dollars making YOU your greatest asset.
How does Income Protection work?
Income Protection is designed to provide you with an income when you are unable to work for an extended period of time due to illness or injury.
Are there different types of Income Protection?
Yes, there are 3 Options for Income Protection and we can help you find the best option for you:
INDEMNITY COVER; With indemnity cover you can protect up to 75% of your income.
AGREED VALUE; With agreed value you can protect up to 55% of your income but this is guaranteed.
LOSS OF EARNING; Loss of earnings is arguably the best cover as you can protect up to 75% of your loss in earnings.
For how long will I receive payments?
Income Protection can have varying benefit periods ranging from two years, five years or until age sixty five. The longer the benefit period the higher the premiums - however, in 2013 96% of Income Protection claims lasted five or less years meaning the difference in cost in premium isn't that great between five years cover and cover for up to age sixty five.
Do I have to wait until I get paid?
Wait periods can have the biggest impact on Income Protection premiums: the longer you have to wait until your Income cover is paid the lower the premium gets.
The increased financial pressure of choosing a longer wait period has to be balanced by ensuring you have enough money put aside [savings] or have enough sick leave available to get through this period financially.
Won’t ACC pay me if I’m off work?
ACC does not cover you for illness and you are more likely to be off work due to illness rather than injury. Income Protection will insure that you can pay your bills and support your family if you are off work due to any illness or injury.
What should i do first?
Everyone’s situation is unique and therefore you need a tailored plan. It’s not all about getting the cheapest cover - instead it’s about getting the right cover!
So talk to us today about options to implement an Income Protection to make you sleep peacefully at night while focusing on your recovery, rather than worrying about how to pay for those mounting bills.