Income Protection Insurance

One of the biggest fears most of us have about getting sick or injured is the risk of being out of a job - and a wage. You can’t always depend on an ACC payout to be sure that you’ll be financially covered, especially if you are out of work because of an illness. This is where income protection insurance can help.

This form of insurance policy provides regular monthly payments that help cover your ongoing financial commitments, like your rent, grocery, or utility bills. With a comprehensive income insurance plan, you can rest secure in the knowledge that your expenses will be taken care of while you’re unable to work.

If you’d like to explore the options available on the market and discover the best income insurance plan for your needs, the team at Accord Insurance are happy to help. Just get in touch with us at 027 446 4475 / phil@accordbrokers.co.nz, and we’ll work with you to find the solution best suited to your unique circumstances.

icon
icon

What Is Income Insurance?

Income protection insurance is a form of insurance that pays the policyholder a fixed percentage of their income - usually 75% of your most recent salary - if you become unable to work due to illness or injury. These payouts continue until you are able to start work again, reach the retirement age, or die, whichever happens first.

These benefits usually kick in after a ‘waiting period’ after your sick pay ends. The length of this period varies depending on your coverage. Usually, the longer it is, the lower your monthly premiums will be.

Why Should I Consider Income Insurance?

You might wonder why you can’t just rely on ACC instead of income protection insurance. ACC is very specific in what it covers - it won’t cover illnesses and may not pay you if your injury was complicated by a degeneration due to age. If you’re looking for a more flexible insurance option that will grant you greater peace of mind, income insurance is the ideal policy. It is more extensive and doesn’t discriminate depending on the cause of your injury or illness.

If being forced to stop working would mean you were no longer able to pay your mortgage or other household bills, it’s worth considering income protection insurance. It’s also worth choosing if:

  • dots3,300 New Zealand woman was diagnosed with breast cancer in one year
  • dots1 in 20 adults had been diagnosed with heart disease
  • dotsOne in every six people over the age of 15 will be diagnosed with arthritis in their lifetime.
  • dots3,300 New Zealand woman was diagnosed with breast cancer in one year
  • dots1 in 20 adults had been diagnosed with heart disease
  • dotsOne in every six people over the age of 15 will be diagnosed with arthritis in their lifetime.

What’s the Best Income Protection Insurance Policy For Me?

Income insurance rates can vary considerably between providers. If you’ve been overwhelmed by the choices on the market, and just want the best possible option for your needs, the brokers at Accord Insurance can help. Get in touch with us at 027 446 4475 / phil@accordbrokers.co.nz to schedule an appointment, and we’ll work with you to find the income protection insurance policy that’s best for your circumstances.

img

Need an Insurance Broker?