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Income Protection Insurance

What is Income Protection?
Income Protection Insurance cover looks after your lifestyle by protecting your ability to earn an income. It’s particularly important if you’re a family income earner and/or have financial liabilities, such as a mortgage or personal loan.

Why do I need Income Protection?
Imagine if you had your own ATM machine that was in the corner of your lounge, and every week on a Thursday at 6.00pm it gave you $1500.00. Would you protect that machine so that it would never break down? If you could insure that it’s parts would never fail you so that it always generated $1500.00 every Thursday. Would you protect it?

That’s how income protection works, it protects one of your most valuable assets, your ability to earn an income.

Without Income Protection What is the Backup Plan? Sell Assets? Borrow Money? Reduce Lifestyle?
It’s easy to think” I am healthy right now, I’ll get income protection later” Whilst this approach is a definite strategy, it leaves you exposed if something does go wrong with your health. You will not be able to get any cover for any related illness for the rest of your life.

What are the Benefits?
Knowing that your income is guaranteed should you have an accident or illness is the number one benefit of putting in place income protection. This gives you the ability not to burden your family to be responsible for you for whilst you recover.

Pay up to 75% of your income: If you choose the indemnity option, you could be covered for up to 75% of your gross remuneration package, paid monthly.

Pay up to 55% of your income: If you choose the agreed value option, you could be covered for up to 55% of your gross remuneration package, paid monthly.

Guaranteed renewable: You can renew your cover to age 70, regardless of claims, health or occupation.

When Would I Need it?
Once you stop working how long could you financially survive? The answer for most people is 2 weeks. Beyond that if you were sick what would you do? The sickness benefit in New Zeeland pays $204.96 per single adult each week. ACC Pays 80% of your income but only covers accidents. And then you won’t be on it long term.

  • You’re married
  • You’re married with kids
  • You’re a single parent
  • You’re a small business owner
  • You’re single

Anybody that is earning an income may be eligible for income protection.

Income protection works well for those who are sick, injured or unable to work due to accident.

There is a wait period before Income protection commences; this can be tailored to meet your current needs.

How Can I Get it?
To get Income Protection or you want to review your current cover, just  contact Assetwise and they would provide you with the best options that best fits you.