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

Income Protection Insurance

Ease Insurance Brokers are 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

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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 fall 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:

Find the best income protection insurance for you.

Ease Insurance Brokers make it incredibly simple to compare Income Protection cover. Having an income protection policy in your time of need is crucial to healthy living without monetary worries. At times where injury or illness may inhibit your income, your outgoing expenses will continue to accumulate. Income protection cover provides a monthly payment to support, rehabilitate, and ultimately maintain quality of life for you and any dependants.

Find the best income protection insurance for you.

Well after standard sick-leave entitlements are exhausted, an income protection plan endures, resulting in reduced stress on your family as you recover from your illness or injury. Ease Insurance Brokers are here to help with even the most daunting income insurance questions. If you’re uncertain about which income replacement insurance company to use, how much of an income protection benefit you could receive or need assistance to compare income protection plans; Ease Insurance will guide you in the right direction.
Your personal income protection insurance policy can seem overwhelming to establish, but with the guiding hand of an experienced broker to answer all of your questions, and a range of quotes from up to eight insurance services providers, it’s very easy for the many benefits of income protection insurance to shine through.

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:

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

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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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Case Study – John

John, 49 years old, was a company director of a jewellery manufacturing business he owned. While on business in Perth, Australia in February of 1995, John suffered a right-sided stroke and has since been unable to work. At this early stage it seems he may never return to full employment. His income, as confirmed by his accountant, was $70,000 per annum.

Although he would normally have had to wait four weeks before receiving the first benefit payment, because he was confined to bed John qualified after only three days for a payment under the Bed Confinement/Hospitalisation benefit.

John currently receives an inflation-adjusted Income Protection payment of $55,106 per annum, by direct credit on a monthly basis.

Case Study John September 28, 2015

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Case Study – Michael

It seemed to be a day like any other. A busy senior partner in a successful accounting firm, Michael, 45 years of age, thought he was in pretty good shape. However, in May 1994 he suffered a serious stroke.

He claimed on his Income Protection Insurance and after five days he received money from the insurer They paid out on the Bed Confinement/Hospitalisation benefit. He received $1,500 for the total time he spent in hospital.

Michael, having selected a 13 week waiting period, received approximately $3,800 per month from September 1994.

After his fight for survival the last thing he needed to worry about was how the bills were to be paid. The insurer settled the claim quickly, helping Michael get back on his feet. After only three months of receiving the full monthly Income Protection Insurance payment Michael was able to get himself ‘up and running’, taking on non-strenuous tasks and working 20 hours per week. His salary was still topped up by a Partial Disability Income benefit of $2,700 per month.

Case Study - Michael September 28, 2015

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