Life Insurance

Income Protection

Your mortgage is arguably your greatest expense. What happens if you cannot work and you have a mortgage that still has to be paid regardless of whether you are working or not?

You have the choice of two cover options. Mortgage cover pays up to 110% of your monthly or fortnightly mortgage repayments on your owner/occupied property. This will help in repaying the interest on your property, as well as additional expenses such as house and contents insurance, rates and utility expenses.

 

You can also choose the income option where you are covered for up to 40% of your total taxable income if you become sick or injured and unable to work. This can be topped up for illness only disability by 22.5% to taxable income of $70,000 per annum and then 20% between $70,000 and $100,000 and 15% over $100,000 per annum.

 

If you are self-employed, working more than 30 hours per week and not paying PAYE, you can reduce your ACC levies with ACC CoverPlus Extra and integrate your Mortgage and Income Protection plan for a cost-effective and comprehensive Plan B.

The two plans complement each other if you suffer an accidental injury ACC loss of earnings claim

How Income Protection Works

Income Protection helps you maintain your current lifestyle and provides financial security if you are unable to work due to illness, injury, or even if you are made redundant. It can help cover things like mortgage re-payments, Kiwisaver contributions and other expenses so that you can focus on getting better.

Key statistics from the 2014/2015 Annual Report

In 2014/2015 ACC accepted 1.8 million new claims:

  • 193,991 new claims for workplace injuries
  • 32,534 new claims for road injuries
  • 471,980 for sports and recreation injuries
  • 1,139,339 for injuries in the home and community.

These claims were looked after by 1,917 staff.

In 2014/2015:

  • 11,742 knee surgeries and 6,403 shoulder surgeries were covered by ACC
  • Over 989,000 clients visited their GP
  • Over 472,000 clients received physiotherapy
  • Over 37,000 clients had surgery.

In 2014/2015 ACC spent:

  • $3.2 billion over the year on claims
  • $771 million on hospital treatment and surgery
  • $514 million on care and support
  • $1,190 million on compensation for people unable to work.

Income Protection Insurance

We work with New Zealand’s leading insurance providers to provide you the best income protection cover to suit your needs at the best price possible. Here are some important benefits of taking out income protection cover:

  • Life life without the worry of losing your income.
  • You’re covered with regular monthly payments in the caes of injury or inability to work.
  • You can focus on recovery instead of stressing about unpaid bills and mortgage payments.
  • Access to the latest medical procedures and technology
  • No need to worry about large medical bills
  • No guarantee ACC will provide full accident cover
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Hands down the best insurance adviser I’ve come across! Tony has exceeded my expectations in every interaction and dealing I’ve had with him, even going as far as driving down to Takanini in peak hour on Friday afternoon from Ellerslie to obtain a signature on an insurance document!

shane chand
Shane Chand

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