Income protection is the most valuable type of insurance cover a person would need because it protects your most valuable asset which is what I believe is the ability to earn an income. Income Protection cover looks after your lifestyle, It’s particularly important if you’re a family income earner and/or have financial liabilities, such as a mortgage or personal loan.
Imagine if you had your own ATM machine that was in the corner of your lounge, and every week on a Thursday night at 6.00pm it gave you $1500.00. That’s $6,000 a month and $72,000 per year. Would you protect that machine so that it would never break down? If you could insure that its parts would never fail you so that it always generates $1500.00 every Thursday, would you protect it? This is how income protection works; it protects your most valuable asset and your ability to earn an income.
Without income protection what is your Plan B? Sell your Assets? Borrow Money to live? Reduce your Lifestyle?
It’s easy to think “I am healthy right now, I’ll get income protection later” Whilst this self Insurance approach is a gamble strategy, it leaves you exposed if you can’t work for an extended period. If something goes wrong with your health and you have a claimable event, insured or not, you will not be able to get any insurance cover for any related illness for the rest of your life. By putting off protecting your income is a risky decision, timing it before you get income cover just right before you get sick or injured is impossible.
Knowing that your income is guaranteed should you have an accident or illness is the number one benefit of putting in place income protection and ACC accidents.
Income Protection would…
Key Questions
Once you stop working how long could you financially survive? The average Kiwi could only survive financially for two weeks. After two weeks, 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.
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.
To get Income Protection or if you think you are paying too much, get in touch with us at Insight Insurance or check out our website www.insightinsurance.co.nz to see what other insurance products that may benefit you.
Imagine if you had your own ATM machine that was in the corner of your lounge, and every week on a Thursday night at 6.00pm it gave you $1500.00. That’s $6,000 a month and $72,000 per year. Would you protect that machine so that it would never break down? If you could insure that its parts would never fail you so that it always generates $1500.00 every Thursday, would you protect it? This is how income protection works; it protects your most valuable asset and your ability to earn an income.
Without income protection what is your Plan B? Sell your Assets? Borrow Money to live? Reduce your Lifestyle?
It’s easy to think “I am healthy right now, I’ll get income protection later” Whilst this self Insurance approach is a gamble strategy, it leaves you exposed if you can’t work for an extended period. If something goes wrong with your health and you have a claimable event, insured or not, you will not be able to get any insurance cover for any related illness for the rest of your life. By putting off protecting your income is a risky decision, timing it before you get income cover just right before you get sick or injured is impossible.
Knowing that your income is guaranteed should you have an accident or illness is the number one benefit of putting in place income protection and ACC accidents.
Income Protection would…
- Pay up to 75% of your income: The indemnity option would cover you up to 75% of your gross remuneration package, paid monthly.
- Pay up to 55% of your income: The agreed value option would cover you up to 55% of your gross remuneration package, paid monthly.
- Guarantee renewable: In most cases, you have to start before the age of 55 because you would not eligible to get it when you’re over 55. You can renew your cover to age 70, regardless of claims, health or occupation.
Key Questions
Once you stop working how long could you financially survive? The average Kiwi could only survive financially for two weeks. After two weeks, 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.
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.
To get Income Protection or if you think you are paying too much, get in touch with us at Insight Insurance or check out our website www.insightinsurance.co.nz to see what other insurance products that may benefit you.