Income Protection

Protect your income in the event of unexpected illness

In the event of prolonged illness or injury would you want your income replaced?

How long can you survive without any income?

Could you pay your bills tomorrow if your income stopped today?

What happens if ACC declines your claim for weekly compensation on the grounds that it was degenerative rather than an accident?

If you are self-employed how much of your present income could you draw from the business if you couldn’t work?

If you have partners in the business how are they going to feel about you taking income from the business if you are not there working?

Income protection

• Income protection pays a percentage of your lost income helping you to maintain your lifestyle and support your family until you are no longer disabled.
• If you are relying on ACC can you afford to live on 80% of your pre-disability income? If you are self-employed, what will ACC pay in the event of an accident?
• There are different types of income protection insurances to provide the following outcomes
• Replace lost cash flow
• Replace lost income
• Make regular mortgage repayments to pay the bank
• Monthly amounts to provide funds to a business
• Qualified advice needs to be taken to make sure that you get value for your premium dollar and the best outcomes at the time of claim

Who claims for income protection?

46 is the average age of claimants
60% of claimants are under the age of 65
Four out of ten males and six out of ten females will be off work for 30 to 90 days due to accident or illness before they turn 65
43% of claimants were off work for at least 6 months