Income Protection Insurance
When you compare, you save.
SELF EMPLOYED INCOME PROTECTION
Being Self-employed is not easy; the last thing you want to deal with is a health issue that prevents you from working. Not all income protection policies are the same when it comes to how they respond at claim time. ACC will offset some policies, and some policies require you to prove your income at claim time. Compare what’s best for your situation as a self employed individual, partnership or company by looking at policy types and insurance companies. When you look at price it’s best done with advice as income protection for the self-employed is complex.
INCOME PROTECTION INSURANCE
As someone who is employed ACC will only cover you for accident-related claims. While there is no flexibility in lowering your levies using CPX with ACC, you can look at options such as agreed value or indemnity income protection. These products with the right advice carry different policy wording; this is the deal we like to compare before looking at the price. Some income protection policies provide lump sum payments for accidents and are not offset by ACC.
HOW DOES OUR SITE WORK?
When you’re looking to buy income protection insurance it can be extremely confusing.
There are many variables within the underwriting process, types of cover, indemnity or agreed value policies, including the overlay of your occupation status, such as being self-employed; or employed. All this can become overwhelming and hard to understand. To help you, we have over 30 registered financial advisers independent of the insurance companies. Each year we assess the companies on their service, value, and product offerings – this information is gathered from our advisers to determine the best company for you to use. Once you complete the assessment, we will display the outcome. Once this is displayed, we will connect you with an adviser who can advise you on what you can do and supply you with a comparison costing based on what you need. You can view our current advisers here
View our other products
Not sure what cover to buy, or the amount of coverage to buy? You may be
self-employed and want to know how income protection works with ACC?
Before you make your decision you can request a call back below and one of our independent authorised financial advisers will contact you and talk through any questions you may have.
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Redundancy Cover & Income Protection Insurance
Many of you at this time are concerned for your jobs and possible redundancies. This short 60 second video explains to you how redundancy insurance works and the difference between income protection and redundacy cover. This video was recorded March 2020.
If you would like to speak with a local adviser about income protection insurance, you can book a free consultation via phone or Skype by clicking the BOOK YOUR TIME button below. You will be connected with a registered financial adviser.
Comparing income protection insurance can be extremely frustrating. This site is designed to give you an idea of what policy may be best for you based on your employment and debt situation.
Comparing insurance companies alone is fine when you’re buying on price for simple insurances such as a car or house. But covering your income in New Zealand is a little different as we have ACC for self-employed and employed kiwis which should be taken into consideration when buying private cover.
We designed this site to break down the four most common outcomes when buying income protection. Once broken down, you will need to get online advice from one of our dedicated advisers who can help structure your cover in the most cost-effective way.
HOW DOES INCOME PROTECTION INSURANCE WORK?
We get asked the question ‘what am I covered for?’ all the time. There are three main categories; not being able to work in your occupation due to ill health, losing your job via redundancy or not being able to work due to an accident.
If you would like to compare income protection insurance companies, click here.
I’ll Health & Accident Cover: Income protection covers you for both accidents and ill health claims. You can’t claim ACC and certain types of Income protection together. Although ACC is compulsory for all working New Zealanders, the self-employed have the option to elect their cover levels, whereas being employed you cannot.
Redundancy Cover: This cover is generally limited to a six-month benefit, i.e. if you lose your job, you receive a replacement income for up to six months. However, if you know your job is on the line, you can’t take out this cover, and if your company is on the brink of receivership or liquidation, most insurance companies will have already red flagged your company (or even industry) as an exclusion.
Accident Cover: Whether you like it or not, we all pay ACC if we’re working. If you are employed, ACC will pay you 80% of your income based on your IRD information. If you are self-employed, it’s a little different – you are also paid on your income, but as we all know, it depends how your accountant has structured your income, e.g. have you split your income with your partner? Be aware that if you have an accident, ACC will pay you based the amount you stated in your last annual return.
As ACC is a complex monster, you need to seek advice from an adviser who can show you how to structure your policy – for free!
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Important: All information on this site is of a general nature only. When you compare or complete the assessment online, we will connect you with an advisor who can give you advice at no charge. All advisers who are authorised to use this site, for their marketing purposes, are authorised financial advisers. A full list of advisers and what they can advise on is listed here under our terms & conditions of this site usage.