Income protection insurance is a special type of insurance where you receive a regular income if you get injured in an accident or come down with a severe illness. You will continue to receive income from the insurance company until you’re well enough to go back to work or you officially retire at age 65 or older.

The amount of income you receive will not match the exact earnings you had at your job. In most cases, the insurance company will pay you around 75% of what you were earning before. Not only that, but you’ll get to keep your current work benefits because those premiums will be taken care of.

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Income protection insurance is totally optional. The decision to purchase an income protection insurance policy should be based on the nature of your current employment and your current financial status. For instance, if you work a dangerous or physically demanding job and you have a high risk of getting injured, then income protection insurance may be a good investment.

Some employers offer income protection insurance to their employees, but not all of them do. If your employer does not offer this insurance and you’re afraid of getting hurt on the job, then you should think about getting it. Just be prepared to pay high monthly premiums because this type of insurance is not cheap. That is why a lot of people choose not to get income protection insurance coverage.

The cost of income protection insurance is influenced by your age, health history, current health status, selected coverage amount, the types of injuries & illnesses you want to be covered, the nature of your job, and the amount of time it takes to receive your insurance-based income. Obviously, these factors will be different for everybody, so your premium costs will vary.

In New Zealand, tens of thousands of working people end up injured or sick and become unable to work. If you have a lot of money in the bank and no family to support, then you could probably survive on your own in this situation. But if you’re a working-class person with very little savings and a family to worry about, then you cannot afford to go without income for weeks or months. Income protection insurance could be the only solution for maintaining financial stability in your household.

FREE GUIDE: If you would like a copy of the guide to Income Protection, you can download it here for free. The guide is written by the financial advisers who operate this website – DOWNLOAD HERE

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ACC Coverage

In New Zealand, the government operates a universal insurance coverage scheme which covers people who get injured in an accident that they could not prevent. The Accident Compensation Corporation, otherwise known as ACC, will pay you 80% of your income if you’re unable to work because of the accident. However, it does not cover long-term illnesses or sicknesses that might prevent you from working. For this reason, it might be a good idea to get income protection insurance anyway. Whatever the ACC does not cover, your income protection insurance will.

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.

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Quick and easy, actually listen to what I wanted and didn’t try and push anything else on to me
Well knowledgeable and prompt when responding to queries
At first I was skeptical but after doing a little reasearch on The Mortgage and Insurance Shop, there was nothing but positive reviews.Blake really went above and beyond to provide me with as many costs/quotes that suited my financial situation. He provided all the information I needed and explained everything, he made sure I was covered in all the areas I needed and provided great support. He's super knowledgeable and very efficient.I highly recommend Blake, he's amazing!
Blake really helped me understand how the Insurance scene works in New Zealand. The service was prompt and to the point. Would absolutely recommend him to all who need to make informed choices.
Hayley Evans is highly recommended broker, very professional communication excellent Hayley was able to help what I wanted I would recommend Hayley to others. My only regret was I did not do this sooner. Talahiva Riggs
Very helpful and knowledgeable
Easy to deal with and got the right insurance, thanks Hayley
Nicole was a great help and had lots of knowledge.I did not feel rushed and was given options, that at the end of the day was my decision.Very happy with how everything worked out and highly recommend!
Great service and follow up 💯
Hayley was professional and accommodating to everything we requested. She helped with multiple revisions to our insurance quotes and was easy to get hold of and quick to respond. It's great having that personal assistance when dealing with multiple policies etc. Thanks
Awesome service! Highly recommended! Caring and friendly, made every step so easy and stressfree! Go Hayley!!!!! Thanks for all your help!!!!
Blake was very knowledgeable and easy to deal with, definitely recommended!
Hayley was a breeze and lovely to deal with highly recomend
Being a super busy person I had tried to get life insurance in the past and put it on the back burner because of how much time it took up. My partner got a hold of these guys and I had Hayley contact me. Hayley was absolutely amazing to work with. She would call me and tell me in layman’s terms what I needed to do. Thank you heaps Hayley!!!
An excellent company! All throughout the process, excellent customer support. The group goes above and above at every stage and is incredibly knowledgable. They are something I wholeheartedly recommend.