Income and mortgage protection are some of the more complex types of cover in the marketplace as there are many optional extras and variables that can affect your premiums such as; payment periods and benefit wait periods. As a rule of thumb, the longer the benefit and wait period, the less your associated premiums will be. However, with insurance it is not always about finding the best price, rather it is about finding the right co ver as the wait period and benefit period you select could be the difference between financially surviving or financially struggling.

The wait period associated with income protection is the amount of time that you will need to ‘wait’ until you receive money from your insurer should you make a claim. Generally, a wait period can range anywhere from four weeks all the way up to two years. However, the most common recommended wait periods are four weeks, eight weeks and twelve weeks.

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When selecting the wait period for your income protection, it is important to consider the following factors:

  • How much sick leave and annual leave do you have owing?
  • Do you have any savings that you can access until you receive a payment from the insurer?
  • Can you potentially rely on your partner’s income for a period of time?

In regard to the benefit period associated with your income protection, this determines how long you could potentially claim a monthly benefit from your insurer. In general, your benefit payment options range from one year all the way up until age 75.

When selecting the benefit payment period for your income protection it is important to think about how long it may take you to financially adjust to a situation where you are unable to return to work in the longer term. For example, if you could not return to work in the foreseeable future, how long would you or your family need to have a replacement income for? Could you downsize your home to reduce your debts or could your partner continue working to support you? Perhaps you are close to retirement age and you would survive financially if you had a shorter benefit payment period?

It is important to note that most insurers will let you increase the wait period or decrease the benefit period on your income protection without having to go through an underwriting process. However, requests to decrease your wait period or increase your benefit period will most likely result in a new application with the insurer and there is a chance that your request will be declined if you have developed serious health conditions or have a riskier occupation since taking out your original cover.

As the above outlines, it really is a balancing act to selecting the right benefit period, and once you combine this with a wait period, it can seem like your options are endless. However, an experienced adviser can help you decide what wait period and benefit period combinations may be best for your income protection policy all the while taking your budget into consideration.

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.


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