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.

 

callum bradbury
callum bradbury
00:21 08 Aug 22
My partner and I dealt with Kyle who is based in Christchurch, his communication was great and we felt that he was able to provide us with the best possible service and options that specifically suited us.I would definitely recommend the team at CIPI, they make the process of sorting out insurance quick and straight forward
Raj Dhawan
Raj Dhawan
19:56 06 Aug 22
I liked the service provided by Hayley. Even though i couldnt reply to her emails and phone calls - she kept following up in a nice way. She prepared a quote for life insurance as per my requirements and helped me choose the right product by explaining everything in detail. I had emails coming from other agents but no one did a follow up as good as Hayley.I hope to get more insurance products from her in future.
Mel Ramsay
Mel Ramsay
00:58 03 Jul 22
Lucas was great help. Super friendly, super professional, and made everything really easy. Highly recommend his service.
Karen Sager
Karen Sager
13:25 26 Jun 22
Sean was very patient with us following up in a non pushy way. He was helpful and knowledgeable and was happy to answer lots of questions regarding insurance. Gave us a good amount of information and multiple quotes to view and compare and he had our best interests at heart when discussing with him. He made the application process easy. Haven't dealt with a claim but I can imagine high professionalism with this as well if we need to.
Willow Kingi-Laurence
Willow Kingi-Laurence
23:10 23 Jun 22
Sean and Michelle were great! I was incredibly busy with work and study which meant I was difficult to get in touch with. However, they both persisted and ensured I was signed up on the best insurance plan to suit my needs. Great experience and recommend!
Vanessa Moss
Vanessa Moss
20:49 28 May 22
Blake provided a professional and knowledgeable service to us. We found Blake to be very patient and gave us the time we needed to mull things over while we made a decision. Thanks Blake.
Maitland Maltby
Maitland Maltby
04:29 26 May 22
Was a bit wary when I contacted them through the website but was supremely surprised by the professionalism of Kyle and the company. All done via zoom and electronic documentation. Kyle worked for us and explained everything in simple to understand language and was very patient with our dumb questions. Can't speak highly enough of the eye opening service and results and would recommend to anyone.
Craig Carmichael
Craig Carmichael
00:49 25 May 22
I found Kyle to be very helpful through this process, open and most importantly, honestWould highly recommend
Lisa Browne
Lisa Browne
01:34 29 Apr 22
Great service, Kyle explained exactly what I wanted to know and answered any questions I had.. He went through everything in plain English so I didn't get caught up in lots of words sometimes you don't understand.. Very easy person to talk to.. Highly recommended his services..
Christine Welten
Christine Welten
06:09 13 Apr 22
An amazing team who explained everything so well. Contact was timely and helpful. Really appreciated all the work they did.
Vanessa Naidoo
Vanessa Naidoo
23:39 11 Apr 22
Sean has been very attentive to our requirements and customized a solution to our needs. He explained the different options in a way that was easy to understand and presented it to us in a professional manner.
Mike Hawes
Mike Hawes
06:12 07 Apr 22
I found Hayley Evans very good to work with on setting up my life cover.She was very punctual with phone meetings, very good at explaining things and sending info through to me. Definitely recommend Evans Financial
Natasha Anderson
Natasha Anderson
01:12 02 Apr 22
Matthew was excellent to deal with and was a pleasure to deal with for our insurance matters. He made things very easy to understand and wanted the best outcome for me and my family. Would highly recommend.
Sienna Packer
Sienna Packer
02:06 27 Mar 22
Kyle was so helpful during this process. He truly is an expert and made it really easy for me to understand what my options were. Highly rate Kyle and his team!
Maria Boolieris
Maria Boolieris
05:14 25 Mar 22
Blake was very patient, thorough, wasn’t pushy, very genuine and had our best interests at the forefront during this process. Would definitely highly recommend Blake to others.
Jackson Flavall
Jackson Flavall
21:46 20 Mar 22
Hayley is professional and talks you through the whole process. The information is comprehensive and her communication is very efficient.
Matthew Kerr
Matthew Kerr
20:29 06 Mar 22
Great experience and well informed. No problem answering any questions i had.
Jessica ROACH
Jessica ROACH
00:08 01 Mar 22
Kyle provided and excellent service, everything was explained to me, and I felt very confident he was providing me with the best plans suited to my situation and at a great price.Highly recommend
fuzzify studio's
fuzzify studio's
22:34 24 Feb 22
Excellent service, kept me up to date on the services offered. Kyle was able to get me a fortnightly affordable deal on private medical, trauma and life cover, as well as private medical for my son.Highly recommend 👌
Kate Simkiss
Kate Simkiss
01:10 27 Jan 22
Blake is very pleasant to deal with, identified great options in the market which suited me and made himself available to answer all my questions and gave me the information I needed to make the right decision. He made what can be a complicated process simple and straightforward.
Rachael Healey
Rachael Healey
10:12 11 Jan 22
Hayley went the extra mile for me more than once. Between fitting in around my work schedule and following up to make sure I was happy with everything, Hayley made the whole process easy, stress free and perfectly suited to what I needed. Thank you!
Chantelle Venter
Chantelle Venter
06:20 18 Dec 21
It's been a pleasure working with Kyle McElwin. He has gone above and beyond to get the right cover at the right price for our family! Thank you Kyle for your excellent service!
Joseph Urlich
Joseph Urlich
21:08 10 Dec 21
Excellent. Advisor was understanding of my professional business insurance needs. Recommended a quality provider with excellent services. Overall a great and enjoyable application process. Was able to answer my questions on multiple occasions. Excellent service, please keep up the great work. Will highly recommend to others hesitant on using their services.
Julie Bach
Julie Bach
05:58 25 Nov 21
Kyle is very good at explaining through the complex policies and he is very patient. Great personality and always responsive to questions. Highly recommend him.
Michael Broughton
Michael Broughton
10:01 22 Nov 21
I used insurance comparison site to get an indication of options. Blake Sutton subsequently contacted me, introduced himself , explained his remuneration and gave me insurance suggestions to suit my needs. We had two follow up calls and Blake took time to meet me personally to review product I had chosen. Thoroughly professional, up front and honest about his recommendations.
RAKESH PILLAY
RAKESH PILLAY
23:55 11 Nov 21
professional and efficient service from Paul. He was informative and transparent and provided a wholesome service . greatly appreciate the service and the assistance in improving and amending our Insurance policy. Highly recommended and will definitely reach out again in the future. Thank you once again Paul for your help .Rakesh and Christine
Greydon Little
Greydon Little
22:49 10 Nov 21
Blake was easy to talk with and explained things well giving us confidence in his advice. Would recommend him to anyone that is new to looking at Insurances (like we were). Cheers Blake.
Matt
Matt
06:02 28 Oct 21
I was looking to save some money on my life insurance policy and Matt came up trumps! Excellent impartial advice, delivered so the lay person can understand, happy to talk through options and to answer questions. Top service and I'd highly recommend.
KALITTA IOELU
KALITTA IOELU
20:51 26 Oct 21
Matt is easy to understand and very helpful. Also gets back promptly and is a pleasure to have him as my family's insurance broker now ☺️
Boon Wah See
Boon Wah See
03:00 22 Oct 21
Benn is a very responsive insurance broker.I like his service, friendly chap. Will recommend him to other people in the future.Thank you.Cheers,Boon See
Jazz Martin
Jazz Martin
08:08 19 Oct 21
I found Hayley great. She worked with my time schedule always communicating what's going on and answered questions. She was helpful and nice.
Manisha Patel
Manisha Patel
22:47 07 Oct 21
Hayley provided my husband and I with excellent service in the process of finding which life and health insurance best suited us. This process consisted with many follows ups to ensure she could provide us with the best outcome, in which she exceeded our expectations. Additionally, she personally came to see us, as our working conditions prevented us from seeing her, which was very considerate of her. Overall Hayley goes above and beyond as a professional insurance broker.
Ruth Marshall
Ruth Marshall
07:49 04 Oct 21
Kyle was very helpful in finding the best policies to suit my needs, and within my budget. Great explanations for why certain options would possibly work better than others.
Gaurav Sharma
Gaurav Sharma
00:31 23 Sep 21
I appreciate the service from the Hayley and her guidance for us to choose the insurance which we were looking for, thank you for a job well done.
Luke Sid
Luke Sid
00:49 13 Sep 21
Matt was great. Was transparent and forthcoming about all my options and gave really helpful advice throughout the whole process that helped me to understand exactly what I was buying. Helped me to get the best quality and value coverage for medical and life insurance.
Chloe Blannin
Chloe Blannin
23:58 18 Aug 21
Hayley was so professional and so helpful! Made the entire process very easy! 😁 Even got my family to go through Hayley to change their insurance as her service was so good, easy and affordable!
Aimee Mitchell
Aimee Mitchell
00:59 18 Jun 21
Great experience working with Blake, he made everything super easy (even though my circumstances were not!) and communication was excellent - responsive and professional. I would definitely recommend.
Tracey Ferne
Tracey Ferne
22:18 17 Jun 21
Was a pleasure to do business with Blake, he was professional, super helpful and patient with our questions. Have been recommending Blake's services since our dealings.
Megan Hunter
Megan Hunter
05:52 03 Jun 21
I highly recommend Blake for any advice and assistance regarding income protection insurance. Exceptional communication and service, he explained everything extremely well and guided me through what I thought would be a very confusing decision. Super happy to have this sorted!. Thanks Blake.
Holly Moore
Holly Moore
20:44 12 May 21
Hayley was very professional throughout the process. Answered all my questions in a timely manor and eased any concerns I had. Reviewed and altered the quote to best fit me and my situation, multiple times. Appreciate it all, thanks Hayley.
curtis stallworthy
curtis stallworthy
01:43 12 May 21
Hayley was especially helpful & patient whilst we considered all our options, definitely recommend!
Simon Lean-Massey
Simon Lean-Massey
22:07 04 May 21
Hayley worked with us to ensure that we got the package that best suited our needs. Her advice was friendly, professional, and targeted, and she revised her advice as we provided a clearer picture of our needs. We are extremely happy with the service we received and would not hesitate in recommending her.
Sheherazad Bhote
Sheherazad Bhote
04:52 04 May 21
Hayley really listened to what I wanted and offered me the best insurance plan for my situation. No upselling! Great communication and patience as I navigated the minefield of life insurance. Highly recommended.
Baz Gallagher
Baz Gallagher
18:30 23 Feb 21
Alison is SUPER efficient and realy easy to deal with, her professionalism and attention to detail leaves you feeling at ease with your decisions under her guidance. Thanks again.
sheenagh brooks
sheenagh brooks
23:33 08 Feb 21
Hayley has been taking us through the whole changing of insurances and found us the best plan for our needs. She is very responsive and accommodating. Great Service.
Fraser Crum
Fraser Crum
07:57 04 Feb 21
Blake helps me with sorting my Income Protection when I went out as an independent contactor for the first time. Since COVID, the insurance industry are very wary of new contractors and very few will offer cover at all. Blake took the time to work with me and understand my needs and then develop a schedule of insurance policies that would provide me with the best cover over time whilst keeping everything at a very manageable price. I would definitely recommend Blake to anyone looking for insurance or wanting to review their current cover, and will definitely be working with him going forward to ensure our cover remains appropriate and effective.
Geoff Wiblin
Geoff Wiblin
03:45 18 Jan 21
Blake was very patient and clear with us on our options and what would suit our insurance requirements for our circumstances. Great communication and very easy to talk to. Not a "pushy rep".Thanks very much Blake, we appreciate all your time and effort on our behalf.
lazarus992
lazarus992
23:53 12 Jan 21
Blake was very helpfull and able to find someone to insure me after many many rejections from the big names compnays.
Roshni Kaur
Roshni Kaur
22:52 06 Nov 20
Daniel was great to work with. He was honest in helping me understand what I did and didn't need and how it all worked, and he understood my budget. Highly recommended.
Lydia du Toit
Lydia du Toit
06:43 04 Nov 20
I contacted Hayley and she responded promptly to my enquiry. Wonderful, helpful service and advice. Thank you for assisting us in a professional manner.
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