Income protection insurance – As with most insurances, to apply for any type of cover, the very first step will be completing an application form for your chosen provider. Each provider will have their own set of questions, but generally all insurers will require basic personal information such as age, height, weight and details regarding your medical history or any dangerous hobbies you may have.

When applying for income protection, you will need to provide additional details regarding your job as the insurer will have a list of jobs that carry added risk and will assess your application accordingly. For example, an office worker maybe considered to have less chance of being off work and for a shorter length of time with a broken leg than a builder who relies on his legs to climb ladders and work on site.

What you need

In regards to the amount of cover you are applying for, if you have applied for an agreed value benefit you will need to provide proof of your income with your application. If you are a PAYE employee this can be in the form of copies of payslips or even your employment contract. However, if you are self-employed you will need to show your business accounts for the last three years. If you are newly self-employed and do not have three years worth of accounts, your adviser may recommend that you apply for a different type of income protection until you are able to show three years worth of accounts. As you can also apply for income protection based on your mortgage, you may need to supply proof of your mortgage repayments which can be in the form of copies of your bank statements which show your regular mortgage repayments.

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Important to remember

It is very important that when it comes to to your medical history, you disclose all conditions, no matter how minor you believe the condition or event – the last issue you want to be dealing with when being unable to work is having your claim denied due to non-disclosure. If you do find yourself struggling with remembering your medical history, there is always the option to request a copy of your medical notes from your GP and include these with your application. In some instances, the insurer may even request a copy of your notes from your GP if they are requiring a little more information on a certain condition you have disclosed on the application.

Once your application has been received by the insurer, it will be assessed by an underwriter which means that they assess factors such as your health, lifestyle, occupation and hobbies and weigh up the risk you pose for making a premature claim. If you have left out any information or the insurer needs more information you will be contacted by either your adviser or the underwriter and asked a few additional questions. After the underwriter has made an assessment on your level of risk, there will be one of four outcomes:

You are good to go!

  • Application accepted at standard rates – congratulations, you now have income protection
  • Application accepted with loadings or exclusions – in this scenario, the insurer is still offering you cover, except they may have increased (loaded) the premium to account for the additional risk associated with insuring you or they may even exclude cover for a certain condition or hobby altogether e.g. if you have had arthritis previously, you may have an exclusion for all claims related to arthritis
  • Deffered – should your application be deffered, the insurer has deemed that, at this point in time your lifestyle or health means the risk of you making a claim is too high, but they are open to reassessing at a future point in time e.g. six months
  • Declined – the insurer is unable to offer you cover as your occupation may be too risky or you have serious pre-existing health conditions which means the likelihood of you claiming either rprematurely or for an extended period of time is too great

No matter the outcome, your adviser will keep you updated on the progress of your application. Better yet, an experienced adviser will be able to give you a good indication of your chances of an insurer being able to offer you cover based on the answers in your application form – this is where having a good adviser on your side can make the application and assessmenet stage of getting insurance a lot smoother and hopefully filled with less surprises.

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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