What is Income Protection

Income Protection protects your income by providing you with a monthly benefit if you are unable to continue working. For example, if you were unable to work due to a serious accident or illness, either temporarily or permanently, income protection insurance could provide you with up to 75% of your pre-disability income to live on until you are able to return to work. Or if you were unable to return to work for the long term, an income protection benefit could continue to provide you with a replacement income for 2 or 5 years, or even to age 70.

Your Biggest Asset

 

If you are like most people, your income is your biggest asset and losing it could turn your life upside down and threaten your financial wellbeing. If you have major financial commitments such as a mortgage or a family, it is important to think about what might happen should you be unable to work for an extended amount of time – how long would you emergency savings last and what would happen after they ran out? Statistics show that 47% of working Kiwis aged between 18 and 64 could not survive longer than one month after using their sick and annual leave (http://mindthegap.co.nz/).

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It is also prudent to remember that Government benefits are unlikely to cover your living and lifestyle expenses and that ACC only provides income cover if you are unable to work due to an accident. If you were faced with having to stop working due to an illness or degenerative condition, ACC would be of no use in this situation – could you survive with little to no access to Government assistance? If you do not have access to extensive savings it may be time to look at your income protection options and ensure your financial commitments are safeguarded. 

Benefits

Across insurance companies there are various names for income protection insurance benefits, some are referred to as mortgage and income protection, indemnity or agreed value income cover and all carry different maximums in cover levels. Essentially, all provide a replacement income in the event that something goes wrong but finding which product is best suited to you depends on factors such as whether to not you have a mortgage, if you are an employee or self-employed and even what bells and whistles you may prefer. However, the biggest factors that affect your income protection premiums are your occupation, the amount of time you can wait before your benefit kicks in (generally four, eight or thirteen weeks) and the amount of time you would like your benefit paid for if you are unable to work long term (usually two or five years or to age 65).

No matter what type of income protection benefit you select, it is important to seek professional advice as not all policies are created equal and you want to ensure that you understand what you are and are not covered for. This means you’ll still be able to meet your financial commitments and make choices that are important to you.

What is Income Protection Insurance

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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Excellent
4.9
Based on 211 reviews
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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