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Income Protection

One of the most important assets you'll have is your ability to earn an income


If a serious illness or injury prevents you from working, do you have protection for this? 


The protection of your lifestyle is very important. Extended absence from work could be devastating, having no funds available for your day to day living expenses and the repayment of any financial commitments. Your financial security is of the utmost importance and highly recommended to be included in your insurance plans.


Income protection insurance can provide you with up to 75% of a replacement income (based on your pre-disability income) in the event of being unable to work due to a serious illness or accident.


Entry age is 16 to 59, cover ceases at age 65. The maximum monthly benefit is $20,000 - this is subjected to medical & financial assessment.

You can pay for your insurance by direct debit fortnightly, monthly, quarterly, half yearly or yearly and set the date at which your first payment commences to work in line with what works best with your budgeting. Credit Card, internet transfers and cheques are also acceptable forms of premium payments. Premiums are fixed for one year at a time and will normally increase with age.


Types of Income Protection cover policies: 


Indemnity – up to 75% of your pre-disability average earnings are paid up to the amount insured. This is before tax and financial information is required at the time of the claim.

Agreed Value – up to 62.5% of your pre-disability average earnings are paid up to the amount insured. The Agreed Value sum insured is assessed at the time of the application and is tax paid.


Standard Features

  • There are a number of benefit payment periods available to best suit your need; 2 years, 5 years, to age 65 or to age 70.

  • There are different waiting periods that you can choose from; 2 weeks, 4 weeks, 8 weeks, 13 weeks, 26 weeks, 52 weeks and 104 weeks.  The waiting period is from the time you cease work, until you are entitled to receive your first income protection benefit - this is best discussed with an Adviser, to choose an option best suited to your needs.

  • A partial disability benefit may be available - where you have been totally disabled for at least 14 days and are unable to return to work in your full capacity, receiving a reduction in earnings - this partial benefit may be available.

  • Extra support benefits - family member support/hospitalisation & nursing care/rehabilitation & recovery benefits may be available at time of claim - this is determined by the claims assessor of the insurer.

Optional Benefits

  • Waiver of premium - this option allows for you to cease paying your premiums whilst on claim - this is an optional extra and there is a charge for this.

  • Inflation proofing - keeping your benefits in line with inflation, means the cover will increase in line with the Consumer price index each year, this will increase the premium also.

  • Redundancy & retirement protection options are available at an extra cost.

Income protection insurance Wellington
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