Income Protection Insurance at a glance

Wednesday, 26 May 2010

Your ability to earn an income is your most important asset – if disability prevents you from working you need to protect your earning power to meet your commitments and achieve your goals. This policy is a flexible IncomeProtection plan with a range of features and additional options to allow you to customise the product to suit your individual requirements.

There are two types of cover available – Indemnity and Agreed Value.

If you have a small business or are in a partnership you can select the Business Overheads/Locum option. This would allow you to claim the costs associated with the running of your business or the cost of a locum while you are unable to work due to illness or injury.

Why you need it?

The financial consequences of a disability or extended illness could be devastating for your lifestyle and those that depend on you. An average income earner will earn over $1.4 million through their working life. A prolonged absence from work or a return to work in a reduced capacity could have a severe impact on your future financial security.

Around one in six of the working age population has a disability. Of those with a disability 10% within the working age population are disease or illness-related and 38% can be attributed to an accident or injury *.


* Source: Statistics New Zealand, Disability Counts 2001

This information is general in nature and should not be used as a substitute for financial advice. Always consult your financial adviser before making any financial decisions.