Income Protection
If you are unable to work due to sickness or injury
If you are not able to work due to an injury or illness, income protection insurance can provide regular monthly payments to help pay your expenses while you get well again. Income protection covers you for a fixed percentage of your income, commonly between 55% – 75%.
Doesn’t ACC cover me for that?
ACC only provides cover for injuries that meet specific criteria. In general terms, only injuries caused by an accident are covered. This means there are a lot of conditions that are not covered by ACC; income protection works by supporting you if you are unable to work due to one of these.
How long do I have to wait to get paid?
If you claim on your income protection insurance, the length of time you must wait before you get paid will depend on the wait period you selected when you took out your cover. Common wait periods are 30, 60, or 90 days. Generally speaking, a shorter stand-down period will mean a higher insurance premium, and vice versa.
Cover Options
There are two main types of income protection cover: Agreed Value and Indemnity. Agreed Value policies will pay an amount based on your income at the time you take out the cover. Indemnity policies will pay an amount based on your income at the time you claim.
Key Facts
If your claim is accepted, it will be paid out in monthly payments.
If you select a Yearly Renewable Term, the premiums for your Income Protection insurance renew each year in line with factors such as your age. If you select a Level Term, your premiums will not increase due to your age.
Cover options: Agreed Value or Indemnity.
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Disclaimer: Please note the content provided on this page is intended as an overview and is for general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect new developments in the industry or address your situation. Before making any decisions based on the information provided on this page, please use your discretion, and speak to one of our advisers.