If you’re unable to work due to an accident, serious illness, or mental health event, Income Protection pays a monthly amount after the nominated wait period.
Benefit wait and payment periods are selected at application time. Wait periods can range from 30-days to 104-weeks, while payment periods can range from 6-months right through to age 65, with inflation adjustments along the way.
There’s a wide range of Income Protection products in New Zealand. Some of them are great, others are not worth the paper the insurance cotract is written on. To ensure you’re properly protected, your cover will need to be customised to suit your unique circumstances:
If you have an accident which prevents you from working for more than a week, ACC will pay up to 80% of your current salary and cover the cost of your treatment and rehabilitation.
Agreed Value Income Protection
Indemnity Income Protection
Mortgage Repayment Cover
Agreed Value Loss of Earnings
Please speak with your accountant if you require specific tax advice in relation to Income Protection*
Reputable life insurers also offer a raft of inbuilt and optional benefits:
If your child becomes sick with a condition covered by Kids Serious Trauma Cover, you’ll receive a lump-sum payment of $50,000. This can help with covering your lost income while you’re from work and expensive medical costs.
Recent statistics show that many New Zealanders are cancelling their life insurance policies due to affordability – only a few years before they are most likely to make a claim.
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I highly rate Gareth and the awesome Finsol team. They went out of their way to get my insurance up and running and made the whole process really simple. I wouldn’t hesitate in recommending Finsol to anyone who needs insurance.