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Income Protection Insurance New Zealand by Andre Stokes
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Income Protection Insurance New Zealand |
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Business,Finance & Investment
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What would happen if you were off work for an extended period of time due to illness, sicknes or injury? How long would your sick-pay, holiday pay last and is the "benefit" going to be enough? ACC will only cover an accidental injury - Is this an acceptable risk to you?
Your solution is to get Income Protection Insurance now before you are placed in that situation.
The financial consequences of a disability could be devastating for your lifestyle and those that depend on you. An average person earns in excess of $1.5 million throughout a working lifetime. A prolonged absence from work or a return to work in a reduced capacity could have a severe impact on your financial security.
Premiums are based on your age, sex, smoking status, occupation, whether or not you are self-employed, the composition of your plan (waiting period & benefit period) and the level of benefit that you choose.
Key Features & Options
1> Indemnity Value: Receive up to 75% of your pre-disability income can be insured if you select this benefit. We understand that premiums on this plan are tax deductible and that benefits are assessable as income.
2> Agreed Value: The level of benefit with this option is determined when you take out the policy be averaging out your earnings over the past three years. You can apply for a benefit to a maximum of 55% of this amount. We understand that premiums are not tax-deductible on agreed value plans and that benefits are not assessable as income.
Choose your Waiting Period: There is a minimum 2-week waiting period before your benefit starts on both types of plan. As individual circumstances such as sick leave entitlements and savings vary from person to person - also offered are 4 week, 8 week, 13 week, 26 week, 52 week & 104 week waiting period options.
Choose you Benefit Period: You can select to a benefit period option from 1 year, 2 years, 5 years or to age 60 or 65 or to age 70.
If you are not in paid employment you can still apply for Income Protection. However to be considered disabled you must be unable to perform at least two the five activities of daily living.
There are Thousands of automatically included features such as you can get partially off work benefit, recurrent disability benefit, recovery benefit etc. Author Bio: Andre Stokes is owner of Mortgage & Insurance New Zealand Limited who offers you a flexible Income Protection Insurance plan with a range of features and additional options that allow you to customise the products to suit your individual circumstances. Please visit our site to read in details.
Related Articles -
Mortgage, Insurance, Life Insurance, Income Protection Insurance, Medical Insurance, Mortgage protection Insurance, Kiwisaver,
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