We’ll pay up to 75% of their usual income
Up to a maximum of $30,000 a month.
Income protection.
They’re earning it, now help them protect it
Income protection cover
When things hit the fan for your customers and they can't work because they’re disabled or suffering a serious illness, they need money as well as support. Depending on which type of cover they choose – indemnity value or agreed value - our cover gives them up to 75% of their usual income so they can keep paying for the things they need to keep life on track. Plus, we may be able to help them get back on their feet and back to work with additional funding for a rehabilitation plan.
We also offer specialist income protection cover for businesses, including farms – click here for more details.
Our Income protection cover includes:
Income protection - Indemnity value
Provides your customers with up to 75% of their gross income as a monthly benefit during the selected benefit payment period.
| Available in Platinum Plus and Platinum Plus Level Term |
Income protection - Agreed value
The monthly benefit is calculated on your customers’ gross income at application time. If they’re self-employed their gross income is averaged over the last three years.
| Available in Platinum Plus and Platinum Plus Level Term |
Available with income protection cover:
These are a selection of the covers and options available and require payment of an additional premium – for full details please read the customer brochure.
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Benefits included in this option are: Death benefit, Total and permanent disability benefit, Specific injury benefit, and Specified medical condition benefit.
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Sometimes a customer’s disability will last beyond retirement and, while some support can be provided by the Government, this is not guaranteed. To reduce the need to dip into retirement savings, we offer an Extended benefit option.
This provides that, if they’re on claim for total disability for at least three months prior to age 65 and their disability leaves them unable to undertake two or more activities of daily living without assistance (eg dressing, bathing or eating), we’ll continue to pay their claim until they are no longer unable to perform two or more activities of daily living or die.
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This provides for continued payment of your customers’ KiwiSaver employee contributions to their KiwiSaver scheme via the IRD (limited to a maximum of 8%).
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If your customer is totally disabled, or they are receiving a partial disability benefit under an income protection type cover on the same policy, the premiums due on the entire policy after the waiting period ends will be waived. While your customer needs to pay premiums during the waiting period, any premiums paid during that period will be refunded.
Frequently Asked Questions
We’ve compiled a list of the most commonly asked questions about this cover. For the full run down though, it’s really important you read our customer brochure.
See FAQs-
We allow customers to keep working in their own occupation up to 10 hours per week, if they can, without affecting their monthly benefit payment. This means they continue to receive their monthly benefit, or 75% of pre-disability income, if less (minus any benefits received from ACC or other insurance company) as well as their income from working.
If a customer’s able to work more than 10 hours or they’re receiving a payment from somewhere else such as ACC or another insurer, this may affect the amount they receive.
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Yes, this is a feature that’s not widely available in the market. We offer a level term premium option, giving your customers certainty their premium won’t increase as their age increases, even allowing for inflation protection (subject to tax and regulatory changes that are outside our control).
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Yes, we have flexible waiting periods and benefit periods so they can choose an affordable cover option that suits their needs.
Need more info?
Contact your Business Manager or call us on 0800 88 22 88 - we’re here to help.