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Income Protection
Health insurance

This type of insurance is designed to cover everyday health needs, providing Kiwis with additional support for primary healthcare services.

Intro
nib
AIA
UniMed
UniMed
UniMed
UniMed

Income Protection Insurance
in New Zealand

What is Income Protection Insurance?
Income protection insurance is a financial safety net designed to provide you with regular payments if you're unable to work due to illness or injury. In New Zealand, this type of cover helps maintain your lifestyle and meet financial obligations when you're temporarily out of work.
Why Consider Income Protection?
Life in Aotearoa can be unpredictable. Whether you're a tradie in Auckland or an office worker in Wellington, an unexpected health issue could impact your ability to earn. Income protection offers peace of mind, ensuring you can focus on recovery without financial stress.

Key Features of Income Protection Policies

Waiting
Period
The time between when you stop working and when your benefits begin. Common options in NZ range from 2 weeks to 2 years.
Benefit
Period
How long you'll receive payments. This can be for a set term (e.g., 2 or 5 years) or until a specific age (often 65).
Benefit
Amount
Typically 75% of your pre-disability income, subject to policy limits.
Indemnity
vs. Agreed Value
Indemnity policies base payments on your income at claim time, while agreed value policies pay a pre-determined amount.
Occupation
Definition
Policies may cover you if you can't do your own occupation, any occupation, or a combination of both.
How to Choose the Right Cover
Assess Your Needs: Consider your financial commitments, savings, and other income sources.
Compare Providers: Look at offerings from major NZ insurers like AIA, Asteron Life, and Fidelity Life.
Understand Policy Terms: Pay attention to exclusions, stand-down periods, and claim requirements.
Seek Professional Advice: Financial advisers can help tailor a policy to your specific situation.
Tax Considerations
In New Zealand, income protection premiums are generally tax-deductible. However, any benefits received are taxed as income. Consult with a tax professional for personalised advice.
Making a Claim
If you need to claim:
Notify your insurer promptly
Provide medical evidence of your condition
Complete necessary claim forms
Be prepared for ongoing assessments during your benefit period

Top 6 Income Protection Insurance Providers in New Zealand

nib
AIA
UniMed
UniMed
UniMed
UniMed
AIA
AIA
Known for: Flexible policies and strong financial backing
Features: Rehabilitation benefits, optional redundancy cover
Unique offering: AIA Vitality programme for health and wellness rewards
Asteron Life
Asteron Life
Known for: Customisable policies to suit various professions
Features: Partial disability benefits, specific injury benefits
Unique offering: Loyalty bonus increasing cover over time
Fidelity Life
Fidelity Life
Known for: New Zealand-owned with a focus on local needs
Features: Agreed value and indemnity options, premium holiday option
Unique offering: Special benefits for rural and agricultural workers
Partners Life
Partners Life
Known for: Innovative policy features and competitive pricing
Features: Extensive mental health cover, flexibility to increase cover
Unique offering: Specific coverage for stay-at-home parents
Cigna
Cigna
Known for: Straightforward policies and efficient claims process
Features: Level premium options, waiver of premium benefit
Unique offering: Quick online quote system for easy comparison
NIB
NIB
Known for: Integration of health and income protection offerings
Features: Optional extras like trauma and TPD cover
Unique offering: Health management programmes to support recovery
Key Considerations When Comparing Providers
Financial strength ratings
Claims handling reputation
Policy flexibility and customisation options
Additional benefits and support services
Premium structures and long-term affordability
Underwriting process and requirements
ACC and Income Protection
Remember, Accident Compensation Corporation (ACC) covers injuries from accidents. Income protection complements ACC by providing cover for illness and potentially topping up accident-related payments.
Reviewing Your Cover
As your life changes, so might your insurance needs. Regularly review your policy, especially after major life events like marriage, having children, or changing careers.

Income protection insurance is a valuable tool for managing financial risk in New Zealand. By understanding your options and choosing the right policy, you can secure your financial future against unexpected health challenges. Remember, while this guide provides an overview, it's crucial to read policy documents carefully and seek personalised advice to ensure you have the most appropriate cover for your individual circumstances.

FAQs about car insurance

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard.
We design and develop world-class websites and applications, design better and spend less time without restricting creative freedom.

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard.
We design and develop world-class websites and applications, design better and spend less time without restricting creative freedom.

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