Your ability to earn an income is a valuable asset, no matter how much you make. Even if your health gets in your way of your employment, having an ongoing income shouldn’t be something you need to worry about.
Protect Your Biggest Asset - Your Income
How would you cope if you were sick, injured or your sick leave ran out and you couldn’t return work? Would your partner be left looking after you and your expenses, or would you would need to apply for a sickness benefit of just over $300 per week?
Having an Income Protection policy in place means that you can take time to recover from an illness or an injury knowing that your expenses are sorted, so you won’t feel rushed to return to work.
Income Protection policies can cover up to 75% of your income. You can use that money how you need to use it – whether it’s recuperation or rehabilitation, either way your lifestyle shouldn’t have to suffer a setback while you put your focus into recovering.
If you’re stuck down with an illness or injury and you qualify for a claim, a portion of your pre-disability income will start after a specified time-frame, or when your ‘wait’ or ‘stand-down’ period ends.
Those payments will continue until you return to work or until you reach the end of your ‘benefit period’, or when your policy expires.
226,100 claims were made to ACC for a work-related injury, with 28,100 of these for entitlement (ie more serious) claims. (Statistics NZ, 2014).
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Moving from the default ACC Cover Plus to ACC Cover Plus Extra might sound like an expensive exercise, but when topped up with appropriate personal cover, it can cost you less per year for more comprehensive cover that pays out in circumstances of illness as well as injury.