Income Protection, Mortgage/Rent Cover, ACC
Income Protection/Mortgage and Rent Cover provides a monthly benefit in the event of you being unable to work due to an illness or injury. This cover can also pay out should you be made involuntarily redundant however you must choose this additional benefit to be added.
For self-employed clients who are not paying themselves PAYE they can also restructure their ACC Plan and gain more control of their levies by switching to Cover Plus Extra. This would provide them with cover in the event of an accident only but does not cover illness’. Therefore, most of our clients will reduce their ACC plans and instead cover themselves privately instead through their Income Protection, Mortgage/Rent Cover.
These benefits provide you and your family with financial assistance when you are left unable to work. Which can help cover your ongoing expenses such as mortgage or rent payments, debts and allow you to take time off work to recover. This cover can also assist with the cost towards rehab/retraining, various treatments and provide home help and childcare.
Income Protection and Loss of Earnings:
Provides a regular monthly income if you're unable to work due to illness or injury, covering a percentage of your income and allowing you to maintain your lifestyle. These benefits can be either tax accessible/deductible and/or based on a net amount. They are normally always affected by offsets at claim time such as ACC payments or other sources of income.
Mortgage and Rent Protection Insurance:
Provides a regular monthly amount if you're unable to work due to illness or injury which is based on a percentage of your income or your mortgage/rent payments. Being guaranteed benefits there is no hassle of you needing to pay tax at claim time. They also often have little to no offsets such as ACC payments/other sources of income affecting what you would receive at claim time resulting in a better outcome than traditional Income Protection.
Redundancy Cover:
Provides a regular monthly amount for up to 6 months maximum should you be made involuntarily redundant.
ACC Cover:
Provides a regular weekly amount should you be unable to work due to an accident, paid by ACC directly. This benefit is affected by taxation.
How much and which Income Protection, Mortgage/Rent Cover or ACC do I need?
We’ll assess your individual circumstances and goals to determine the right amount of coverage for you.
