Income & Mortgage Protection
Get a Free Quote
Alarmingly, 4 in 5 New Zealanders do not have their income insured against sickness or disability, according to a Financial Services Council (FSC) 2022 report “Money and You: Taking Cover”
We understand the necessity of having Life insurance, house, car, and contents insurance.
So why wouldn’t we protect our incomes as well?
The FSC report tells us that: 8 in 10 Kiwis would struggle to support their kids and partners should they suffer a serious injury that results in permanent disability; and 8 in 10 Kiwis would face financial difficulties if faced with trauma or critical illness that left them unable to earn a living or look after their families.
We all have financial outgoings, whether it’s a home loan, utilities, bills, rates, petrol, groceries, the list goes on and on.
Of course, having an income helps foot the bill for these costs. But what happens if illness or injury robs you of your income? When the money tap turns off, what next? You might think ACC will cover all of those costs but unfortunately this is an urban myth. ACC doesn’t cover all the costs that might result from an injury, or any of the costs associated with illnesses such as cancer, stroke, heart attack, to name but a few.
It's money that matters...
The simple truth is that we all need money to live. Behind the humour of Partners Life’s commercial stands a very serious point. Without income protection, you could stand to lose a lot. Including your house.
Suddenly, when we think of it like that, income protection insurance becomes much more of a must-have.
How Income Protection Works
Income Protection helps you maintain your current lifestyle and provides financial security if you are unable to work due to illness, injury, or even if you are made redundant. It can help cover things like mortgage re-payments, Kiwisaver contributions and other expenses so that you can focus on getting better.
What You Get
Income Protection/Mortgage Protection
Mortgage Cover pays up to 115% of your monthly or fortnightly mortgage repayments on your owner/occupied property. This will help in repaying the interest on your mortgage as well as additional expenses such as general insurance, rates and utilities. There is no ACC loss of earnings offset.
You can also choose the income option where you are covered for up to 45% of your taxable income if you become sick or injured and unable to work which is the same for Mortgage Cover. Again, there is no ACC loss of earnings offset and the benefit can be topped up.
If you are self-employed, working more than 30 hours per week and not paying PAYE, you can reduce your ACC levies with ACC CoverPlus Extra and integrate your Mortgage and Income Protection plan for a cost-effective and comprehensive Plan B.
The two plans complement each other if you suffer an accidental injury ACC loss of earnings claim
We partner with the following insurance providers
Income & Mortgage Protection
Key statistics from the 2014/2015 Annual Report:
In 2014/2015 ACC accepted 1.8 million new claims.
193,991 new claims for workplace injuries
32,534 new claims for road injuries
471,980 for sports and recreation injuries
1,139,339 for injuries in the home and community.
These claims were looked after by 1,917 staff.
In 2014/2015:
11,742 knee surgeries and 6,403 shoulder surgeries were covered by ACC
Over 989,000 clients visited their GP
Over 472,000 clients received physiotherapy
Over 37,000 clients had surgery.
In 2014/2015 ACC spent:
$3.2 billion over the year on claims
$771 million on hospital treatment and surgery
$514 million on care and support
$1,190 million on compensation for people unable to work.
Income Protection Insurance
We work with New Zealand’s leading insurance providers to provide you the best income protection cover to suit your needs at the best price possible. Here are some important benefits of taking out income protection cover:
Live life without the worry of losing your income.
No need to worry about large medical bills
You’re covered with regular monthly payments in the cases of injury or inability to work.
You can focus on recovery instead of stressing about unpaid bills and mortgage payments.
Access to the latest medical procedures and technology
No guarantee ACC will provide full accident cover
Contact Us for an Expert
Consultation Today.
Phone
(+64) 027 288 8813
keith.ward@anchoredadvice.com
