Would you or those that need you financially struggle without your income? If you have answered yes to this question, then you may need Income Protection insurance.
Income Protection policies help keep money coming in when you are unable to work – either for a brief time or permanently.
While New Zealand is lucky enough to have a thorough ACC scheme in place for accidental injuries, you’re more likely to end up off work because of illness. In that position, you’re usually on your own once any sick leave runs out.
When you’re faced with the possibility of months away from your job, knowing that an insurer will step in to help pay your bills and keep the roof over your head is a massive relief.
Depending on the Income Protection policy you choose, you’ll be paid either an amount you’ve agreed on with an insurer or will receive a pay-out based on the amount you were earning before you had to stop work.
Income Protection can make an huge difference to your life – allowing you to maintain the lifestyle you enjoyed before, even if you can no longer engage in the same career, rather than simply surviving until you can recover enough to get back to work.
Talk to one of our experienced Otago Insurance Brokers to help work through the correct insurer and policy that’s right for you.