after a waiting period, a monthly benefit is paid during the time you’re unable to work. You can get a monthly benefit to help pay your bills or any other financial commitments you may have while you’re unable to work1 due to illness, accident or injury. Personal insurance can help financially safeguard these two assets against disability, illness or injury, and provide support for those you leave behind. Some insurers may offer it as an optional add-on; it's not standard with most if not all income protection policies. To answer if you need income protection insurance, ask yourself: If something happened to force you to stop work, could you survive on sick pay and/or savings? The extent of Sandy’s condition meant that she qualified for an Income Protection benefit while she recovered. Unlike employees, anyone who is self-employed doesn't have the luxury of falling back on sick pay or the opportunity to return to work when they recover. two years, five years or up to 70 years of age. If your claim is successful, you will receive a lump sum or regular payment from your insurer. In addition, waiting periods, qualifying periods, no claims periods, and/or survival periods may apply. She’d taken out AMP income protection insurance when she was 52.

She says she probably would have cancelled it if she hadn’t been so busy. There are two types of policy terms: You can apply for an income protection insurance policy if: If you work for forty years and earn an average of $50,000 per year, you have the potential to earn around two million dollars. While you receive treatment and recover, it's important to check in with your insurer and update them on your progress. We have a preferred partner relationship with AMP, plus arrangements with the major insurance providers in New Zealand. Income protection provides support with meeting your necessary financial demands if you’re not able to work1 for an extended period due to illness, accident or injury. Insurance and financial planning is not about “one size fits all”. The insurance and lending terms that we put forward we're confident that they can meet your needs better than those of any other broker or adviser in terms of advice, service, and product. Financial support to protect what matters most, Make sure your income is secure, even if you’re unable to work, Adapt your lifestyle for the impacts of living with serious disability. It’s as simple – but crucial – as that. Please contact us on any of the avenues below: ​Total And Permanent Disability Cover RPP, Total And Permanent Disablement Lifetrack. 1 This means not being able to perform your usual occupation for more than 10 hours per week. Each year, tens of thousands of adults in New Zealand find themselves unable to work due to an injury or severe illness. For over 160 years, AMP Life has helped to financially protect New Zealanders ways of life, no matter what happens. Canstar does not currently rate AMP income protection, but you can use our comparison table to view and compare a range of direct income protection providers based on … One of the largest KiwiSaver providers; AMP has 12 per cent of the market and in 2016 paid out $92 million in life insurance and $32 million in trauma claims to help support families. Compare Select Apply. For most of us, regardless of how much we love our jobs, we work to allow us to live and meet our financial obligations. 14 day free look. This information provides a general summary of the key features of the products described and is subject to change without notice. The insurer can assess the benefit you will receive if you want to return to work at a reduced number of days. Never stop protecting what matters most. A monthly benefit – depending on your circumstances and the type of cover you choose, this can be based on either an amount agreed at the time you take out your policy or an amount based on what you’ve earned in the period prior to a claim (typically up to 75% of your average monthly income earned over a 12 month period in the previous three years). While every policy is different in its specific terms, our. We offer four types of Income Cover that allows you to choose the type which best suits your needs and budget. For this reason, we believe in being completely upfront about how this website works, its strengths and its weaknesses. MoneyHub.co.nz was founded on the principles of honesty and transparency in reporting. 10 Top Investments for Young New Zealanders, Investing in the US Stock Market from New Zealand, Barefoot Investor-Friendly Financial Products in New Zealand. A disclosure statement is available from your Adviser, on request and free of charge. ‘Income protection insurance’ is designed to pay you an income if you find yourself unable to go to work for any reason covered by the insurance. As your ability to earn an income is your greatest asset, AMP Life helped to financially support New Zealanders in 2019: Paid $20 million in Income Protection claims; An average claim payment of $5,519. Never go direct to an insurer without other quotes in hand. You will not stand in a queue waiting to see one of our advisers. If you developed back problems or an illness like cancer and couldn't work, would you be able to cover your everyday bills and expenses? 2 to 5 years), choosing a policy which has benefits paid up to retirement is a safer bet. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. © 2019 AMP Services (NZ) Limited. 9:00am - 5:00pm. The triggers are illness or injury only, not redundancy or any other restructuring at a workplace. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission. However, a good quality income protection policy will have a three-tier definition. A very basic income protection product will typically have a one-tier definition (duties only – see the following list). How long you will be paid by the insurance policy depends on the policy length. Originally started in Sydney in 1848 to ‘provide financial protection to those in need by sharing financial burdens’.

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