Income Protection
Ensure your lifestyle is protected even if you’re unable to work. Income protection cover provides regular payments to replace your income when you can’t earn it yourself.
What is it?
Income protection cover pays a percentage of your income if you’re unable to work due to illness or injury.
This regular payment helps you maintain your lifestyle and meet ongoing financial commitments, such as your mortgage or rent, utilities, and groceries.
Some people also have "mortgage protection" which is specifically to cover the costs of repaying your home loan while unable to work.
It's important to continue to review this when your circumstances change, if you buy a new home or income increases.
Case study
Mark, a 35-year-old IT professional, injured his back in an accident and was unable to work for eight months.
Thanks to the income protection cover arranged by his adviser, Mark received regular financial support throughout his recovery.
This allowed him to focus on healing without the stress of mounting bills or depleting his savings.
Questions to ponder
Have you thought about what might happen if you had an accident that wasn't covered by ACC?
Unfortunately, if you're unable to work, or carry out your normal duties, it's important to have a plan
Income and mortgage protection is exceptionally important for families with one main income earner, where the family would be significantly impacted if one partner couldn't work.
