Income/Mortgage Protection

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If you're unable to work due to illness or accident how would you pay your bills? Most of us would need help and insurance is the best option to provide an ongoing income while you cant work. You can cover a percentage of your income or the monthly amount of your mortgage payment and after an agreed wait period the policy can provide you income for the total length of time you are off work. This could even be until you are aged 70. Most people think ACC will support them if they are unable to work but ACC only pay if the reason you cant work is from an accident, not an illness.
Here are a few key points and questions.

  • How long could you go without an income?
  • Where would you turn if you were unable to work?
  • What would you have to give up if you were unable to earn an income?
  • Most policies have a 4 week wait but options to make them 8, 13 or even longer wait periods
  • The premium is based around age, sex, smoking status, sum assured and what your job is
  • You can get redundancy cover also in most cases
  • If self employed ACC levies can be adjusted to save money
  • Some occupation classes are not insurable
  • There are a lot of options for this type of cover
  • Is your cover taxed or not?
  • Is the claim paid once your wait period is reached or 4 weeks after that?
  • Does the cover pay you or your bank?
  • How many hours can you still work and get paid a full claim?

There are so many products on the market and each one will suit different people for different reasons. That makes it even more important to speak to us about your situation so that the cover you are set up with is right for you. There is no doubt that having the peace of mind that if you are unable to work that your family will be able to stay in your home is important. Making the right choices when you set up the policy will determine how easy it is to claim and how much you will get if you make a claim. Call Reagan to discuss your options.

Business options

Key Person Cover in a business can provide your business with a replacement employee if they are unable to work. Often you will need to pay a short term replacement more money to fill in while your key employee is unable to work and insurance gives that option.

Farmers Protection Cover allows the farm to hire a replacement milker if the farmer is unable to work. This can be tough especially at calving time so extra amounts can be provided during that time of year. If the milk solids are still coming in so is the money and the farmer can get better in time knowing the farm is still being looked after.