Many people do not realise how affordable income protection insurance can be. Below is a quote for insuring an income of $40,000 with payments being made to a client should they be unable to work due to illness or accidents (right up until retirement). Call or email me for an accurate quote for you.

How does it work?
Most policies will start to pay you 75% of your income after a specified wait period. This graph is for a wait period of 13 weeks but you can pick a wait period of 4 weeks if you like.

fortnightly premiums for income insurance
(These are based on figures on May 2012, tip – some policies pay in arrears while others upfront this can mean a difference of another month before you get your first claim payment)

Policies will keep paying for the duration of the payment term, this graph is for a payment term until age 65. Some policies also have partial payments, for a situation where you could return to part time work.

Won’t the government help me?
Luckily in New Zealand we have ACC to protect our income against accidents. No such luck for illness however, which is why a lot of people are getting income insurance in place now. The graph below is based on information from NZ Health Information Service, 2001, Mortality and Demographic Data, 1998.