INCOME PROTECTION INSURANCE

In Uncertain Financial Times..

If you had an accident or illness and were unable to work would you still have the income you and your family need to survive without any major set-backs?

 

Income Protection Insurance in New Zealand provides you with a regular payment if you were unable to work due to illness or injury.

When considering income protection insurance, there are many factors you need to consider.

 

How long can I survive without any income?

 

  • Should I consider the “agreed value” or the “indemnity value” option?
  • How long might I need to receive payments for?
  • At Lifeplan, we can help you answer these questions about Income Protection Insurance.

Why you should have Income Protection

If you’re unable to work due to injury or illness, your groceries, power bills, fuel and your rent or mortgage still need to be paid. Life Plan can help make sure your family’s everyday essentials are still covered with income protection insurance. With bills coming in as usual, you’ll need an income stream adequate to your usual expenses.

If you have dependents, a partner or family who relies on your income to help meet expenses, and/or a mortgage or loans, income protection could be vital to maintaining your family’s lifestyle should you fall ill unexpectedly. Think of Income Protection insurance as a safety bank account that you can rely on in times of emergency.

Another thing is you might also decide to take out income protection for a limited time — for example, until your children are self-sufficient, or you pay off your mortgage.

People prioritise insuring their possessions valued at $30,000- $100,000 and their car valued at $5,000 – $20,000, but Income Protection insurance is way down on the list of insurance priorities.

It is absolutely essential that New Zealanders protect their incomes. Why you ask? If we take the average persons income say $40,000 and times that by hopefully the period of time he or she will be generating let’s say 30 years then over that period of time you could potentially earn $1.2 million.

THE LIFEPLAN PROCESS

At LifePlan, we work with you to make the process of sorting out your financial future and your life insurance as simple as possible. We’re focused on your goals and helping you achieve them.

1 We take the time to understand you

The plan we develop to help you achieve your goals focuses on the best case scenario, but sometimes things don’t go to plan. It’s important that we protect you from the risks you face so that you have the best chance of achieving your goals.

2 We work together on a plan

Once we understand your goals and your current financial situation, we’ll work with you on a plan that breaks your goals into achievable objectives that are time bound.

3 We support you while you execute your plan

We might not be in the room, but we’re still there supporting you to execute the plan we’ve developed together. We’re only ever one phone call away.

4 We’ll help you protect what matters most so you can achieve your plan

The plan we develop to help you achieve your goals focuses on the best case scenario, but sometimes things don’t go to plan. It’s important that we protect you from the risks you face so that you have the best chance of achieving your goals.

Want to know more about Income Protection Insurance?

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