Income Protection insurance pays you a monthly amount if you are unable to work, due to illness or injury.
It means that while you can’t work, you can still have money coming in, so you can keep on with your life even though you’re not earning.
Every year over 50,000 New Zealand households have someone in the family who is unable to work for 3 months or more. ACC covers accidents, but it may not replace all your income and it can’t help if you become ill. Which is why protecting your income with Income Protection Insurance is so important.
If you have Income Protection with us we’ll provide you with a monthly payment which you can use for whatever you need. Whether it simply helps to cover your bills, groceries, and rent or mortgage or helps pay for alternative treatments.
You can choose the plan that best suits you and your family's needs, and make sure that you reduce the stress as you recover from your illness or injury. You need to have been in paid employment in NZ for the past 2 years to apply. For more information about our requirements check out 'Getting a policy' below.
Statistics show that the most common reason New Zealanders are unable to work for an extended period of time is due to illness. ACC will only cover you for an accident or injury in this instance. Make sure you’ve got the cover that you need with income protection insurance from Pinnacle Life.
If you have an income protection product elsewhere already, we suggest you talk to us before taking out another policy, as you may not be able to claim on both policies. If it comes time to claim, and you receive income from other sources eg ACC or another government agency, this will be offset against your income protection payments.
You can pay your Pinnacle Life premiums monthly, six-monthly or yearly. We prefer it if you pay by direct debit, however we also accept internet banking/automatic payment, or credit card. When paying via credit card, a charge of 3.95% is added to your premiums.
We do not accept weekly or fortnightly payments.
Income protection insurance is calculated based on a number of factors including things like your occupation and your income as well as your age, gender and health. It’s easy to get a personalised quote from us that’s tailored to your individual circumstances, including your current rate of income on our website. If you get stuck you can always get in touch with our Customer Services team.
If you are unable to work due to illness or injury, our income protection cover can help replace your lost income, so that the bills can still be paid, and stress on the family is reduced while you recover.
In NZ we are lucky to have ACC, however, ACC doesn’t cover you when you can’t work due to sickness. Statistics show the most likely reason that you may not be able to work for an extended period of time is an illness. ACC will pay a maximum of up to 80% of your income as weekly compensation if you’re unable to work due to an injury.
The maximum cover that Pinnacle Life can provide under our Income Protection Cover is 75% of your income.
If ACC are replacing 80% of your income, your income protection cover won’t top you up to 100% however, if you are receiving less than 75% from ACC, we may be able to top you up to 75%. Any income that you receive while you are off work, whether it is from ACC, WINZ or another insurance policy, will affect our payments to you.
Income protection insurance covers you for sickness, as well as accidents or injury that prevents you from working. ACC does not cover you for illness, so income protection insurance can be a great option to cover your bases.
If you have income protection, we suggest you let us know when your income changes, so that you can change your level of cover accordingly. If you let us know within 60 days of your income increasing we can usually increase your cover without requiring any further medical information. We recommend you review your level of cover regularly, but particularly when you have significant changes to your income levels.
Income protection insurance takes care of you and your family if you become temporarily unable to work due to an accident, illness, or injury. It means you receive a monthly payment to account for your loss of earnings to ensure that life’s necessities can be paid for as usual until you’ve recovered.
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