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Income Protection

This policy provides you with a regular monthly payment to help replace your income if you are unable to work due to illness or injury. It provides for you and your family through this tough time.

Income Protection

Every year over 50,000 New Zealand households have someone in the family who is unable to work for 3 months or more. And yet only 26% of households have someone with Income Protection insurance - although 70% of households have their household contents insured!

While ACC covers accidents, it may not replace all your income - but it won't provide for your family - or cover your mortgage - if you become ill and can't work - which is why protecting your income is so important.

If you have Income Protection Insurance with us we’ll provide you with a monthly payment to help cover your bills, groceries, and rent or mortgage if you are unable to work due to illness or injury.

You can choose the plan that best suits your family's needs, and make sure that you reduce the stress on your family as you recover from your illness or injury.

Here's the basic's

Getting a policy

  • You choose the monthly payment amount that’s right for you, either 60% or 75% of your average monthly Income (before tax) up to a maximum of $12k per month
  • You choose how long you want payments to continue for - either 6, 12, 24 or 36 months
  • You can choose to wait either 30,60 or 90 days to receive your first payment, from the time you are unable to work
  • Receive 10% off your first year's premiums if you apply online
  • You have to be aged between 18 and 59 to get a policy, and be either a NZ citizen or a NZ permanent resident
  • You need to have been in paid employment for more than 30 hours a week in NZ for the past 2 years; either as an employee or self-employed. You can have changed employers during this time, as long as the gap between employers wasn't more than 30 days
  • You will be given the choice to add life insurance cover to your Income Protection policy
  • All of our policies have a 30 day free look period, so you can buy with confidence

Once your policy is in place

  • If you are made redundant from your permanent employment while your policy is in place, we'll pay your premiums for up till 6 months while you're looking for another job
  • Your policy will remain in place until the end of the month in which you turn 65, unless you cancel it before then
  • If your income goes up your level of cover can to. You just need to let us know within 60 days of your income increasing. Alternatively, you can apply for an increase at any time
  • Your amount of cover will increase to take account of CPI each year, unless you advise us otherwise
  • You choose how you pay – monthly, half yearly or annually
  • You can change the beneficiary (the person we pay any claims to) of your policy at any time by completing this form
  • You can apply to change your waiting period and cover period at any time
  • If you have 2 or more Pinnacle Life policies paid by direct debit from one bank account, the second and subsequent policies will be discounted by $24 per year
  • Your payments will increase each year as you get older

When you need to claim on your policy

  • If you have an injury or illness that means you can't work, then contact us and we'll help you through the claim process
  • Once your claim is approved, your first payment will be made on the last day of the month following when your waiting period ends
  • Provided you remain unable to work, we'll keep making monthly payments until you reach the end of your chosen claim period
  • If you die, any life cover claim will be paid in New Zealand Dollars to the life cover beneficiary
  • Your policy will be reinsured by Hannover Life Re, one of the largest reinsurers of life insurance in the world