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Income Protection Insurance
This insurance is simple, but powerful. As the name suggests, Income Protection protects a percentage of the money you normally earn.
More than $73 million paid last year
Helping over 1,000 Kiwis
What is Income Protection Insurance?
Your income is often your biggest asset and losing it can turn life upside down. If you’re unable to work—either temporarily or permanently—because you’re sick or injured, Income Protection Insurance will provide you with money to live on as a monthly payment while you’re not receiving your salary or wage.
Income Protection Insurance benefits
Optional benefits you can choose to include:
Boosts your monthly benefit in the early stages of a claim.
Pays you a benefit while you're waiting for your claim payments to start, if you're confined to bed or diagnosed with a specified condition.
Receive this benefit straight away if you suffer from any of the specified injuries.
Increases your monthly benefit each year to help keep pace with inflation.
Covers medical workers who contract Hepatitis B or C or HIV during work.
Provides a discount if you choose to limit your benefit payment period to two years for any claims related to mental illness.
Pays you a monthly benefit for up to 6 months if you're made redundant.
Lets you cover your kids too.
If you have an existing policy with Asteron Life, your policy may be different from our current on-sale products, so it’s a good idea to check things with your adviser.
There are terms and conditions that apply to all benefits within Income Protection Insurance. Don't worry though, your adviser can take you through these and what they mean.
Other types of cover
Another alternative to Income Protection is Workability Insurance which is designed to support you to get back into the workforce. This is a form of Income Protection without all the bells and whistles.
Unsure?
Talking to an adviser will help you focus on what’s important to you, and it's even more effective with a little preparation.
Use our handy LifeSnap tool to prepare for your conversation with an adviser so you don't have to think on your feet!
Frequently asked questions
How long will I have to wait before my payments start?
When you set up your policy, you’ll decide how long the wait period is before you start receiving payments. Chat to your adviser about the different options – there’s a 2, 4, 8, 13 or 26 week wait. In some cases a 1 or 2 year wait period might suit you best. It all depends on how well you’d cope financially before payments kick in.
Will I get paid if I also receive ACC?
This may depend on the type of cover you take out. Asteron Life’s Loss of Earnings cover may top up the amount you receive from ACC. However, everyone’s circumstances are different and an adviser can recommend the best cover for your situation.