Being Self-employed is not easy; the last thing you want to deal with is a health issue that prevents you from working. Not all income protection policies are the same when it comes to how they respond at claim time. ACC will offset some policies, and some policies require you to prove your income at claim time. Compare what’s best for your situation as a self employed individual, partnership or company by looking at policy types and insurance companies. When you look at price it’s best done with advice as income protection for the self-employed is complex.
As someone who is employed ACC will only cover you for accident-related claims. While there is no flexibility in lowering your levies using CPX with ACC, you can look at options such as agreed value or indemnity income protection. These products with the right advice carry different policy wording; this is the deal we like to compare before looking at the price. Some income protection policies provide lump sum payments for accidents and are not offset by ACC.
We have a family of insurance websites. All our reviews are from various product requests across all our sites.
Quick and easy, actually listen to what I wanted and didn’t try and push anything else on to me
Well knowledgeable and prompt when responding to queries
Blake really helped me understand how the Insurance scene works in New Zealand. The service was prompt and to the point. Would absolutely recommend him to all who need to make informed choices.
Hayley Evans is highly recommended broker, very professional communication excellent Hayley was able to help what I wanted I would recommend Hayley to others. My only regret was I did not do this sooner. Talahiva Riggs
Very helpful and knowledgeable
Easy to deal with and got the right insurance, thanks Hayley
Great service and follow up ?
We get asked the question ‘what am I covered for?’ all the time. There are three main categories; not being able to work in your occupation due to ill health, losing your job via redundancy or not being able to work due to an accident.
If you would like to compare income protection insurance companies, click here.
Income protection covers you for both accidents and ill health claims. You can’t claim ACC and certain types of Income protection together. Although ACC is compulsory for all working New Zealanders, the self-employed have the option to elect their cover levels, whereas being employed you cannot.
This cover is generally limited to a six-month benefit, i.e. if you lose your job, you receive a replacement income for up to six months. However, if you know your job is on the line, you can’t take out this cover, and if your company is on the brink of receivership or liquidation, most insurance companies will have already red flagged your company (or even industry) as an exclusion.
Whether you like it or not, we all pay ACC if we’re working. If you are employed, ACC will pay you 80% of your income based on your IRD information. If you are self-employed, it’s a little different – you are also paid on your income, but as we all know, it depends how your accountant has structured your income, e.g. have you split your income with your partner? Be aware that if you have an accident, ACC will pay you based the amount you stated in your last annual return.
As ACC is a complex monster, you need to seek advice from an adviser who can show you how to structure your policy – for free!
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Important: All information on this site is of a general nature only. When you compare or complete the assessment online, we will connect you with an advisor who can give you advice at no charge. All advisers who are authorised to use this site, for their marketing purposes, are authorised financial advisers. A full list of advisers and what they can advise on is listed here under our terms & conditions of this site usage.
Comparing income protection insurance can be extremely frustrating. This site is designed to give you an idea of what policy may be best for you based on your employment and debt situation.
Comparing insurance companies alone is fine when you’re buying on price for simple insurances such as a car or house. But covering your income in New Zealand is a little different as we have ACC for self-employed and employed kiwis which should be taken into consideration when buying private cover.
We designed this site to break down the four most common outcomes when buying income protection. Once broken down, you will need to get online advice from one of our dedicated advisers who can help structure your cover in the most cost-effective way.
