97% of claims accepted and $112m paid to customers from
1/7/23 - 31/6/24
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
Income support
Pays you a monthly benefit if you’re unable to work because of illness or injury
Rehabilitation & retraining support
Helps you with your rehabilitation and retraining costs
Recurrent disability
Pays you a monthly benefit if you suffer the same sickness or disability within a year
Return to work
Pays you a bonus benefit if you are able to return to work
Family assist
We’ll pay for a nurse or family member to look after you at home for up to 6 months
Accommodation support
Pays for your family to be with you if they live more than 100km away
Disability reset
Allows you to claim again if you suffer a related sickness or injury
Elective surgery
Pays you a monthly benefit if you are disabled due to an elective surgery
Payment while overseas
Pays you a monthly benefit if you are disabled while overseas
Funeral assistance
We reimburse your family up to three times the monthly benefit for your funeral costs if you die
Grief support
Helps with the cost of professional grief support to cope with sudden changes.
Overseas assist
Reimburse you and one support person for travel back to New Zealand if disabled overseas
New parent premium waiver
We’ll pay your premiums for six months while you’re on parental leave
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.
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.
Lets you cover your kids too.
Receive this benefit if you suffer any of 29 specified injuries (ranging from broken bones to paralysis). The benefit is payable even if you are still able to continue working. Check the policy document for the full list of injuries and payment periods. Depending on the option you have selected the payment(s) will be either your monthly benefit for the payment period or a multiple of your Specific injury support benefit – lump sum sum insured.
Ready to speak to an adviser?
If you would like to know more about Income Protection Insurance we can put you in touch with an adviser who can explain the different options available.
Speak to an Adviser
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.
Disclaimer: The information provided above is for general information only, it is not financial advice or personalised to your situation. If you would like advice that takes account of your particular situation, please contact your financial adviser. Full details of policy terms and conditions are available from Asteron Life Limited or your financial adviser. Terms, conditions, exclusions and limits apply. If there are differences between the information provided here and the policy document, then the policy document will prevail. Asteron Life Limited and its related companies do not accept any liability in connection with the information provided.