Clarifying Your Position Regarding Claims on Income Protection Insurance

There are different types of policies that you can take out pertaining to income protection insurance New Zealand. These are determined by your state of employment. Variations do arise due to self or contracted employment. Valued income protection insurance policies cover your income from a predetermined amount or one calculated on your monthly earnings just before your illness or injuries. This is rather difficult to obtain for a self employed individual. Such people end up with an indemnity type income protection insurance New Zealand policy. The payment derived from the claim is based on your personal income at the time of disability. The three types of policies thus derived, accommodate the different forms of employment that are common in New Zealand. One will pay you while you are unable to do your own occupation. The second will include any occupation you are qualified or trained to do. Finally, the third combines the first two but takes into consideration, the duration for which you are disabled. Note that, insurance companies will first exploit the possibilities of paying out the claim through comprehensive consultations with occupational physicians and you need to seek expert advice prior to taking out any of the aforementioned income protection insurance policies.