Do You Have The Right Income Protection Insurance Policy?

Over the last few years, big changes have been effected regarding the conditions that govern income protection insurance New Zealand.

An old policy may not pay out when you need it or when you expect it to. Some of the issues that have raised concern regard policy definitions and if they are up to date with medical science. Others relate to if you are covered for what you really purchased the income protection insurance for such as claims on heart attacks. You could find yourself in a situation where such illnesses are not covered even though you have taken time off work.

Policy wording pass back helps you benefit from better definitions on your policy but this is still a rear clause in most income protection New Zealand covers.

The right income insurance cover means that you are not paying too much on the premium. There is a continuous review of insurance policies and you need to ensure that you are up to date with available options. What you need to keep in mind is that it is not possible to move your insurance if your health condition continues to degenerate over time from when you first purchased the cover.