Most Kiwis Ignore Income Protection Insurance

Studies have revealed that most working citizens of New Zealand keep off income protection insurance because it is ‘too expensive’. Though there is a much bigger risk of facing financial ruin than death, most kiwis opt for life insurance and mortgage insurance that provides a redundancy cover option. This is despite the fact that they are not as comprehensive as income protection insurance New Zealand.

Income protection insurance New Zealand is the most valuable cover but most people will underplay their chances of falling ill or having an accident. For others, the reasons behind the reluctance to take such an insurance cover include the fear of not being covered for an illness they have suffered in the past. There are those who find analyzing all the different policies overwhelming and many just don’t know what it costs.

Many will take out an insurance cover on capital goods yet they are not aware that buying an income policy would be worth roughly the same amount.

It is better to consult an insurance broker or financial consultant on the best options available. This way, you will be able to understand the importance of taking out an insurance cover on your income.