Things to Take Into Consideration When Buying Income Protection Insurance New Zealand

The period of cover varies depending on the type of income protection insurance and insurer that you opt for. You need to consider the period of time for which you would like to receive payments if you have to make a claim. It ranges from two years to five years up to the age of 60, 65 or 70. One policy can vary depending on the situation.

A pre-existing medical condition will determine whether you pay a higher premium or exclude it and pay a lower one. This is applicable when you have suffered mental illness, anxiety or depression. Before making a decision on which policy to buy, it is important to note that income protection New Zealand does not cover all the possible illnesses or injuries that could stop you from working.

Income protection insurance also has a policy wording pass back that provides for a change in wording that can affect your chances of getting your claim accepted in the future.

Moreover, your claim may be affected by your ability to work part-time while recovering from any illness or injuries.