How would you cover your living costs (mortgage/rent, bills, food, car repairs, etc.) if you were unable to work for a period of time due to illness? You may have some sick and annual leave owing, but once this is used up you’ll likely start eating into your savings (if you’re fortunate enough to have some). You might have family to lean on for some time. However, for most, there comes a time when all good will has been used up, savings are depleted, but your rent and bills don’t stop.
Income cover protects one of your most important assets, your ability to earn and provide, by paying a monthly sum if you cannot work for a period of time due to illness.
Having financial assistance to meet living costs while you’re sick takes the pressure off you and your family. A lot of people return to work too soon after serious illnesses because they’ve run out of leave. Unfortunately, these people often end up sick again because they’ve pushed themselves. Not having to worry about how you’re going to put food on the table reduces stress, which can even speed up your recovery.
Income cover is one of the more complex types of personal insurance as there are various options you can choose, such as the wait period before the cover will start paying and the length of time it will pay out (e.g. for two years or until you turn 65). We can help you select the right type of cover that will look after you in the short and long term, while keeping your budget in mind.
If you’d like to find out more about how we can help with your insurance, give us a call on 0800 222 511 or email us at risk@grouphealthandlife.co.nz