Your ability to earn is one of your most valuable assets. Again, it is your income that allows you to maintain the lifestyle you have. What if you are unable to earn due to an accident or injury? How will you meet your daily financial obligations? Will your family suffer? A sudden illness could put you out of work for several weeks or months. Even if you incur the injury at work, a workers compensation cover on its own cannot sustain you. Income protection insurance ANZ, offers you a stream of income to help cater for your bills and expenses until you recover and get back on your feet.
Features Of The ANZ Cover:
In the event that you suffer an illness or injury, ANZ will provide 75 percent of your income. This can go up to 10,000 dollars a month. The amount to be paid at the time you make the claim or 75 percent of the pre-claim earnings will be reflected in the policy agreement. The policy holder may be required to provide additional supporting evidence as proof of earnings or income.
Cover For High Risk Occupations
Persons who work in high risk occupations are eligible for a benefit that can go up to 3,000 dollars per month. However, no benefit is paid out if the disability was caused by work related circumstances.
Benefit Period Of Up To Two Years
The income cover provided by ANZ will continue to offer 75 percent of your income for a maximum of two years. It should be noted that if you choose a longer benefit period, you will be charged higher premiums. You can choose a period of 6 to 12 months. This benefit period will end at the time you have specified.
Freedom To Choose Your Waiting Period
The ANZ cover allows you to choose the waiting period this should fall between 30 and 90 days. You get to decide what suits you best. Generally, longer waiting periods attract cheaper premiums and the shorter the waiting period, the more expensive the premiums. This means that the policy holder needs to consider his financial position in line with his savings in order to choose an appropriate waiting period. The waiting period will begin on the day you consult with a medical practitioner on your disability.
Tax Deductible Premiums
Income protection premiums taken out with ANZ are tax deductible. At the end of the year, you are able to get back the sum you have invested in your cover. For more information to ensure that you are cover click here.
There are certain eligibility requirements necessary when applying for the cover. The applicant must be between 18 and 59 years old. He or she must also either be a resident of New Zealand or Australia and should be currently living in Australia. The applicant must also have an occupation in which he or she works for more than 20 hours every week.
Income protection insurance ANZ ensures that money will be trickling in, even when you can’t work for it because of an injury or sudden illness.