protection for your financial commitments
Life comes with responsibilities – to yourself and to others you care about. As the income earner you provide food and clothes, a home and continuity. So what happens if you became seriously ill, injured or you’re made redundant? Will your loved ones be able to stay in the family home?
Income insurance can help you and your family maintain your lifestyle and financial wellbeing.
What do I get?
SBS Bank Income Protection Insurance provides monthly cash payments if you suffer unexpected illness or a debilitating accident or you are made redundant.
You can use the cash payment for any purposes and the monthly payments are tax free. Your cover will not affect your ACC eligibility and is paid out in addition to any ACC benefit you may be entitled to.
The maximum monthly cover is $8,000 for 12, 24 or 36 month period. The maximum period for monthly cover under the Redundancy Cover option is 6 months.
How much do I need?
Covering the essentials
Cover the essential monthly outgoings to keep you and your family going while you recover from an unexpected accident or illness, or find another job. Think about your mortgage or rent payments, insurances, essential utilities such as power or gas, food, transport costs, medical bills etc.
Covering your responsibilities
Keep you and your family in the lifestyle you’re accustomed to. Include the essential monthly outgoings, and add tuition fees, entertainment and recreation costs etc.
Disability Cover – standard
» Covers you when you cannot work because of an accident or illness covered by the policy.
» Your cover will not affect your ACC eligibility and is paid out in addition to any ACC benefit you may be entitled to.
» Flexible cover periods – 12, 24 or 36 months.
Redundancy Cover – optional
» Covers you for up to six months if you are made redundant.
» The monthly benefit amount will be paid in addition to any redundancy pay out you may receive from your workplace.
Tailored to you
» You can choose your monthly cover amount
» You can reduce your premiums by increasing the wait period from the minimum of 30 days
» The policy will automatically renew annually up until the age of 65, so even if your health deriorates in the future your policy will be there for you
» Your premium will be based on the cover options you choose plus your age, gender, smoking habits and occupation
» Premiums increase each year as you get older
» You can increase or decrease your level of cover at any time
» You can cancel your cover at any time without penalty
The information on this page does not take into account your individual circumstances and is not personalized financial advice. You should seek financial advice before you make any financial decision. Income Protection Insurance is arranged and underwritten by Southsure Assurance Limited (Southsure) - a subsidiary company of Southland Building Society (SBS Bank). Southsure is licensed under the Insurance (Prudential Supervision) Act 2010 and supervised by the Reserve Bank of New Zealand. Southsure is a member of the Banking Ombudsman scheme. SBS Bank may receive a commission for any successful insurance referral. All insurance cover is subject to underwriting criteria and the individual policy terms and conditions set out in the policy document. Neither SBS Bank nor any other entity within the SBS Bank Group guarantees the obligations of, or any products issued or underwritten by Southsure. This webpage is only a summary of the features and benefits of Income Protection Insurance and is intended to be of a general nature.