Compare Income Protection Insurance for 26-29 years old New Zealanders

Would you agree – we all want financial security? Interestingly enough according to many academic studies people with good life skills and good education have greater ability to plan their financial outcomes. Most likely for you & me it simply means that those who plan can achieve more in life.

If your age is between 26 and 29 this comparison is for you. In this article you are going to compare Income Protection Insurance in New Zealand. For the comparison I am using data provided by three major insurance companies and I compare Income Protection Insurance on the base of premiums ($).

This article is written with one goal in mind if you want to

Compare Income Protection Insurance:

Look at the premiums and let me know your full date of birth, occupation and desired income amount you want to cover.

Keep in mind in New Zealand you can choose only one out of two types of Income Protection:

  • Agreed value – when your Income Protection Insurance covers you for 55% of your income.
  • Indemnity value – this is the most popular Income Protection Insurance which covers 75% of your income.

Being the most popular type does not necessary means it is the best as well as being only 55% does not mean it is lower to compare to 75%. Have I managed to confuse you? – if YES, it is good J

Comparison of Income Protection Insurance

It is made by using the same criteria:

  • $3,000 Indemnity Income Protection benefit being paid to you in the event you are seriously sick and cannot work,
  • With 13 weeks of waiting period and benefit periods being 2 years, 5 years or up to age of 65 years.
No Income Protection Insurance - no milk

No Income Protection – No Milk

If you are somewhere between 26 and 29 you want to think about your future income and this is where having Income Protection Insurance means you have your income no matter what. Let me explain:  if your current income is $3,000 – multiply it by 12 months and then for instance by 39 years (until you are 65 and the government starts to pay your pension … I know it is too long to plan J), you will end up with the amount you are going to get through your working life: $1,404,000

Think about your Income Protection Insurance from 30,000 feet point of view – think big.

Does $31.49 seem to be a high amount to pay for your $1,404,000 income or not any more?

Many people say “it is not the money – it is what you can get with it” – precisely … think if you are in a wheelchair – would you still need money?

Look at the table and let me know when you would want to discuss your Income protection insurance. It pays when every other arrangement fails….

Income protection from Fidelity Life, Asteron Life & AMP

Personal Income protection quote

Name

Email

Phone

DOB

Occupation

Smoker status
 smoker non-smoker

Benefit period

Waitnig period

Monthly Income

 

Benefit period Monthly premium
Fidelity Life Asteron Life AMP
26 years old
Female 2 years $27.71 $31.64 $35.30
5 years $32.99 $37.58 $42.61
up to 65 $43.98 $50.03 $56.96
Male 2 years $20.64 $23.11 $28.59
5 years $24.16 $27.43 $33.40
up to 65 $31.49 $36.48 $44.05
27 years old
Female 2 years $27.60 $31.13 $39.22
5 years $32.93 $38.12 $37.87
up to 65 $44.24 $50.76 $57.29
Male 2 years $20.57 $23.11 $28.91
5 years $24.12 $27.43 $33.73
up to 65 $31.66 $36.48 $44.39
28 years old
Female 2 years $27.61 $32.56 $37.11
5 years $32.99 $38.68 $44.48
up to 65 $44.74 $51.46 $57.96
Male 2 years $20.57 $23.11 $29.23
5 years $24.16 $27.43 $34.06
up to 65 $32.00 $36.48 $44.75
29 years old
Female 2 years $27.64 $33.05 $38.04
5 years $33.23 $39.22 $45.42
up to 65 $45.61 $52.20 $58.62
Male 2 years $20.59 $23.11 $29.55
5 years $24.32 $27.43 $34.39
up to 65 $32.57 $36.48 $45.09