Compare Income Protection Insurance for 31-34 years old New Zealanders

Are you 31, 32, 33 or 34 years old?

Want to compare Income Protection Insurance for 31-34 years old in New Zealand? This article aims to provide you with a quick “cheat sheet”. This is a comparison of information which includes Income Protection Insurance premiums from three major insurance companies in New Zealand.

The overview is here for you to have an idea of how much

Income Cover can cost you and which insurance company offers the most comprehensive cover

Fidelity Income Protection Cover has a built in specified injury benefit

Base of Turoa ski-field in winter

 

Let me start by asking: are you someone who is very sporty, takes life as it comes and spend your winter time in Ruapehu skiing and summer somewhere in Woodhill at night time rides? If you answered yes – Fidelity Income Protection policy is for you. The reason for it is simple:

Fidelity Income Cover has a built in specified injury benefit. Which means that if you broke your arm or your leg you are going to receive an additional amount of money disregarding specified by your policy waiting period and most importantly it comes on the top of ACC payment you are in title to receive from ACC. Would you call it a truly good income protection? That is exactly what I think.

Specific Injury benefit:

  1. Fracture of skull, jaw – 30 days
  2. Fracture of forearm, collarbone – 30 days
  3. Fracture of wrist – 45 days
  4. Fracture of upper arm, shoulder bone, elbow – 60 days
  5. Fracture of vertebrae – 60 days
  6. Fracture of kneecap – 60 days
  7. Fracture of ankle, heel – 60 days
  8. Fracture of leg below the knee (tibia or fibula) – 60 days
  9. Fracture of leg above the knee (femur), pelvis – 90 days
  10. Loss of thumb and index finger of the same hand – 6 months
  11. Loss of one foot or one hand or sight in one eye – 12 months
  12. Loss of one leg or arm – 18 months

Loss of any combination of two of the following:

  1. a hand, a foot, sight in one eye –  24 months
  2. Loss of both feet or both hands or sight of both eyes – 24 months
  3. Paralysis (Diplegia, Hemiplegia, Paraplegia, Quadriplegia) – 60 months”

Income protection from Fidelity Life, Asteron Life & AMP

Personal Income protection quote

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Compare Income Protection Insurance for 31-34 years old

On the other hand if you want to have Income Protection Insurance from AMP or Asteron due to the fact that you want to be insured with one of the biggest in Australasia company (AMP) or you want to have something specifically for office workers (Asteron) – just let me know and I would provide you with the best Income Insurance policy in New Zealand. Your policy should address your personal needs, hobbies and your lifestyle.

In past it was not possible to have a policy which would take into account activities of your busy life but with current changes in the insurance industry due to the fact that so many young Kiwies demand the best Income Insurance you can do it.

The comparison table I have prepared for you is going to provide you with quick information about how much you are going to pay for your Income Protection Insurance and with different benefit terms. If you are 31, 32, 33 or 34 you should think of your Income Cover as if you getting from now till you are 65, which gives you the following view:

Benefit period Monthly premium
Fidelity Life Asteron Life AMP
31 years old
Female 2 years $28.20 $33.97 $40.17
5 years $34.56 $40.32 $47.62
up to 65 $48.36 $56.43 $60.27
Male 2 years $20.97 $23.11 $30.52
5 years $25.21 $27.43 $35.72
up to 65 $34.41 $38.39 $46.84
32 years old
Female 2 years $28.83 $34.43 $41.39
5 years $35.38 $41.90 $48.86
up to 65 $50.47 $59.46 $61.59
Male 2 years $21.39 $23.11 $31.16
5 years $25.75 $28.13 $36.37
up to 65 $35.81 $38.39 $47.83
33 years old
Female 2 years $29.33 $35.95 $42.61
5 years $36.33 $44.19 $50.13
up to 65 $52.66 $62.77 $63.58
Male 2 years $21.72 $23.81 $31.83
5 years $26.39 $29.26 $37.04
up to 65 $37.27 $41.56 $47.78
34 years old
Female 2 years $30.93 $37.88 $43.80
5 years $38.53 $46.56 $51.69
up to 65 $56.24 $66.19 $66.24
Male 2 years $22.78 $24.75 $32.76
5 years $27.86 $30.45 $38.03
up to 65 $39.66 $43.28 $47.76

You are 31 years old and you have Income Protection for $3,000. If you broke your spine while skiing and your Income Protection Insurance is structured with 13 weeks of waiting period – it means you are not going to get any money from AMP or Asteron policies for 13 weeks while Fidelity Income cover would provide you with two monthly payments. If your health situation become worse and you end up in the wheel chair, your Income Cover, after waiting period (which can be 2,4,8,13,26,52,104 weeks), is going to provide you with:

  • For 2 years – $72,000
  • For 5 years – $180,000
  • Till you are 65 years old – 1,224,000

If you are 32, insured for $3,000 till the age of 65 your income cover would provide you with $1,188,000

If you are 33, same as above insured for $3,000 till the age of 65 your income protection will pay you $1,152,000

If you are 34 today and your income cover is for $3,000 monthly benefit till you are 65 years old the policy will pay you $1,116,000

All the above examples do not use CPI or any other means of adjusting the policy. This is why it is important to understand the structure of your Income Protection policy.

If you have questions or would want to discuss your personal circumstances and put an income protection policy in place please call or email.

Please let me know what you think about “Compare Income Protection Insurance for 31-34 years old” what else is missing or what should be drilled in futher.

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Images:
“Turoa Base” by Pseudopanax Licensed under Public Domain via Wikimedia Commons.