Income protection
Financial protection if you can’t work due to long-term illness or injury.
- Cover your loss of personal income if you’re disabled and unable to work
- Choose indemnity cover or agreed value cover to suit your requirements
- Choose to also cover the fixed running costs of your business, if you’re unable to work, by adding business expenses cover to your plan
More detail
Long-term illness or injury can have a devastating affect in many ways, including a loss of income. When you’re in business it makes sense to protect yourself from the financial impacts of no longer being able to work. Using the range of options available through AXA income protection insurance1, we can tailor a solution to suit you and your business.
Loss of personal income cover
If you suffer a long-term illness or injury, AXA income protection insurance1 can help you and your loved ones to pay the bills and minimise the impact on your way of life, until you’re able to earn again.
Indemnity or agreed-value benefit options
You can choose a benefit option to suit your requirements. They both apply if you’re unable to work more than 10 hours a week because of long-term illness or disability.
- Indemnity - you’ll receive up to 75% of your pre-disability average weekly income, as it’s defined in the policy
- Agreed value - we’ll pay up to 55% of your pre-disability average weekly income and the sum insured is assessed and agreed at the time you applied for income protection
Business expenses cover
You can also choose to cover the fixed running costs of your business (or the cost of engaging a locum to keep your business running) so you can count on it being there for when you recover.
Waiting period options
You decide how soon after you’re totally disabled you want your benefit payments to start. You can choose from as little as two weeks, right up to a maximum of 104 weeks. The longer you wait, the lower the premium.
Benefit payment period options
You also choose the maximum time for which you’ll receive benefit payments. The shorter the time, the lower the premium. Choose between two years (ceasing at age 65), five years (ceasing at age 65), or up to age 65.
Premium payment options
Choose the frequency of your premium payments to suit your cash flow – weekly, fortnightly, monthly, quarterly or annually.
Guaranteed renewal
With AXA income protection insurance1, its reassuring to know your policy is guaranteed to renew each year until its expiry date, provided the premiums are paid. It doesn’t matter how many claims you make and if your health or occupation changes your policy can still be renewed.
Did you know?
Two out of every three people will suffer an illness or injury during their working life that will cause them to be off work for at least three months. ACC only covers accidents; many more people are off work because of illnesses than accidents
