The Self Employed Tradie's Secret to Private Income Protection

Securing Your Livelihood with Smart Insurance Choices

As a hardworking tradesmen, your ability to earn is your greatest asset. But what happens if injury or illness puts you out of work? That's where income protection comes in. In New Zealand we're fortunate enough to have ACC but depending on your situation you could be a lot better protected. Let's dive into why it's crucial for tradies and why consulting with a Financial Adviser that understands ACC and Cover Plus Extra (CPX) is your smartest move.

What is Income Protection?

Private Income protection, offers financial support if you're unable to work due to illness or injury and provide compensation for either two years, five years or even past the age of 70. Unlike ACC, which covers only accidents and injuries, private income protection covers a broader range, including illnesses and injuries outside of work so it makes more sense to be protected for more, if it's more affordable. You also gain access to protection around mental health which is something th

Private Income Protection: Enhanced Protection and Benefits

Private income protection offers comprehensive coverage beyond ACC, providing additional benefits that can be invaluable in the event of a claim. Certain providers include built-in benefits like rehabilitation support, partial disability benefits, and even cover for non-accidental conditions such as illnesses or injuries outside of work. By replacing ACC with private cover, you not only expand your protection but also gain peace of mind knowing you're covered in various scenarios. Speaking with an adviser is crucial to understanding the specific benefits and options available to tailor a plan that suits your needs.

Why Consult with an Adviser?

An adviser can simplify the process by assessing your unique circumstances, explaining available options, and guiding you towards the right policy. For self-employed individuals facing high ACC levies, a knowledgeable adviser can explain the benefits of restructuring through Cover Plus Extra. This restructuring can optimise your coverage, potentially reducing costs while ensuring comprehensive protection for both accidents and illnesses. Don't navigate insurance alone—lean on an adviser to protect your income and secure your future effectively.

Start Early: A Message for the Younger Generation

For young Tradies, now is the time to learn about income protection. Accidents and illnesses can happen unexpectedly. By getting coverage early, you lock in lower premiums and ensure long-term financial security in certain situations it can be cheaper than your current ACC Levy.