We’re fortunate to have accident related disability cover in New Zealand but as most of us have found out the hard way, it only covers injuries, not illnesses, and it may not work as intended at claim time.
If you work for yourself or own a business in New Zealand, by default, you are cover under the default ACC contract called ACC CoverPlus. While this is certainly better than nothing, it can result difficult to on and create unexpectedly high ACC levies.
So, what's the alternative?
You now have the option of the alternative ACC contract called ACC CoverPlus Extra. This puts you in control of how ACC cover you have. To add another layer of financial protection and greater peace of mind, personal income protection should also be considered. This combination of covers allows you to protect your income from being unable to work due accidents, illnesses, and mental health issues.
There are other features of ACC Extra that when set up correctly, can help create significant and ongoing savings on ACC levies. Check out this article here for more information on how you can optimise your ACC cover.
It’s generally not a one size fits all scenario, but if you’re under the age of 52, a non-smoker and have no significant pre-existing medical conditions, t’s an option worth exploring. If you're looking for detailed and effective advice on how to ehance your ACC cover, feel free to make contact with us here.
While we’re home loan and insurance experts, our blog posts are for general information purposes only and are not intended as financial advice. If at any stage you need personalised advice, get in touch on 0800 346 765, or email finsol@finsol.co.nz.
