Redundancy Protection

Frequently Asked Questions

Find answers to common Redundancy Protection  questions below.

If you can’t find an answer to your questions, please Contact Us and an expert adviser will reach out.

We charge no fees to you for our service. We receive our compensation from the insurance provider only after we have successfully helped you secure cover that meets your insurance goals.

The cost of income protection can vary a lot depending on your health, occupation, income, and options chosen, including the wait period (how long before payment kicks in) and benefit/payment period (how long it can pay for). It’s advisable to speak with an adviser to help you find the option most suitable for you.

This is something you chose when applying for the cover, and is usually called the “benefit” or “payment” period. These are typically 2 years, 5 years, or until age 65. Your payments will end either when you are fit to return to work, or once you’ve hit the end of this benefit period. It’s important to get this right, to ensure a balance of affordable premiums and sufficient cover.

Income Protection covers any illness or injury that leaves you unable to work. It does not cover redundancy, which is a separate, optional add on.

Both Income and Mortgage Protection pay out if you are unable to work due to illness and injury (and some may have the option to add a redundancy cover as well) and are designed to protect your and your loved ones’ lifestyle, by ensuring your income continues even if you are unable to work.
 
Where they differ is how they work with tax, offsets (other income such as reduced hours or ACC), if you need to prove your income at claim time, and the amount of cover you can have. Talk to one of our friendly advisers to find out which one is best for you.

Redundancy cover will pay out a pre-agreed amount if you are made redundant, usually for a maximum of 6 months. Some policies kick in straight away, and others you won’t receive the first payment for up to 8 weeks. Redundancy cover can be expensive, and the benefits vary greatly across different Insurance Companies, and certainly isn’t worth it for everyone. For certain occupations and industries, it can be worthwhile peace of mind.

Yes, mental health is one of the most claimed conditions under Income Protection.

Yes! Although what options are available, and which is the best fit for you can vary depending on your employment status.

The amount of cover you need will depend on your income, lifestyle, financial obligations, and dependants. It’s a good idea to discuss this with a financial adviser to ensure you get this right and aren’t left with a shortfall at claim time.

Income protection is designed to cover loss of income when you are unable to work due to illness or injury, and some policies also give you the option to add cover for redundancy. They will not cover getting fired.

If you’ve been hit with an illness or injury leaving you unable to perform your work duties, it might be time to lodge a claim on your income protection policy. In general, you’ll need to lodge a claim and provide medical evidence that you’re unfit for work for longer than your specified wait period. Your adviser can help you through this.

While you don’t need to have it, it is strongly advised. Ask yourself – if my income stopped coming in tomorrow, how long could we continue to meet our mortgage repayments, as well as all of our other living costs? Income & Mortgage Protection gives you peace of mind that you will always be able to meet these commitments, and provide for those around you.

Yes, your Income Protection policy will have a pre-agreed waiting period. This waiting period starts from the date you were unable to work, so any sick leave or annual leave entitlements can help bridge this gap.

For most people, their ability to work and earn an income is their most valuable asset. Income & Mortgage Protection, both pay out in the event you are unable to work due to illness or injury. Unlike redundancy, where you may be able to jump straight into a different job, in this case, you have no choice, and will experience a significant loss of income until you’re fit to return. It’s designed to ensure you have the peace of mind that even if you suffer from an illness or injury, you still have income coming in to provide for your lifestyle, and for those dependent on you.

This all depends on the type of Income Protection you have, and it’s important to get advice on the pros and cons, and which one is right for you. Generally speaking, if the policy is taxable at claim time, you are also able to claim back a portion of the premiums against your tax return (even if you’re an employee). Other policies are not taxable at claim time, giving you greater certainty around what you’ll be getting paid on a claim, but you also can’t claim back any of the premiums.

Yes, cancer is one of the most claimed conditions across all policies.

Yes, although the total monthly sum of the two cannot be higher than 75% of your pre-tax income. Sometimes people will have two policies, will different wait periods. You may be comfortable with a smaller amount coming in for short-term illness/injury, but if it is longer, you may require more support. This can also be a good way to keep your premiums more affordable.

The journey to find the best Redundancy Protection plan is too complex to do on your own.

Follow a simple process, guided by our partner team of expert insurance advisers,
and as a result, you’ll get the cover you need that fits your personal circumstances.

The best part? Our entire service comes at no cost to you.

We receive our compensation from the insurance provider only after we have successfully helped you secure cover that meets your Redundancy Protection goals.

Furthermore, our commitment doesn’t end there. Our partners continue to provide ongoing advice and support, assisting you with any claims to ensure you receive the benefits you deserve.

Choose the Right Redundancy Protection in 3 Easy Steps:

Tell Us What You Need

Complete a brief form, specifying the personal insurance products you're looking for, your contact details, and the ideal time for us to get in touch.

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A friendly adviser will call you to kickstart a simple and easy journey, and provide you with quotes and advice. Feel free to ask anything, anytime.

Make an Informed Decision​

Equipped with personalised advice and competitive quotes, you can confidently choose the best insurance plan from the right provider at the right price to match your situation and goals.

Getting insured shouldn’t be so complex

Finding the right Redundancy Protection information to compare providers, understand their policies,and receive personalised quotes should be a breeze and easy to grasp.

Tackling Redundancy Protection research by yourself can be overwhelming. Trying to choose the perfect package among countless providers can make your head spin.

GetInsured.co.nz was set up to offer Kiwis an easy solution to connect with their friendly advisers – allowing you to get all the advice on Redundancy Protection and personalised quotes you need with no hidden costs and obligations.

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Researching Redundancy Protection on your own is a daunting task. Let’s make it simple and do it together.

GetInsured.co.nz works with New Zealand’s leading financial advice providers, to help Kiwis easily access up-to-date Redundancy Protection advice and empower them to make informed decisions and get the cover they need to protect their assets, families and lifestyles.

At the start of the process, all our clients generally feel the same. They say that becoming informed on Redundancy Protection can be complex and time-consuming. They think that it’s difficult to get the cover they need to match their personal situation.

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Ask any question you want, at any time you want, and your adviser will explain all aspects of what you need to know so you can confidently make an informed insurance decision.

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