ACC cover plus extra explained
ACC now offers ACC cover plus extra, which gives self employed people more choice when it comes to the amount of income cover required for accidents. New Zealanders have accident income cover to the value of 80% of their pre disability income. A lot of self employed people paying ACC levies probably do not realize that they would have to prove their income at the time of claim. The last full financial year end income is generally the accepted evidence of this. Of course some us may find that when we are ill, the years leading up to discontinuing work will naturally show lower earnings.
No Proof of income required at the time of claim
A great feature of the ACC cover plus extra is that you do not have to prove your income at the time of claim. You agree on an amount upfront and pay levies for only what you will be entitled to claim.
The work involved in setting this up right can be invaluable when and if the worst should happen. The best place to set this up correctly is through a reputable insurance broker and or accountant.
Choose the levy you want to pay
It is nice to know that with ACC, we are covered for accidents, but statistically we are more likely to suffer from a critical illness. "ACC cover plus extra" does allow you to lower your levy and spend that money on private income cover, which covers both scenarios (accidents/illness).
211,100 people were disabled due to disease or illness in 2006 (NZ stats 2006). This is a whopping 37% of the total disabled people and a lot more than the 29% which was due to accident. If you are considering looking into lower levies make sure that you understand the level of cover a private insurance company will be able to offer first. A company offering illness cover will usually underwrite the cover, meaning health questions and or medical tests will be required.
Another point to note is that ACC cover does provide accidental life cover of approx 50% of pre disability income for the surviving partner for a maximum of 5 years and approx 20% for any children until the age of 18.
Before making any move in lowering your ACC premiums you should ask an insurance advisor to prepare a side by side comparison of the pros and cons of replacing this with private income cover.
From initial consultation, the service we provide is tailored to your individual needs and we will recommend the most effective and appropriate service for you and your budget. All our quotations and advice are free of charge with a no hassle, no obligation site visit. We do not employ sales personnel.
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