Partners Life has launched a campaign to raise awareness of income protection insurance. The firm says it is reacting to FSC data showing just 20% of New Zealanders are covered for loss of income due to sickness or disability.
“Income protection insurance is an often-over-looked product, but it’s quite possibly one of the most important types of cover anyone can have,” states the firm.
According to the FSC, 8 in 10 Kiwis would struggle to support their children and partners should they suffer a serious injury that results in permanent disability; and they would face financial difficulties if faced with trauma or critical illness that left them unable to earn a living.
Partners Life states that the government’s ACC scheme frequently falls short of people’s expectations.
“ACC doesn’t cover all the costs that might result from an injury, or any of the costs associated with illnesses such as cancer, stroke, heart attack, to name but a few,” says the firm.
“Behind the humour of Partners Life’s commercial stands a very serious point. Without income protection, you could stand to lose a lot. Including your house.”