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FSC launches income protection information

A new website promoting income protection insurance has been launched.

Thursday, May 19th 2016, 2:47PM

The Financial Services Council (FSC) last year signalled its plans for mindthegap.co.nz.

It announced today that the site, an e-booklet and a YouTube channel had gone live.

FSC-funded research revealed almost half (47%) of employed 18-64 year olds could not survive for more than a month after using up their sickness and annual leave.

The FSC’s research showed only 26% of households have someone with income protection insurance. But about 80% of households have a vehicle insured, 70% have home and contents coverage and 60% have their homes insured.

The website features short video stories of three New Zealanders – Auckland public relations practitioner Lisa Finucane, Maketu teacher Rukingi Haupapa and Blenheim financial consultant and mother Karen Thorner-Ross – who benefited from income protection insurance when illness prevented them from working.

FSC executive director Owen Gill said income protection insurance could be affordable especially if the wait period was extended to three months or more and the benefit limited to meet a family’s essential needs. A table on the website shows typical policy premiums for men and women of various income levels, ages, wait periods and occupation risk categories.

“Income protection insurance helps you pay your mortgage, your household bills, your kids’ school fees – and can keep a good standard of living if you’re too ill to work. You can structure your policy to meet your needs," he said.

“We hope the launch of these resources will get families thinking and talking about how they can protect the financial security of families when a main earner has a long term illness that prevents employment.”

Tags: FSC Income Protection

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