Premium Styles
Stepped and level premiums are available.
Eligible Age
You can take out Rural Income Protection up to age 55. Once insured, protection can be renewed up to age 65. If you are outside these standard ages you will be considered on an individual basis.
Waiver of Premium Benefit
If you are receiving the Total Disability Benefit, Recovery Benefit or Partial Disability Benefit, any premiums that become payable on your Risk Protection Plan while you are receiving these benefits will be waived (including premiums for your Risk Protection Plan Life or Trauma or Total and Permanent Disablement cover).
Qualifying Period
You decide how soon after you’re Totally Disabled you want your benefit payments to start. You can choose a Qualifying Period from as little as two weeks, right up to a maximum of 104 weeks. The longer the Qualifying Period, the lower the Premium You can also have a portion of your Weekly Benefit payable after a later Qualifying Period. By delaying the payment of a portion of your Benefit, you can lower the premium.
Benefit Period
You can choose the maximum period of time for which you could receive benefit payments:
• two years to age 65 (whichever is sooner); or
• five years to age 65 (whichever is sooner); or
• to age 65
The shorter your Benefit Period, the lower the premium
Guaranteed Renewability
We guarantee to renew your Rural Income Protection each year, provided the premiums are paid, until the expiry date, regardless of the number of claims you’ve made or any changes in your health or occupation.
AIDS Cover
Rural Income Protection covers you for total disability caused by or related to AIDS, HIV infection or AIDS-related conditions
Tax Deductibility
Under current tax legislation the premium paid for Rural Income Protection – Agreed Value is not tax deductible. Most of the payments you receive are not assessable as income. Tax Legislation may change in the future. For more information speak to your Tax Advisor.
Worldwide Cover
Rural Income Protection includes Worldwide Cover which applies 24 hours a day, with no time limit on the absence from New Zealand. Should a period of Total Disability commence while overseas, it may be necessary for you to return to New Zealand if claims payments are to extend past six months.
