Income protection insurance

If a serious illness or disability meant you couldn’t work for a while, how long could you and your family manage without your income? Gold Disability Income Cover can help you pay the bills and other expenses by providing you with regular income. 

It's for you if:

  • you want to make sure you continue to receive an income even if you have an accident or a serious illness
  • you're self employed; or you are employed, but don't have disability insurance through your workplace
  • you're a New Zealand resident.
  • you could receive up to 75% of your pre-tax monthly income, so you can maintain a good standard of living while you recover
  • once your application has been accepted, you have the right to renew your policy each year up to the age of 65 - even if you make recurring claims. This is an important benefit that gives you peace of mind knowing you’ll still have ongoing cover. To renew your policy, your premium payments must be up to date and you need to be earning an income
  • monthly claim payments will be automatically inflation-adjusted each year if you are disabled and unable to work. It’s like getting a salary increase each year
  • you won’t have to pay any premiums during the time you’re receiving claim payments, which is one less expense to manage
  • this policy is a ‘loss of earnings’ policy, so your premiums will usually be tax deductible*
  • if you have a relapse of your condition within six months of the earlier period of disability, your benefit can recommence again without a waiting period
  • if you return to work in a reduced capacity, and are earning less than 75% of your usual income, you can apply for a partial disability benefit
  • we have discounts for non smokers


How does it work?

To get our Gold Disability Income Cover you need to be:

  • between 18 and 60 years old (inclusive)
  • either self employed or working at least 30 hours per week
  • earning at least $30,000 (gross) per year

You can apply to insure up to 75% of your earned monthly income (before tax).

If illness or an accident leaves you totally disabled and unable to work, your policy could pay out a monthly claim payment until you return to work or for the full nominated benefit period.

Choose one of the four benefit period options

The benefit period is the length of time a benefit will be paid. You can choose from 1, 3 or 10 years, or until you reach 65 years old. If you select a lower benefit period, your premiums will be lower. On the other hand, the advantage of a benefit period until you are 65 years old is that if you suffer a long-term illness, you’ll get long-term support.

Choose a waiting period to suit you

The waiting period is the time you wait after becoming disabled, before your claim payments start. You can choose 30, 60, 90, 180 or 365 days. The longer the waiting period, the lower your premiums.

Benefit payment period

Payments will be made until either:

  • you’re fit to return to work,
  • the benefit period expires or
  • you die

What isn’t covered?

Income protection insurance does not cover any disability caused as a result of:

  • deliberate self inflicted injury or suicide attempt
  • pregnancy or childbirth
  • a criminal act
  • military service
  • taking of drugs except those prescribed under medical supervision

How much could you receive?

The actual amount you receive depends on the entitlements you receive from ACC, Work and Income NZ or other insurance products. For example, if you’re entitled to 80% of your usual income from ACC, you won’t get a benefit under this policy.

Remember that ACC doesn’t cover illnesses like cancer or heart disease.

If you have any investment income you will need to declare that at the time of application.

Full terms, conditions and exclusions can be found in the policy document at any Westpac branch

Apply now

To apply for Gold Disability Income Cover, pop into your nearest Westpac branch or call 0800 400 600 to make an appointment to see a Westpac Adviser. 

30-day free look

You’re entitled to a free look period of 30 days from the date we receive your application.

If you decide the cover is not for you during the free look period, then please advise Westpac Life in writing (PO Box 27031, Wellington) and we’ll refund any premiums you’ve paid.