Income protection

Income protection could pay you a monthly income if you're sick or injured and can’t work. And with regular money coming in, you can think about what’s best for your recovery. 

How Gold Disability Income Cover works

Gold Disability Income Cover could provide you with a regular income if you can’t work because of total or partial disability due to illness or injury. It can pay you a monthly benefit until you're fit to return to work or your benefit period expires.

When you apply, you can set it up the way you like:

 Umbrella Dollar
Choose how much cover you want

You can apply to cover up to 75% of your pre-tax income.  How much you receive depends on other income  such as ACC, Work & Income NZ or other insurance products.


Choose how long you want cover

You can choose a benefit period of 1 year, 3 years or 10 years; or until you’re 65.

Choose how long you wait for payment to begin

You decide when your payments start: 30, 60, 90, 180 or 365 days after you get sick or injured. The longer the waiting period, the lower your premium.


Other benefits of Income protection

Cover for reoccurrence

Your policy covers you if the same sickness or injury comes back. If the relapse is within six months there is no wait period for the benefit. The earlier claim will be treated as continuing and the claim periods will be added together for the purposes of any maximum benefit period.

Your premiums may be tax deductible

This is a ‘indemnity’/ ‘loss of earnings’ policy, so your premiums will usually be tax deductible.

Payments are adjusted for inflation

Monthly claim payments are automatically inflation-adjusted each year.

Your payments are taxable

Any benefits paid are usually treated as taxable income*.

Return to work on a partial benefit

If you return to work in a reduced capacity due be being disabled, and earn less than 75% of your usual income, you can apply for a partial disability benefit.

Healthy living discount

If you don’t smoke, we’ll give you a discount.

Continue your policy until you’re 65 years

You can automatically renew your policy each year until you’re 65 years - even if you make recurring claims.

Talk to a Westpac Insurance adviser today

Visit your local branch to talk an Adviser or call 0800 177 277 and we’ll help you organise an appointment when it suits you.
You also get our 30-Day free look. If you decide the cover is not for you during the free look period, let us know and we’ll refund any premiums you’ve paid.

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Life insurance

Westpac Gold Disability Income Cover is underwritten by Westpac Life-NZ-Limited (“Westpac Life”), which is a wholly owned subsidiary of Westpac Financial Services Group-NZ-Limited, which is a wholly owned subsidiary of Westpac Banking Corporation ABN 33 007 457 141, incorporated in Australia. Neither Westpac Banking Corporation nor Westpac New Zealand Limited (“Westpac”) guarantees the obligations of, or any products issued by Westpac Life. Westpac will receive commission payments as a result of the arrangement of Westpac Life insurance policies. For Westpac Life’s solvency margin please click here. For Westpac Life's financial strength rating please click here.

Terms, conditions, exclusions and limits apply to Westpac Gold Disability Income Cover. A policy document may be downloaded here as a PDF or obtained from any Westpac branch free of charge. The availability of any insurance cover is subject to the acceptance and approval of a completed application.

Any payment is subject to your claim being accepted.

Important things to know
Who can apply for this cover?

You need to be a permanent New Zealand resident and 18-60 years. You also must be self-employed, or working 30 hours or more a week and earning $30,000 (gross) or more per year.

How much could you receive?

The actual amount you receive depends on what you might also be getting from ACC, Work and Income NZ or other insurance products.

Payments are based on the lesser of your monthly benefit or your pre-tax income at the time of the disability. So it’s a good idea to regularly review your policy to make sure your monthly benefit keeps up with your income.

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.
Read your policy

You’ll find more details about your cover in your policy document including full details on exclusions and limits on cover. Do read it carefully, so you fully understand your cover.

See your Gold Disability Income Cover policy