Gold Disability Income Cover.
It’s important to note that new policies for Gold Disability Income Cover are no longer being issued. If you’re an existing Gold Disability Income Cover policy holder, you can make changes e.g. decrease or increase your amount of cover or change your occupation. However, if you cancel your cover or the premium for the cover is not paid, you won’t be able to reinstate it.
The information below is provided to help existing Gold Disability Income policy holders understand their cover and assess whether it’s still right for them. Exclusions and limits apply – see the details under “What’s not covered” below or find more information in your Gold Disability Income Cover policy.
How it 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.
Cover for reoccurrence
Your policy covers you if the same sickness or injury comes back. If the relapse is within six months there's 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 an ‘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 income1.
Return to work on a partial benefit
If you return to work in a reduced capacity due to being disabled, and earn less than 75% of your usual income, you can apply for a partial disability benefit.
No matter where you are in the world at the time of claim, you are covered. However, medical attention must be provided by a medical professional who is suitably qualified and acceptable to Fidelity Insurance Limited.
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.
Make a claim.
Things you should know.
1. The information provided is intended for general tax information purposes only and does not constitute tax advice. It is based on our current understanding of the New Zealand tax treatment as at February 2021. Taxation legislation, its interpretation and the rates and bases of taxation may change. If you have any questions as to the tax treatment in your particular circumstances, you should seek independent professional advice.
Westpac life insurance products are arranged by Westpac New Zealand Limited ("Westpac") and underwritten by Fidelity Insurance Limited (“Fidelity Insurance”). None of Westpac Banking Corporation ABN 33 007 457 141 (incorporated in Australia), Westpac, or any member of the Westpac group of companies guarantee the obligations of, or any products issued by, Fidelity Insurance or any member of the Fidelity group of companies. Westpac will receive commission payments as a result of the arrangement of Fidelity Insurance policies. See Fidelity Insurance’s Solvency margin. See Fidelity Insurance's Financial Strength Rating.
Terms, conditions, exclusions and limits apply to 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 claim payment is subject to your claim being accepted.