For the same cost as your ACC levies, often an ACC and insurance based product can offer you both an accidental and illness cover solution.
Advanced Financial Solutions will advise you on the benefits of ACC’s products Cover Plus, Workplace Cover and Coverplus Extra.
If you are self employed or a non-PAYE shareholder employee, there are various options available to upgrade your cover to Cover Plus Extra.
We can also help you minimise your outgoings through better management of your levies. Some solutions to help you are:
Refund of over-payments
Health & safety discounts
Cover Plus Extra has many advantages over Cover Plus which include:
It is an agreed amount that you are paid so you do not have to prove your loss if you make a claim. Proving your loss can be difficult and often involves getting up-to-date accounts prepared by your accountant (which is expensive).
You can (to a certain extent) choose how much money you want. The range is 40% to 120% of your taxable income. This means that you can select to take a lower benefit and use the savings for private income protection insurance (which covers illness as well as accident), or if you are income splitting to reduce taxable income, increase your ACC cover.
ACC Cover Plus and Cover Plus Extra also include some life insurance for death by accident (fatal entitlements). If you elect to use Cover Plus Extra to reduce your ACC levies, you will also reduce your life insurance entitlement. You will therefore need to consider increasing your personal cover which includes death by any cause, not just death by accident.
What are the benefits of ACC CoverPlus Extra?
You can tailor the level of cover for lost earnings to suit your own personal circumstances, subject to ACC underwriting. If you make a claim, there is no need to prove your earnings, as the weekly compensation has already been agreed. This means that you may receive your weekly compensation quicker.
You will receive 100% of the amount of the agreed lost earnings compensation until you are fit for full-time work.
What is the difference between ACC CoverPlus and ACC CoverPlus Extra?
The key difference is the amount of lost earnings compensation you receive. With ACC CoverPlus Extra you get 100% of the amount you negotiate. Because you have agreed cover, you may begin receiving compensation more quickly.