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ACC Cover Plus or Cover Plus Extra
What are you paying for?
Most business owners and self employed people are automatically put on ACC Cover Plus. But it's not always the best cover. There is an alternative: Cover Plus Extra. But you have to know about it and apply for it-that's where we can help.
We'll work with you to determine the best mix of ACC and Income Protection. Often, we can reduce your ACC levies, make sure you receive full cover for accident AND illness, and still save you money!
Cover Plus is NOT guaranteed. If you are injured, it pays 80% of your income based on the 12 months before your accident, and you have to prove a loss. That means, if you have staff working and generating income for your business while you're injured, ACC might not pay!
Cover Plus Extra pays even if staff continue to work and generate income for your company. It's an Agreed Value product where you choose the amount you pay levies on and ACC pay the agreed amount no matter what you earned in the 12 months prior to your accident, but it only covers accident. We create a plan for you to cover accident and illness as well as saving you money on ACC levies.
Example:
Joe is a builder with a taxable income of $100,000/year.
Cover Plus
- Joe pays $6,500 per year in ACC Levies.
- Plus $4,800 per year for Income Protection and Life Insurance.
- Joe pays: $11,300/year
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Cover Plus Extra (at 40% of Joe's taxable income)
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Joe pays $3,800 per year in ACC Levies.
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We increased Joe's Income Protection insurance, adding Medical Coverage for his family and Trauma Cover as well.
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Joe pays: $9,000 per year in total
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Joe saves: $2,300 per year |
And Joe now knows that he and his family are fully insured! |
