Protect Your Income with ACC CoverPlus and CoverPlus Extra (CPX) Insurance
If you’re self-employed or a contractor, New Zealand's Accident Compensation Corporation (ACC) offers essential cover for injuries. However, standard cover might not fully cover the full potential loss of your income if you have an accident or injury.
AdviceHQ can help you understand your options and choose the right ACC insurance for your situation.
Explaining ACC CoverPlus and CoverPlus Extra (CPX)
ACC CoverPlus
ACC Cover Plus?
CoverPlus Extra (CPX) is an option that lets you choose how much of your income you want covered if you have an accident and can’t work. ACC will pay compensation based on your cover amount and option.
This could suit you if you:
- Have fluctuating yearly or seasonal income, as you’ll know exactly how much ACC will pay.
- Want to choose how much you’re covered for.
- Are newly self-employed with no earnings history and want assurance about your cover.
Benefits of ACC CoverPlus
- No surprises at invoice time. Your levy invoices are predictable, as they’re calculated by using the cover amount agreed with ACC.
- CPX covers injuries that happen anywhere: at home, on the road, or even during sports. Like ACC’s standard cover, the injury that leads to time off work doesn’t have to be work-related.
- You know exactly how much you’ll receive in weekly compensation if you get injured.
While standard cover is valuable, the income replacement portion might not be enough for everyone. ACC Cover Plus offers an optional top-up for those who are self-employed, as well as non-PAYE shareholder-employees.
- ACC Cover Plus offers:
Increased income protection: You can choose a cover amount that reflects your income needs. ACC Cover Plus can replace up to 80% of your earnings while you recover. - Greater control: With ACC Cover Plus, you have more control over your levies (payments) based on your chosen cover amount.
- Cover options: You can choose up to 100% of the agreed cover, less tax. You can also pay a lower levy for lower compensation as you return to part-time work.
Trust Our Advice About Your ACC Cover
AdviceHQ’s financial advisors can help you navigate the ACC cover options and determine which one is right for you. We’ll consider your income, risk tolerance, and overall financial situation, so you can make an informed decision.
Contact us today to schedule a chat and find out more about protecting your income with ACC CoverPlus.
