ACC has a couple of charming little lost earnings compensation insurance policies available to self employed people. Now the names of these policies alone will not excite you but here is a little run down on the differences & benefits behind ACC CoverPlus (CPlus), WorkPlace and ACC CoverPlus Extra (CPX)….. yep, there’s ‘extra’.
Essentially the ‘extra’ in CPX means that:
· You can negotiate a prearranged cover amount rather than the plain old 80% of your income – which could change from year to year incidentally
· This amount is set and can not be changed…wahooo!
· Cover is tailored to meet the individuals needs within a partnership
· Once agreed the sum insured is guaranteed and is paid regardless of ongoing earnings or comparisons of earnings in different years. There is no requirement to prove a financial loss….phew, nice and simple.
· ACC continue to pay 100% until you are declared fit to get back to work.
· If you are newly self-employed the level of cover can be based on future contracts that indicate guaranteed income or a cheeky ACC formula
· Whichever option you choose, ACC will provide assistance with treatment and rehabilitation costs.
All in all, this is boring but a pretty essential conversation and consideration to make. We have insurance experts and advisors on hand that we can introduce you to if you would like, just drop us a line