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Income protection

If you're unable to work for an extended period due to injury or illness, having income protection means you could still have monthly payments coming in to cover your regular ongoing financial commitments. Income protection insurance also provides optional cover for redundancy.

What's included Make a claim

Key benefits of ASB Income Protection

  • We'll work closely with you to consider what treatment, rehabilitation or practical support could assist your recovery further.

  • Access to partial payments as you return to full-time work.

  • You can also add-on Redundancy Cover, so if you are made redundant, you’ll be covered with monthly payments for up to six months.

  • Suspend your cover for up to 12 months if you go on parental or unpaid leave.

Get rewards and discounts for health and wellbeing choices with AIA Vitality and ASB Insurance

When you take out an eligible insurance policy with ASB you can join AIA Vitality - the science backed health and wellbeing programme that rewards your healthy choices.

  • Earn an Apple Watch Series 9 GPS, 41mm (RRP $749) in full by reaching your weekly Physical Activity targets for 24 months.*
  • Join Les Mills for free and save up to 50% on a membership (discount + cashback) & enjoy discounts from other leading brands.
  • When you join AIA Vitality you receive an initial 10% premium discount on your eligible insurance policies.

Already have life and income insurance with us? Call us on 0800 200 252 to join AIA Vitality.

*AIA Vitality is available with eligible ASB Insurance policies and has a monthly membership fee of $11.50 (including GST). Apple Watch Series 9 requires iPhone Xs or later with iOS 17 or later.

Why ASB?

Partnership with AIA

Harnessing the global expertise of AIA - our underwriter, to help you get comprehensive protection sorted.

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Personalised advice

Our team of local ASB insurance advisers help review your needs, tailoring a solution with you.

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Multi-benefit discount

Save up to 15% off your premiums when you take out multiple eligible policies.

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What's included?

Income protection insurance takes care of you and your family if you become unable to work due to an accident, illness or injury. Income protection insurance pays you monthly payments to help account for lost income and assist with expenses and other financial commitments as you recover from your illness or injury. 

Income Protection

Income Protection provides a monthly payment to replace a portion of your income if you have an illness or injury and are unable to work. You have three options to choose from in this category: Agreed Value, Indemnity or Loss of Earnings.

Mortgage and Income Protection

This cover provides a monthly payment to replace your mortgage or rent payments, should you suffer an illness or injury and are unable to work. Mortgage and Income Protection doesn't have ACC offsets. This means in case of an accident, anything paid by ACC to compensate your income will not be deducted from your Mortgage and Income Protection benefit payments. 

Total Disability Income Benefit

You will receive a monthly benefit payment less offsets monthly in advance from the end of the waiting period and until you are no longer totally disabled or the benefit or cover term ends.

Partial Disability Income Benefit

You will be paid a benefit monthly in arrears if you become partially disabled.

Partial Disability Bridging Benefit

If you move from a total to partial disability benefit, this pays a lump sum equal to one third of the final monthly total disability benefit to help cover costs during the transition period.

Enhanced Partial Disability Benefit

If you have Income Protection, when you move from being totally disabled to partially disabled you can receive a monthly top-up payment of either 25% of the Partial Disability Income Benefit (or one twelfth of the benefit amount less the PDIB, whichever is lower, for up to 12 months while on claim). Not available with Mortgage and Income Protection policies.

Rehabilitation and Support

One of AIA's dedicated case managers will work with you to understand your personal situation and will consider what assistance could aid your return to work or improve your capacity to work.

Recurrent Disablement Benefit

The waiting period will be waived if you become disabled again and it's caused by the same or a related illness or injury. This is subject to AIA's opinion after considering the advice of a registered medical practitioner and other relevant information.

Vocational Assistance

This benefit is for the cost of a vocational assistance programme approved in advance by AIA if you're unlikely to return to your pre-disability occupation.

Home Modification and Equipment Expense Benefit

AIA may agree to pay you an additional lump sum payment of up to 12 times the monthly benefit amount to cover costs of buying specialised equipment or completing home alterations because of your total disability.

Bed Confinement Benefit

If during the waiting period you are confined to bed under fulltime care for more than three days and are in an occupation class other than five, AIA will pay a daily Bed Confinement Benefit.

Future Insurability

You can apply to increase your sum assured at every third policy anniversary without providing any further medical information. Limits and conditions apply and every increase in cover will result in an increase in premium. Not available with Mortgage and Income Protection policies.

Back to Work Payment

If you can return to work between 12 and 24 months after claiming we will pay you a lump-sum payment equivalent to three times your monthly benefit.

Pregnancy Premium Waiver

AIA will waive the premium for six consecutive months at any stage between the second trimester and six months after your pregnancy finishes. You can claim during this period.

Waiting Period Reduction Benefit

If you have a waiting period of 26, 52 or 104 weeks, you can reduce this waiting period, without providing any further medical evidence, if your Business Overheads, Business Continuity, Locum Cover or Rural Continuity is cancelled due to the life assured no longer being actively involved in the business or the business is sold or the business is no longer actively trading.

Concurrent Waiting Period Benefit

If the life assured is disabled and able to receive a benefit under this policy, and you also hold Business Overheads, Business Protection, Locum Cover or Rural Disability Insurance, then the waiting periods applicable to the life assured under each policy will be served concurrently from the disablement date.

Return Home Benefit

If you're outside New Zealand and suffer a total disability for the first time, you could access up to $10,000 towards the cost for you and a support person to return home.

Home Care Benefit

Provides an additional benefit payment to cover the services of a carer for up to 6 months. This benefit is paid in arrears and to the person providing the care.

Childcare Support Benefit

You could be entitled to reimbursement of the costs for additional childcare that you may need while you are totally or partially disabled for dependent child(ren) who are under the age of 14 years old.

Property Special Event Facility

If you have Mortgage and Income Protection you may choose to increase the sum assured if there has been one of the following events: an increase to an existing mortgage, the purchase of a new home, the purchase of a holiday home or the purchase of a bare block of land zoned as residential.

Waiver of Premium

We will waive your premium payments, while your insurance remains in place when you are unable to work due to total disability. This benefit is compulsory when taking out any personal disability income policy and you'll incur an additional cost.

Suspension of Cover Benefit

The flexibility to suspend your cover for up to 12 months, without medical evidence if you meet the following conditions: take parental leave, take leave without pay for any reason, get made redundant, become unemployed, experience at least a 20% reduction in pay (comparing the most recent payslip against a previous payslip from the same year), or are self-employed and experience a 30% reduction in revenue (by comparing one month's revenue against the same month for the previous year). No benefits will be payable for any claim event which occurs during this suspension period.

Get started today

Talk to one of our advisers who can help you put together a life insurance plan that will best suit you and your situation.

Get in touch through our online enquiry form and we'll call you back at a time that suits you.

Enquire now

Call us on 0800 200 252 between 8:00am - 6:30pm Monday to Friday. 8:30am - 5:00pm Saturday.

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Our qualified insurance advisers will help you mix and match the best insurance options to suit your needs

As a trusted life and income insurance provider, we have a team of qualified insurance advisers who can provide you with guidance and advice that's specific to your needs.

Having this guidance means ASB's Lifestyle Security Plan will be tailored to your situation, with a combination of solutions to get the life insurance cover you and your loved ones need.

Life insurance

Life insurance protects your loved ones' future by providing them with a lump sum payment if you are diagnosed as terminally ill or pass away. Making sure they can invest in your children's education, put food on the table and pay the bills.

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Income protection

If you can't work due to sickness or injury, you could still have a monthly payment coming in, so you can continue with your life even though you're not earning.

You can also get optional cover for redundancy.

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Trauma cover

Our critical conditions benefit can help ease the burden on your family at a difficult time. If you suffer from one of the specified conditions defined within the policy, you can access a lump-sum payment to use however you need.

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Total permanent disability

If you become seriously ill or injured and are unable to work again, Total permanent disability cover can help take the financial pressure off by providing a lump sum payment to ensure you and your family are taken care of.

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Health insurance

Health insurance covers you for a range of situations to help you easily manage unexpected medical bills. Medical conditions can be treated promptly, at a convenient time and location, and with your choice of medical provider.

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Get a tailored quote for your needs.

The availability of insurance cover is subject to your application being approved. All applications are subject to individual consideration. Special conditions, exclusions or premiums loadings may apply. An excess may apply for health insurance policies. For full details refer to the policy document which is available on request from ASB Bank Limited. This insurance is underwritten by AIA New Zealand Limited ("AIA").