How could income protection insurance help me?
Income protection insurance could provide you with a monthly payment to help pay the bills while you are Totally Disabled and unable to work* for an extended period of time because of injury, accident or illness.
It also helps you to:
- continue to meet your monthly expenses and put bread on the table;
- financially support your loved ones (This might be particularly important in single income families where someone is a stay-at-home parent looking after your little maestros);
Save or pay off the mortgage?
Now that you’re in your new home and paying off the mortgage, you might start thinking about your longer-term financial goals.
One of the questions many first-time homebuyers ask is whether it is better to start saving or pay off the mortgage as quickly as possible. Is it possible to get your savings going at the same time as you’re paying back debt on the mortgage, or is it better to focus on repaying the home loan quicker?
There is no magic formula - the answer depends on your own individual circumstances. An Adviser can help you decide what’s best for you.
If you used your KiwiSaver savings to buy your first home and are a member of the AMP KiwiSaver Scheme, it might be time to look again at your fund choices. When you were saving for your first home, a more conservative fund with stable, modest returns would likely have made more sense.
Now you’re in your first home and planning for the future, depending on your age and personal circumstances growth funds may be a better fit for you as your save for retirement. Talk to an Adviser about your AMP KiwiSaver Scheme fund choices and how to maximise your savings for retirement.
* ‘Unable to work’ means not being able to perform your usual occupation for more than 10 hours per week. Different criteria may apply during waiting periods and after specified periods on claim.
Important informationShow more
The content on the First Home Hub is for information only. The information is of a general nature and does not constitute personalised advice. To the extent that any of the above content constitutes financial advice, it is class advice only. Before taking any action, you should always seek financial advice or other professional advice relevant to your personal circumstances. While care has been taken to supply information on this website that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission.
Terms, conditions, criteria, definitions and exclusions apply as set out in the relevant policy document and schedule for the specific insurance products. In addition, waiting periods, qualifying periods, no claims periods and/or survival periods may apply. Full details are set out in the policy document and schedule, which is available on request. Applications for cover are subject to approval by AMP Underwriting.
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