How long would your savings last if you couldn't work?

Only one in 8 of those households with no main income for six months or more due to illness had income protection cover. Photo / Supplied

Imagine what would happen if you suddenly got ill and couldn't work. Once you'd used up your sick leave and annual leave, how many weeks would your savings last in covering the bills, rent or mortgage?

For nearly 50 per cent of Kiwis in employment, they reckon they'd be able to cope for another 4 weeks - then their savings would be gone.

But you're thinking: 'ACC will pay me if I can't work'. If you have had an accident, that might be true but, in the case of an illness, this is not always the case.

So now you're thinking: 'In that case I'll get a sickness benefit (now known as a Job Seeker Allowance).' But if your partner's income is $30,000 or more per annum that will limit the allowance you are eligible for.

Also, you are twice as likely to be prevented from working because of an illness as an accident.

Many think it won't happen to them - and let's hope that is right. But what if it did? Every year over 50,000 New Zealand households (a Napier-sized city) lose the main income earner's salary through illness. More than half of those lose it for six months or more.

Only one in 8 of those households with no main income for six months or more due to illness had income protection cover.

It is tough enough trying to recover and get back to work without the added pressure of struggling to pay bills and living expenses.

And yet only 26 per cent of New Zealand households have someone with income protection insurance - although 70 per cent have household contents insured.

At Pinnacle Life, we understand you have lots on your plate and sorting out things like insurance can seem difficult and time-consuming. So with Pinnacle Life, getting Income Protection Insurance can take as little as 10 minutes online to get your policy approved and issued.

That's not a lot of time to give you peace of mind for you and your family.

We've also made sure you've lots of options around how long you want to receive a benefit for and how long you want to wait before you get the first payment if you have to claim - because we understand that everyone's situation is different.

So to get a confidential quote on how much income protection could cost you each month, go to www.pinnaclelife.co.nz now.