Optional cover - CoverPlus Extra (CPX)
CoverPlus Extra (CPX) is an optional cover product that allows you to choose how much of your income you want to be covered if you have an accident and can’t work. We'll pay compensation based on your cover amount and option.
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What is CoverPlus Extra (CPX)?
CPX is an optional cover product that allows you to choose how much of your income you want to be covered if you have an accident and can’t work. It is especially suited to those who:
- have fluctuating income, either yearly or seasonal as you’ll know exactly how much we’ll pay
- want to apply for more or less cover than your actual income
- are newly self-employed with no earnings history and want assurances around your cover.
- your levy invoices are predictable as we calculate them by using the cover amount agreed with us. So, no surprises at invoice time
- like our standard cover, the injury that leads to time off work doesn’t have to be work-related. CPX covers injuries that happen anywhere, eg at home, on the road, during sports, etc
- more control over how much you pay in levies as you can choose to pay a lower levy in return for lower weekly compensation or a higher levy and receive higher weekly compensation.
CoverPlus Extra options
With this option we’ll pay 100% of the agreed cover minus tax, divided into weekly payments until you can get back to full-time work. This provides greater flexibility and certainty. For example, if your cover is for $52,000 per year, we’ll pay 100% of that amount each week, which is $1,000 before tax.
Lower levels of weekly compensation (LLWC)
In return for a slightly lower levy, this option provides weekly compensation payments which reduce when returning to part-time work. For example, if your cover is $52,000 per year, we’ll pay 100% of this (before tax) until you start working part-time. If you return to work for 50% of your normal working hours, your compensation will reduce by 50%. The compensation stops when working at least 30 hours per week.
To find out if CPX is the best option for you, you calculate your levies:
Choosing a level of cover for CoverPlus Extra
You can apply for cover for any amount of income between $29,453 and $104,729. Certain amounts may require approval.
If you're not sure what level of cover works best, we recommend you seek independent financial advice.
Applying for CoverPlus Extra (CPX)
You can apply for CPX if you’re:
- self-employed or a non-PAYE shareholder, ie you don’t receive PAYE deducted earnings from your company
- working full-time (more than 30 hours per week on average)
- working part-time (30 hours or less per week on average) and have earnings above the CPX minimum for the current year
If you already have an ACC number, you can apply through MyACC for Business
Your policy will begin on the date we receive confirmation you’ve accepted your offer, or a chosen date in the future if you’ve applied in advance.
Policy offers can be accepted online. If you have a physical policy offer, you’ll need to sign and return this to us or login to MyACC for Business and accept this online.
How invoicing on CoverPlus Extra (CPX) works
You’ll receive your first invoice once your cover is confirmed. Your policy will renew each year and you’ll pay an invoice for the year ahead. This invoice will be issued around April each year.
We’ll send your renewal details to you yearly, to ensure you have a chance to check everything is still correct before you receive your CPX invoice.
Each year you’ll also receive a separate invoice for your Working Safer levy. This happens when we receive your actual income information from Inland Revenue. This is a separate invoice as it is outside of the agreed level of cover for us.
As CPX is an opt-in product, it’s important that we receive payment on or before your invoice due date.
Non-payment will result in your CPX policy being cancelled and you’ll revert to standard cover. If this happens, you can re-apply for CPX, however, you’ll need to go through the full application process again.
Learn more about ways to pay your invoice:
Note: If you're only on CPX for parts of the financial year, you’ll have cover from our standard levy product for any other period. We base this standard cover on the earnings you file with Inland Revenue. Once CPX is in place, we’ll adjust your earnings to calculate your standard cover levy. We base this on the period of time you’re on CPX.