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 choose how much you're covered for
- are newly self-employed with no earnings history and want assurances around your cover.
- No surprises at invoice time. Your levy invoices are predictable as we calculate them by using the cover amount agreed with us.
- CPX covers injuries that happen anywhere, eg at home, on the road, during sports. Like our standard cover, the injury that leads to time off work doesn’t have to be work-related.
- Knowing exactly how much you’ll receive in weekly compensation if you get injured.
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.
Paying your invoice
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.
If you're turning 65, or have recently turned 65
Just because you’re on NZ Superannuation (or equivalent) doesn’t mean you have to cancel your CPX policy. As long as you’re still filing liable income above the CPX minimum, you are eligible for CPX cover.
This means that if you get injured, you’ll receive weekly compensation payments as well as NZ Superannuation. However, weekly compensation payments are limited to a two-year maximum per claim from when your compensation payments start. So, if you have a long-term injury, your weekly compensation payments will stop after two years, and you will only receive NZ Superannuation payments.
Example: You are 66, still on an eligible CPX policy, and off work due to an injury for three months. You will receive weekly compensation payments as well as NZ Superannuation.
Example: You are 70 but haven’t worked since June 2021 due to an injury. Your weekly compensation payments will stop in June 2023, but your NZ Superannuation payments will continue.
CoverPlus Extra (CPX) 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
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.
Find out if CPX is the best option for you by calculating your levies.
Choosing a level of cover for CoverPlus Extra
You can apply for cover for any amount of income between $34,679 and $111,507. These minimum and maximum levels are for the year 1 April 2023 to 31 March 2024. 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
If you're new to business and don't yet have an ACC number, you can request one is created and then apply in MyACC for Business
Confirming your cover
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 it online.