Partners Life Income Cover: agreed-value policy terms
Income Cover - Agreed Value is one of four income covers that can sit under the Total Disability Benefit in Partners Life's Journey Plan Monthly Disability Cover. The sum insured is based on up to 62.5% of your monthly income at application, with proof of income required. If financials were provided at application, Partners Life says it will not financially assess you again at claim time, but offsets still apply. It is still listed in the Journey Plan overview (October 2025 edition), so it is not only a legacy product on that document. Cover is underwritten, so it is not guaranteed acceptance, and a licensed adviser can confirm what is open to you today.
Key facts
- Sum insured basis
- Up to 62.5% of your monthly income at application time. Proof of income is required (source, retrieved 20 October 2026)
- Assessed again at claim time?
- No, if financials were provided at application. Offsets apply (source, retrieved 20 October 2026)
- Offsets
- Offsets apply to Agreed Value. The overview gives ACC payments as an example of an amount that is offset, and says the Total and Permanent Disability Booster Option stops offsetting such amounts once the lump sum qualifies. The full offset rules are in the Journey Plan policy document, available from an adviser (source, retrieved 20 October 2026)
- Cover term and payment term
- Cover to age 65 or 70. Payment term of 12 months, 2 years, 5 years or to the end of the cover term (source, retrieved 20 October 2026)
- Waiting period
- Chosen at application and shown on your policy schedule. The public overview does not list the options (source, retrieved 20 October 2026)
- Part-time return to work
- A Partial Disability Benefit may be payable if you go back to work but cannot work full time. A Partial Disability Bonus Benefit boosts the Partial Disability Benefit by 25% for up to 12 months (source, retrieved 20 October 2026)
- Wording protection
- Partners Life says that whatever changes it makes to its policies, you keep your original benefits for as long as you have your policy, and that future improvements to your existing cover are added automatically (Guaranteed Wordings and Guaranteed Upgrade of Future Benefits) (source, retrieved 20 October 2026)
- Multi-cover discount
- Up to 15% off eligible premiums when you take out multiple covers, subject to qualifying criteria (source, retrieved 20 October 2026)
- How you apply
- Through a licensed adviser. The overview says cover is subject to your application being approved, and that special conditions, exclusions and premium loadings may apply (source, retrieved 20 October 2026)
- Financial strength of the insurer
- A (Excellent), AM Best, effective 5 February 2026 (source, retrieved 8 September 2026)
Agreed Value is the lowest percentage of Partners Life's four income covers, and the table sets out how the four differ on what is fixed at application and what can be reassessed at claim time (Partners Life Journey Plan Monthly Disability Cover overview, October 2025 edition, read 20 October 2026).
| Cover | Sum insured basis | Reassessed at claim? |
|---|---|---|
| Income Cover - Agreed Value | Up to 62.5% of monthly income at application (source, retrieved 20 October 2026) | No, if financials were given at application. Offsets apply (source, retrieved 20 October 2026) |
| Income Cover - Taxable Agreed Value | Up to 75% of monthly income at application (source, retrieved 20 October 2026) | No, if financials were given at application. Offsets apply (source, retrieved 20 October 2026) |
| Income Cover - Agreed Loss of Earnings | Up to 75% of monthly income at application (source, retrieved 20 October 2026) | Partners Life may need financials again at claim time. Offsets apply (source, retrieved 20 October 2026) |
| Income Cover - Indemnity Loss of Earnings | Up to 75% of monthly income; benefit calculated on the income you can prove you were earning just before becoming disabled (source, retrieved 20 October 2026) | Yes. Offsets apply (source, retrieved 20 October 2026) |
Every income cover pays the Total Disability Benefit once the chosen waiting period ends, and the same base and optional benefits sit around it (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
| Benefit | What it provides |
|---|---|
| Vocational Retraining and Rehabilitation Benefit | Up to 24 times the monthly sum insured for pre-approved retraining or rehabilitation. Not available for payment terms under two years (source, retrieved 20 October 2026) |
| Income Cover - Increasing Income Benefit (option) | Lets the sum insured rise, up to certain limits, without a further health assessment whenever your income increases (source, retrieved 20 October 2026) |
| Total and Permanent Disability Option | If totally disabled for 12 continuous months and it is clear you will not work again, a lump sum of up to 24 months of the sum insured, with the monthly benefit continuing (source, retrieved 20 October 2026) |
| Total and Permanent Disability Booster Option | Raises the monthly benefit by a further one-third after the lump sum qualifies, and stops offsetting amounts such as ACC. Not available for a 12-month payment term (source, retrieved 20 October 2026) |
| KiwiSaver Option | A 2%, 4% or 6% contribution of the sum insured paid to your KiwiSaver provider during a claim (source, retrieved 20 October 2026) |
| Payment Term Restriction Option | Limits the payment term to one year for disability that is predominantly self-reported rather than medically evidenced. The premium is discounted by 10% when it applies (source, retrieved 20 October 2026) |
Entry ages
| Cover | Entry ages |
|---|---|
| Income Cover - Agreed Value | Entry ages for this cover are not published in the public overview. Cover runs to age 65 or 70. Confirm the current entry age with an adviser. (source, retrieved 20 October 2026) |
Waiting periods
| Cover | Waiting period |
|---|---|
| Income Cover - Agreed Value | Chosen at application; shown on your policy schedule. The Total Disability Benefit starts once the waiting period ends (source, retrieved 20 October 2026) |
Exclusions
- Offsets apply to Income Cover - Agreed Value: certain other payments, such as ACC, can reduce the monthly benefit. The full offset rules are in the policy document, not the overview. (source, retrieved 20 October 2026)
- The Total and Permanent Disability Booster Option is not available where the payment term is 12 months, and the Vocational Retraining and Rehabilitation Benefit is not available for payment terms under two years. (source, retrieved 20 October 2026)
- Cover is subject to your application being approved, and special conditions, exclusions and premium loadings may apply to your policy. (source, retrieved 20 October 2026)
- Changes to your plan, such as adding a cover or option, may require underwriting. (source, retrieved 20 October 2026)
- The full list of exclusions for Income Cover is in the Partners Life Journey Plan Policy Document and Monthly Disability Cover Protection Benefit Sheet, which the overview says are available from your adviser. (source, retrieved 20 October 2026)
Questions about Partners Life Income Cover (Agreed Value)
What is Partners Life Income Cover (Agreed Value)?
It is one of four income covers under the Total Disability Benefit in Partners Life's Journey Plan Monthly Disability Cover. The sum insured is based on up to 62.5% of your monthly income at application, with proof of income required. If financials were provided then, Partners Life says it will not financially assess you again at claim time. Offsets apply (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
Can I still buy agreed-value income cover from Partners Life?
Partners Life's October 2025 Journey Plan overview, the current one we read, still lists Income Cover - Agreed Value as a selectable cover, and we found no source saying a regulator has stopped it. Whether it is open to you depends on underwriting, your occupation and your income evidence, so ask a licensed adviser rather than rely on a page (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
What is the difference between Agreed Value and Indemnity income cover?
With Agreed Value the sum insured is set from income evidence at application and, if financials were provided, it is not assessed again at claim time. With Indemnity Loss of Earnings the benefit is calculated on the income you can prove you were earning just before becoming disabled, so the claim turns on your income at that point. Agreed Loss of Earnings sits between them: set at application, but Partners Life may ask for financials again at claim time (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
Why is the Agreed Value percentage lower than the other income covers?
Agreed Value is based on up to 62.5% of monthly income, while the other three are based on up to 75%. The overview does not give a reason for the difference, so we do not guess one. Compare the two on the sum each would actually pay on your own income and on the premium quoted (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
What offsets reduce the payment?
Offsets apply to all four income covers. The overview gives ACC payments as an example and does not list the others, so the policy document is the place to check. The Total and Permanent Disability Booster Option stops offsetting amounts such as ACC once the lump sum qualifies. Mortgage Repayment Cover and Household Expenses Cover carry no offsets on total disability claims (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
Is there a waiting period?
Yes. The waiting period is chosen at application and shown on your policy schedule, and the Total Disability Benefit starts once it ends. The public overview does not list the options. The Bed Confinement Benefit, an option, can pay 1/30th of the sum insured for each day of hospital or bed confinement over 72 hours during the waiting period (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
What if I go back to work part time?
You may be entitled to a Partial Disability Benefit if you return to work but cannot work full time. A Partial Disability Bonus Benefit boosts the Partial Disability Benefit by 25% for up to 12 months (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
Can the sum insured rise as my income does?
Yes, if you add the Income Cover - Increasing Income Benefit option. It lets the sum insured rise, up to certain limits, without a further health assessment whenever your income increases (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
Do I need income cover if I have ACC?
ACC's own site describes it as covering injuries, so it does not replace income if you stop work because of illness. Where ACC does pay, Partners Life's income covers apply offsets for payments such as ACC, so the two are not simply added together (ACC, What we cover; Partners Life overview, read 20 October 2026).
What happens if Partners Life changes its wording after I buy?
Partners Life says that no matter what changes it makes to its policies in future, you keep your original benefits for as long as you have your policy, and any future improvements to your existing cover are added automatically (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
Is this guaranteed acceptance cover?
No. Partners Life says cover is subject to your application being approved, and that special conditions, exclusions and premium loadings may apply. If you have a health history and cannot get underwritten cover, QuoteHub's guaranteed acceptance hub explains the guaranteed-acceptance life products, which are life cover and not income protection (Partners Life Journey Plan Monthly Disability Cover overview, read 20 October 2026).
Adviser's view
QuoteHub's read is that Agreed Value earns its place for anyone whose income is hard to document at claim time, such as the self-employed or someone on variable commission, because it fixes the sum insured at application using the income evidence you give then. The trade is a lower percentage of income (62.5% against 75% on the other three) and offsets that still reduce what is paid. A buyer with simple, stable, provable income may not need to pay for that certainty, and a licensed adviser can put it beside Indemnity on your own figures.
Documents
- Partners Life Journey Plan, Monthly Disability Cover overview (October 2025 edition), retrieved 20 October 2026
- Partners Life Journey Plan, Life Cover overview, retrieved 8 September 2026
- Partners Life, solvency and financial strength, retrieved 8 September 2026
- ACC: What we cover
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Financial advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). QuoteHub is a trading name.
Cite this page QuoteHub NZ (2026). Partners Life Income Cover NZ: Agreed Value Explained. www.quotehub.co.nz/life-insurance/partners-life/income-cover-agreed-value. Updated 2026-10-20.
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