Partners Life Income Cover (Agreed Value)
Income Cover - Agreed Value is one of four monthly disability covers inside the Partners Life Journey Plan and the full Partners Life product. It fixes the sum insured at up to 62.5% of your monthly income using the income evidence you supply at application, and does not require you to prove that income again if you later claim, which is the trade-off against Partners Life's other, cheaper income covers.
Key facts
- Sum insured basis
- Up to 62.5% of monthly income at application, proof of income required (source, retrieved 8 September 2026)
- Reassessment at claim time
- None, if financials were provided at application; offsets still apply (source, retrieved 8 September 2026)
- Combined Journey Plan cap
- $2,500 a month, combined with Mortgage Repayment Cover and Household Expenses Cover, under Journey Plan only (source, retrieved 8 September 2026)
- Cover terms
- To age 65 or 70 (source, retrieved 8 September 2026)
- Payment terms
- 12 months, 2 years, 5 years, or to the end of the cover term (source, retrieved 8 September 2026)
- Multi-cover discount
- Up to 15% off eligible premiums when combined with other covers (source, retrieved 8 September 2026)
- Total and Permanent Disability Option
- Lump sum of up to 24 months' cover after 12 continuous months totally disabled, plus the monthly benefit continues (source, retrieved 8 September 2026)
- Financial strength of the insurer
- A (Excellent), A.M. Best, effective 5 February 2026 (source, retrieved 8 September 2026)
Agreed Value replaces up to 62.5% of your income at application, the lowest percentage of Partners Life's four income covers, and the table below sets out how it compares (Monthly Disability Cover overview, Partners Life Journey Plan, retrieved 8 September 2026).
| Cover | Sum insured basis | Reassessed at claim? |
|---|---|---|
| Income Cover - Agreed Value | Up to 62.5% of monthly income at application (source, retrieved 8 September 2026) | No, if financials given at application (source, retrieved 8 September 2026) |
| Income Cover - Taxable Agreed Value | Up to 75% of monthly income at application (source, retrieved 8 September 2026) | No, if financials given at application (source, retrieved 8 September 2026) |
| Income Cover - Agreed Loss of Earnings | Up to 75% of monthly income at application (source, retrieved 8 September 2026) | May need financials again at claim time (source, retrieved 8 September 2026) |
| Income Cover - Indemnity Loss of Earnings | Up to 75% of monthly income, calculated at claim time (source, retrieved 8 September 2026) | Yes, benefit is based on proven income just before disability (source, retrieved 8 September 2026) |
Every income cover pays the Total Disability Benefit once the chosen waiting period ends, and adds the same optional benefits shown below (Monthly Disability Cover overview, Partners Life Journey Plan, retrieved 8 September 2026).
| Benefit | What it provides |
|---|---|
| Partial Disability Benefit | A reduced payment if you return to work part time but cannot manage full duties (source, retrieved 8 September 2026) |
| Vocational Retraining and Rehabilitation Benefit | Up to 24 times the monthly sum insured for pre-approved retraining or rehabilitation (source, retrieved 8 September 2026) |
| Income Cover - Increasing Income Benefit | Increases the sum insured, up to certain limits, without further health assessment whenever your income rises (source, retrieved 8 September 2026) |
| KiwiSaver Option | A 2%, 4% or 6% contribution of the sum insured paid to your KiwiSaver provider during a claim (source, retrieved 8 September 2026) |
Entry ages
| Cover | Entry ages |
|---|---|
| Income Cover - Agreed Value | Standalone entry ages are not published in the public overview document. Confirm the current figure with an adviser. (source, retrieved 8 September 2026) |
Waiting periods
| Cover | Waiting period |
|---|---|
| Income Cover - Agreed Value | Set on your policy schedule; the Total Disability Benefit starts once the selected waiting period ends (source, retrieved 8 September 2026) |
Exclusions
- Offsets apply to Income Cover - Agreed Value, meaning certain other disability payments you receive, such as ACC, can reduce the monthly benefit paid. (source, retrieved 8 September 2026)
- The Total and Permanent Disability Booster Option is not available where the payment term is 12 months. (source, retrieved 8 September 2026)
- The Vocational Retraining and Rehabilitation Benefit is not available for payment terms of less than two years. (source, retrieved 8 September 2026)
- A full exclusions list for Income Cover is not published separately from the Partners Life Journey Plan Policy Document, available from an adviser. (source, retrieved 8 September 2026)
Questions about Partners Life Income Cover (Agreed Value)
What is Income Cover Agreed Value?
It is one of four Partners Life monthly disability covers. The benefit is fixed at up to 62.5% of your monthly income using the income evidence you give at application, and it is not reassessed at claim time if that evidence was provided (Monthly Disability Cover overview, Partners Life Journey Plan, retrieved 8 September 2026).
How much does Income Cover Agreed Value pay?
Up to 62.5% of your monthly income at the time you applied, subject to proof of income and offsets against other disability payments such as ACC. Under Partners Life Journey Plan this cover is also capped at $2,500 a month combined with other monthly disability covers (Monthly Disability Cover overview, retrieved 8 September 2026).
What is the difference between Agreed Value and Indemnity income cover?
Agreed Value settles the sum insured at application and is not reassessed at claim time. Indemnity Loss of Earnings calculates the benefit from the income you can prove you were earning just before you stopped work, which costs less but carries more argument risk at claim time (Partners Life Journey Plan, retrieved 8 September 2026).
Why is Agreed Value's percentage lower than Partners Life's other income covers?
Agreed Value replaces up to 62.5% of income, while Taxable Agreed Value and the two Loss of Earnings covers replace up to 75%. The lower percentage is the trade for a benefit basis rather than a rate difference between the covers themselves (Monthly Disability Cover overview, retrieved 8 September 2026).
Is there a waiting period on Income Cover Agreed Value?
Yes, a waiting period applies and is set out on your own policy schedule; the Total Disability Benefit starts once it ends. Partners Life has not published a standard list of waiting period options for this cover (Monthly Disability Cover overview, retrieved 8 September 2026).
Does income cover pay if I go back to work part time?
Yes. The Partial Disability Benefit reduces the payment in proportion to the work you can manage, rather than stopping it altogether once you return to work in a limited capacity (Monthly Disability Cover overview, Partners Life Journey Plan, retrieved 8 September 2026).
Can I increase my Income Cover Agreed Value sum insured later?
Yes, through the Income Cover - Increasing Income Benefit, which allows the sum insured to rise, up to certain published limits, without further health assessment whenever your income increases (Monthly Disability Cover overview, retrieved 8 September 2026).
Do I need income cover if I have ACC?
ACC only pays for injury, not illness, and Income Cover - Agreed Value applies offsets against ACC payments rather than paying in full on top. For illness-caused disability, ACC pays nothing, which is the gap this cover is designed to close (Monthly Disability Cover overview, retrieved 8 September 2026).
What happens if I am totally and permanently disabled?
The optional Total and Permanent Disability Option pays a lump sum of up to 24 months of your monthly disability cover sum insured after 12 continuous months of total disability, and your regular monthly benefit continues alongside it, subject to conditions (Monthly Disability Cover overview, retrieved 8 September 2026).
Can I combine Income Cover with a KiwiSaver contribution during a claim?
Yes, through the optional KiwiSaver Option, which pays a 2%, 4% or 6% contribution of your monthly disability cover sum insured directly to your KiwiSaver provider on top of your monthly benefit while you are claiming (Monthly Disability Cover overview, retrieved 8 September 2026).
Is Partners Life a good insurance company?
Partners Life holds an A (Excellent) financial strength rating from A.M. Best, effective 5 February 2026, and is New Zealand's largest adviser-only life insurer by several measures. It is majority owned by Dai-ichi Life (Partners Life, retrieved 8 September 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 locks the sum insured at application rather than reopening the question during a claim. A buyer with simple, stable, provable income may not need to pay for that certainty.
Documents
- Partners Life Journey Plan, Monthly Disability Cover overview, retrieved 8 September 2026
- Partners Life Journey Plan, Life Cover overview, retrieved 8 September 2026
- This is Partners Life 2025, key claims stats, retrieved 8 September 2026
- Partners Life, solvency and financial strength, retrieved 8 September 2026
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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 (Agreed Value): Review 2026. www.quotehub.co.nz/life-insurance/partners-life/income-cover-agreed-value. Updated 2026-09-08.
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