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    Mortgage Protection Insurance

    Mortgage Protection & Repayment Insurance

    Mortgage Repayment Cover pays your mortgage instalments if you become sick, injured, or disabled and as a result are unable to attend work and pay your mortgage.

    Just like you protect your house from unforeseen situations with home and contents insurance it is just as important to protect your ability to pay off your mortgage and keep the house secure. After all, your home is a big and important asset but it is second to your ability to pay for it with your income.


    Why take Mortgage Protection & Repayment Insurance?

    Mortgage Repayment Cover can help you ease the financial stress on your family by covering the following costs and expenses:

    • Pay your mortgage – Sickness, injury, or disability may affect your earning ability therefore mortgage protection insurance can help you pay the mortgage instalments and ease the financial burden on your family.

    • No ACC Offset –  Even if you are getting some form of regular compensation or payment from ACC, the insurance company will still pay for your mortgage instalments as long as you meet their claim criteria and will not deduct ACC payments from your claim payments.

    • 110 % – 115% of Mortgage Instalments – Most insurance companies allow you to cover 110% – 115% of your mortgage instalments meaning you can use the additional money to cover other expenses of your choice.

    • Regular payouts for a specific period – Insurance companies will pay your mortgage instalments for a specified period. This can range from 2 years up until you turn 65 or 70 depending on the benefit period chosen. Your mortgage instalment claim payments can start in as little as 4 weeks from the time you lodge the claim.

    • Rental Property Cover – Some companies provide cover to include mortgage instalments for one rental property in addition to your own home. Any rents you may be getting from the property will be offset against the payment at the time of the claim.

    How much Mortgage Repayment Insurance is sufficient?

    To ensure you have sufficient insurance to cover yourself and your family in the event of a disability, sickness or injury, you must take mortgage repayment cover at least equal to your monthly mortgage installments on your own home.