Mortgage Protection

Mortgage Protection

Mortgage protection. With one in three people disabled for six months or more during their working career, Mortgage repayment insurance is a benefit that is designed to protect what most people believe is their greatest asset, their home, but actually it is their income earning ability that is insured.

The problem with most cover issued by banks, is that they only pay for 12 to 24 months, what do you do after that.

Most mortgages are over 25 - 30 years.

The repayment cover we recommend, covers you through to age 65 and in most cases have the following benefits.

  • They are agreed value benefits.
  • Continue to pay even after your mortgage has been paid off.
  • Pay in addition to ACC.
  • Are linked to the CPI (consumer price index).

We will package this benefit in with Life, Permanent Disablement and Trauma lump sum benefits, to ensure your home will remain in your family ownership should you pass away or be permanently disabled.

Talk to us today about your needs.

Income Protection Guaranteed Payment Calculator (939kb)
 
 

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Frequently Asked Questions

  • How much cover do I need?
    This varies for every person we deal with, the best thing to do is run through the simple planner we have developed.
    You can get started right now by completing the simple enquiry form to the right hand side of this page. We will then come back to you with some additional questions that will help us to establish the amount of cover you need for your personal situation.
  • Who can apply?
    Usually any New Zealand citizen, permanent resident, or people on a 2 year Work Visa can apply.
  • What is the definition of a disability?
    In most cases the definition is, " The inbility to perform your usual occupation for more than ten hours per week".
    Please read your policy wordings for a full definition.
  • Am I covered if I'm out of the country?
    Life , Income Protection , Trauma and Total and Disablement cover, usually cover you anywhere in the world 24 hours a day, Health insurance only covers you for treatment in New Zealand.
    Special conditions sometimes apply please check your policy wordings for full details.
  • My Insurance premiums are going up, is there an option to make the premiums level?
    Yes, you can now get level premiums for most benefits, call us for more information, we can probably convert existing cover without the need for further health questions.
  • How likely am I to become disabled or pass away before age 65 ?
    Five in 10 males are likely to become disabled due to an illness or
    accident before they turn 65, preventing them from working for at
    least a month.1
    Seven in 10 females are likely to become disabled due to an illness
    or accident before they turn 65, preventing them from working for
    at least a month. Of these, nearly a third will still be on claim 12
    months later.1
    One in nine men will be disabled and off work for more than
    12 months before age 65.2
    One in five women will be disabled and off work for more than12
    months before age 65.2
    Fifty-one per cent of males will suffer a critical illness before the
    age of 70.3
    Thirty-three per cent of females will suffer a critical illness before
    the age of 70.3
    Sources:
    1 Davies Financial and Actuarial Limited
    2 Insurance Alert, Winter 2000
    3 GenRe LifeHealth Australia, 2005
 
 


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