Loan Repayment Insurance
Loan Repayment Insurance provides peace of mind by protecting your monthly loan payments when unexpected life events prevent you from earning. From car loans to personal loans, holiday financing to home improvements, this insurance covers it all.
New Zealand borrowers juggle multiple loans simultaneously. A single income disruption can create a cascade of financial problems. Loan Repayment Insurance ensures that all your loans are covered during difficult periods, protecting both your credit rating and your family's financial security.
Why Choose Loan Repayment Insurance?
- Covers all types of loans - personal, car, boat, holiday, home improvement, and more in one policy
- Coverage up to $500,000 - comprehensive protection for every loan on your portfolio
- Affordable premiums starting from $5 per week - less expensive than you might think
- Covers death, illness, injury, and redundancy - protection against all major life disruptions
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What's Covered Under Loan Repayment Insurance
Death Cover
If you pass away, all your covered loan balances are paid in full, ensuring your family doesn't inherit your debt obligations.
Illness & Injury Cover
If you're unable to work due to accident, illness, or injury, we cover all your loan repayments until you return to work.
Redundancy Cover
If you lose your job involuntarily, we cover your loan payments for up to 12 months while you search for new employment.
Terminal Illness
If diagnosed with a terminal illness (less than 12 months to live), all your loans are paid in full immediately.
Which Loans Can Loan Repayment Insurance Cover?
Personal Loans
Whether it's a loan for debt consolidation, holiday, home improvements, education, or general financial needs - personal loan insurance protects all your personal credit from disruption.
Car Finance
Protect your car loan from lenders like DFC, Instant Finance, and other automotive finance companies. If you can't work, your car payments continue protected.
Boat and Recreational Loans
Financed a boat, caravan, motorbike, or other recreational vehicle? Loan repayment insurance protects these assets by covering payments during hardship.
Home Improvement Loans
Home renovations financed through loans are covered. Whether you borrowed for kitchen upgrades, bathrooms, or major renovations, payments are protected.
Education Loans
If you've financed education for yourself or dependents through a private loan, loan repayment insurance protects those payments during employment disruption.
Multiple Loans Portfolio
Have several loans running simultaneously? One comprehensive loan repayment insurance policy can cover your entire loan portfolio up to $500,000 total coverage.
Key Benefits of Loan Repayment Insurance
Multi-Loan Coverage
Cover multiple loans with one policy. Whether you have 2 loans or 5, one comprehensive policy protects them all at significant savings.
Protects Your Credit Rating
When loan repayment insurance covers your payments, your credit history stays clean. No missed payments, no defaults, no damage to your credit score.
Affordable Premiums
With premiums starting from just $5 per week, loan repayment insurance is remarkably affordable protection for comprehensive peace of mind.
Simple Application
No medical exam for loans under $100,000. Get a quote online in 2 minutes and approval within 24 hours. Completely hassle-free.
Direct Lender Payment
When your claim is approved, we pay your lenders directly. You never need to manage payments or negotiate with creditors during hardship.
Fast Claims Processing
Claims are typically processed within 5-10 business days once documentation is provided. Lenders receive payment quickly so you avoid defaults.
Peace of Mind
Knowing all your loans are protected takes enormous stress off your shoulders. Face hardship without worrying about mounting debt obligations.
Flexible Coverage Options
Choose which coverage types you need. Add death, illness, injury, and redundancy protection in any combination that suits your situation.
Loan Repayment Insurance FAQ
Can I insure loans I haven't told the lender about?▼
Yes, you can insure any loan you personally guarantee. When you claim, we pay your lender directly, so lenders learn about your insurance when they receive payment. You don't need to inform them beforehand.
What if I have a joint loan with my partner?▼
Joint loans can be insured in either partner's name. You might insure your name for your income, and your partner might insure theirs. Or one policy could cover both if you want comprehensive protection for the entire household.
Can I add more loans to my policy later?▼
Yes, absolutely. You can add newly acquired loans to your existing policy at any time. Contact us with details of your new loan and we'll adjust your coverage and premium accordingly.
What happens if I pay off a loan early?▼
When you pay off a loan, you can remove it from your policy, which reduces your premium. Insurance for that loan ends, and your remaining loans remain protected. You may receive a refund for any unused premium.
Does loan repayment insurance cover refinancing?▼
When you refinance a loan, we can update your policy to cover the new lender. The process is simple - just let us know the refinance details and we'll adjust your coverage and premium if needed.
Is there a maximum number of loans I can insure?▼
No maximum limit on the number of loans, as long as total coverage doesn't exceed $500,000. Most people find one comprehensive policy for all their loans is simpler and more cost-effective than individual policies per loan.
Who Should Get Loan Repayment Insurance?
Multi-Loan Borrowers
If you have a car loan, personal loan, and other debts, comprehensive loan repayment insurance protects your entire portfolio in one policy.
Self-Employed People
Variable income makes loan defaults risky. Loan repayment insurance protects your debts during quiet business periods or unexpected downturns.
Homeowners with Debts
Stretching your budget for mortgages and loans? Loan repayment insurance ensures your other loans don't default if hardship strikes.
Young Professionals
Just starting out with multiple debts? Loan repayment insurance protects your credit and financial future while you build your career.
Related Insurance Guides
Payment Protection Insurance
Protect your loan repayments if you can't work due to illness, injury, or job loss.
Mortgage Protection Insurance
Ensure your mortgage is covered if you become unable to work.
Income Protection Insurance
Replace your income during periods of illness or injury.
Debt Protection Insurance
Comprehensive cover for all your debt obligations.
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Protect All Your Loan Payments
Get Loan Repayment Insurance in 2 minutes. Cover multiple loans with one policy. Affordable premiums, no broker fees, fast approval within 24 hours.
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