Mortgage Protection Insurance
Your home is your most valuable asset. Mortgage Protection Insurance ensures that your family can keep your home even if you lose your income due to job loss, illness, or unexpected life events.
Mortgage Protection Insurance provides peace of mind for New Zealand homeowners by covering your monthly mortgage payments when you're unable to work. With coverage options tailored to your needs and affordable premiums starting from as little as $8 per week, you can protect your family's future and the roof over their heads.
Why Choose Mortgage Protection Insurance?
- Coverage up to $500,000 - protection for mortgages of any size across New Zealand
- Affordable premiums starting from just $8 per week - less than a coffee per day
- Multiple coverage options - choose death, illness, redundancy, or terminal illness protection
- Simple application with quick approval - no lengthy underwriting process required
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What's Covered Under Mortgage Protection Insurance
Death Cover
If you pass away, your outstanding mortgage balance is paid in full, ensuring your family keeps their home free and clear without the burden of debt.
Illness & Injury Cover
If you're unable to work due to accident or illness, we cover your monthly mortgage payments until you return to work or your claim settles.
Redundancy Cover
If you lose your job involuntarily, we cover your mortgage payments for up to 12 months while you find new employment and maintain your home.
Terminal Illness
If diagnosed with a terminal illness (less than 12 months to live), your mortgage is paid in full immediately, giving your family complete security.
Why New Zealand Homeowners Need Mortgage Protection
Protecting Your Family's Home
Your home is more than just property - it's where your family builds memories, feels safe, and plans their future. A mortgage is typically the largest debt most New Zealand families carry. If something happens to the primary income earner, without mortgage protection, families could face losing their home.
Mortgage Protection Insurance ensures that even during life's challenges, your family keeps their home. Whether it's redundancy during an economic downturn or unexpected illness, mortgage protection provides the financial stability to stay in your home.
The Cost of Not Having Protection
Without mortgage protection, a family facing job loss or serious illness could be forced to sell their home, potentially at unfavourable prices or with insufficient equity. This disrupts children's schooling, forces relocations, and creates long-term financial damage.
Mortgage lenders require mortgages to be serviced or they take action. Unlike other debts that can be managed, mortgage defaults lead to property repossession. Mortgage Protection Insurance prevents this worst-case scenario from becoming reality.
Complementing Your Existing Insurance
Many homeowners have home and contents insurance, but not income protection for their mortgage. Standard home insurance covers the building, not the repayment obligation. Mortgage Protection Insurance fills this critical gap by ensuring your payment obligation is covered if your income stops.
Mortgage Protection Insurance works alongside life insurance. While life insurance provides a lump sum, mortgage protection specifically covers ongoing monthly payments, ensuring your family maintains their home during periods of financial stress.
Key Benefits of Mortgage Protection Insurance
Keep Your Family in Their Home
Your home is your family's sanctuary. Mortgage protection ensures they never face losing it due to job loss, illness, or other hardships.
Large Coverage Amounts
With coverage up to $500,000, mortgage protection covers even substantial NZ mortgages, whether in Auckland, Wellington, Christchurch, or elsewhere.
Direct Payment to Lender
When a claim is approved, we pay your mortgage directly to your lender. Your family is never in a position where they need to manage the process.
Flexible Payment Options
Choose from monthly, quarterly, or annual payment plans. Select coverage layers that match your risk profile and financial situation.
No Medical Exam for Most Mortgages
For mortgages under $100,000, no medical exam is required. Get approved quickly without invasive health screening.
Fast Claims Processing
Claims are typically processed within 5-10 business days. Our team works quickly so you get the payment you need as soon as possible.
Month-to-Month Flexibility
No long-term contracts required. Cancel anytime without penalties or hidden fees when you no longer need coverage.
Peace of Mind
Sleep soundly knowing your family's home is protected. One less worry about what happens if your income is interrupted.
Mortgage Protection Insurance FAQ
Can I get mortgage protection on a mortgage I already have?▼
Yes, absolutely. Many Kiwi homeowners add mortgage protection after taking out their mortgage. There's no requirement to purchase protection when you first get your home loan. You can apply for protection at any time during the loan's life.
What happens if I've refinanced my mortgage?▼
If you refinance your mortgage with the same lender, your protection may continue automatically. If you refinance with a different lender, you'll need to update your policy details, but your coverage can transfer. Contact our team for assistance with refinance situations.
Are there waiting periods for mortgage protection claims?▼
Yes, there's typically a 30-day waiting period from policy start date before claims can be made. Death cover is active immediately from day one. After the initial waiting period, you're fully covered for all eligible claims.
Can both spouses be covered under one policy?▼
Yes, if you have a joint mortgage with your spouse, both of you can be covered under a single mortgage protection policy. This is actually an excellent option for families where both partners contribute to mortgage payments.
What if my mortgage amount decreases over time?▼
Your coverage amount stays at the original amount unless you request to reduce it. You can reduce your coverage as your mortgage decreases, which will lower your premiums. You can also increase coverage if needed, subject to underwriting approval.
Does mortgage protection cover mortgage interest rate increases?▼
Mortgage protection covers your actual mortgage payment amount. If your interest rate increases and your payment increases, your coverage automatically adjusts to your new payment amount (up to your policy limit), ensuring you remain fully protected.
Who Should Get Mortgage Protection Insurance?
First-Time Homebuyers
Stretching your budget to afford your first home? Mortgage protection ensures you keep it even if circumstances change unexpectedly.
Families with Children
If your children depend on the stability of your home, mortgage protection prevents disruption to their schooling and routines.
Self-Employed Homeowners
Variable income makes mortgage protection invaluable. Cover your mortgage during slow business periods or unexpected downturns.
Single Mortgage Earners
If you're the sole income supporter of your family's mortgage, protection is essential to keep your home secure.
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Protect Your Family's Home Today
Get mortgage protection insurance in 2 minutes. Coverage up to $500,000, affordable premiums, and approval within 24 hours. Keep your home secure.
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