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Payment Protection Insurance

Payment Protection Insurance (PPI) provides essential coverage for your loan repayments when life's unexpected events occur. Whether you lose your job, face illness, or experience a significant life change, PPI ensures your financial obligations are covered.

In New Zealand, thousands of households rely on loans to finance essential purchases. PPI gives you peace of mind by protecting those payments when your income is interrupted. With no broker fees and quick approval in 24 hours, you can get comprehensive coverage for as little as $5 per week.

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Why Choose Payment Protection Insurance?

Comprehensive coverage starting from just $5 per week - affordable protection for all budgets
Covers job loss, illness, injury, and death - multiple protection layers in one policy
No medical exam required for loans under $100,000 - simple online application process
NZ-based claims support available during business hours - helpful local assistance when you need it

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What's Covered Under Payment Protection Insurance

Job Loss Protection

If you're made redundant or lose your job involuntarily, we cover your loan payments for up to 12 months while you find new employment.

Illness & Injury Cover

Covered for accident, illness, or injury that prevents you from working. Payments continue until you return to work or your claim settles.

Death Cover

Your outstanding loan balance is paid in full if you pass away, protecting your family from inheriting the debt burden.

Terminal Illness

If diagnosed with a terminal illness (less than 12 months to live), your loan is paid in full immediately - no waiting period.

Understanding Payment Protection Insurance in New Zealand

What is PPI?

Payment Protection Insurance is a type of loan protection that covers your loan repayments when you're unable to pay due to unforeseen circumstances. It's designed to provide financial security during difficult periods, ensuring you don't fall behind on payments or damage your credit rating if your income is disrupted.

PPI is particularly valuable in New Zealand where many households carry multiple debts. Whether you have a car loan, personal loan, or other credit obligations, PPI ensures these payments continue even when your income stops temporarily.

How Does PPI Work?

When you purchase Payment Protection Insurance, you pay a small monthly premium based on your loan amount. If one of the covered events occurs (such as redundancy or illness), you submit a claim to us with supporting documentation.

Our NZ-based claims team reviews your claim and, if approved, begins paying your loan repayments directly to your lender. This continues for the period specified in your policy or until you return to work, whichever comes first.

The beauty of PPI is that it works in the background - you simply pay your premium each month, and we're here if you need us. There's no stress or worry about how you'll manage your loan payments during tough times.

PPI vs Other Insurance Types

Payment Protection Insurance differs from other loan protection products because it's specifically designed for payment coverage. Unlike general income protection, PPI is linked to your specific loan and covers the monthly repayment amount.

PPI also differs from loan protection insurance in that it can be added after you've taken out your loan, whereas mortgage protection is typically arranged at the time of borrowing. This flexibility makes PPI an excellent option for borrowers who want to add protection later.

The key advantage of PPI is its simplicity and affordability. You know exactly what you're paying and what you're protected for, without complex underwriting or extensive medical examinations.

Key Benefits of Payment Protection Insurance

Affordable Premiums

Starting from just $5 per week, PPI fits any budget. Premiums are calculated based on your loan amount, so you only pay for the coverage you need.

Fast Application Process

Get a quote in 2 minutes and approval within 24 hours. No lengthy medical exams or paperwork for loans under $100,000. Apply online instantly.

Flexible Coverage

Customise your coverage by selecting which protections you need. Choose death, illness, redundancy, or all of the above depending on your situation.

Instant Coverage

Once approved, your coverage starts immediately. There's no long waiting period for most claims, and death cover is active from day one.

Local Support Team

Our claims team is based in New Zealand and available Monday-Friday, 9am-5pm. Get personal support from people who understand the local market.

No Broker Fees

Unlike traditional insurance, we don't charge broker fees or hidden costs. Your money goes directly to your coverage, not intermediaries.

Protects Your Credit

When PPI covers your payments during difficult times, it protects your credit rating from damage caused by missed loan payments or defaults.

Cancel Anytime

Month-to-month policies with no lock-in period. Cancel whenever you like without penalties or hidden fees. Complete flexibility and control.

Frequently Asked Questions About PPI

Is Payment Protection Insurance tax-deductible in New Zealand?▼

PPI premiums are generally not tax-deductible for personal loans, as they're considered personal insurance. However, if you have a loan for business purposes, the insurance may be deductible. We recommend consulting with a tax professional to understand your specific situation.

Can I get PPI if I'm self-employed?▼

Yes, self-employed individuals can get PPI, though some coverage options may have additional requirements. Redundancy cover typically isn't available for self-employed borrowers, but death, illness, and injury cover are usually available subject to underwriting.

What happens to my PPI if I pay off my loan early?▼

If you pay off your loan ahead of schedule, your PPI policy will typically end on the loan settlement date. You can cancel your policy at any time without penalties, and any remaining premium credits may be refunded depending on your policy terms.

How quickly will my claim be processed?▼

Most claims are processed within 5-10 business days once we receive all supporting documentation. We'll contact you within 24 hours of receiving your claim to let you know what information we need. Priority claims may be processed faster.

Does PPI cover pre-existing health conditions?▼

PPI generally excludes claims arising from pre-existing medical conditions within the first 12 months. However, coverage may be available after the waiting period or with specific underwriting. We recommend discussing your medical history during the application process for clarity.

What if my loan amount increases after I've purchased PPI?▼

If your loan amount increases, your PPI coverage remains at the original amount. You can contact us to increase your coverage, which may require additional underwriting. This flexibility allows you to adjust your protection as your financial circumstances change.

Who Should Get Payment Protection Insurance?

Primary Income Earners

If your family depends on your income, PPI ensures loan payments continue even when you can't work due to job loss or illness.

Homeowners with Loans

If you carry a mortgage and personal loans, PPI provides backup protection for your loan payments when facing financial hardship.

Contract & Casual Workers

Without permanent employment, you face higher redundancy risk. PPI covers gaps between contracts and provides security during lean periods.

Multiple Loan Borrowers

Managing multiple loans increases your risk. PPI on each loan ensures comprehensive coverage across all your major payment obligations.

Ready to Protect Your Loan Payments?

Get Payment Protection Insurance in just 2 minutes. Affordable premiums from $5/week, no broker fees, and quick approval within 24 hours.

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