couple-homepageIf you own a home in New Zealand, then mortgage protection insurance is a must-have for peace of mind and to protect your investment.

We’re here to help you compare mortgage insurance & determine the best mortgage repayment  coverage for your needs. Mortgage Insurance NZ is here to make sure you get the best mortgage protection rates around.

A critical illness or a disability can really wreak havoc on your finances. It’s a scary thought, especially when you look at New Zealand statistics that show 1 in 7 women and 1 in 5 men between the ages of 30 to 64 will suffer a critical illness. Even more startling is that 1 death occurs every 19 minutes in New Zealand.

Our free insurance rates comparison examines the rates of 8 different mortgage repayment insurance NZ protection providers. It’s quick, easy, unbiased and available 24/7.

Protect Your Investment

When a devastating incident occurs, the last thing you need is to lose your house because you’re unable to pay the mortgage. Mortgage protection insurance can prevent that situation from occurring.

Mortgage repayment protection coverage is two-fold. There are mortgage repayments for situations where you become disabled, lose your job through no fault of your own, or need to file bankruptcy. Then there is lump sum coverage in case you suffer a serious illness or injury, death, or when a large payment is needed quickly.

Both these coverages together provide you with the most comprehensive mortgage protection. However, you can purchase mortgage repayment insurance by itself since other policies, like life insurance, total and permanent disablement, cancer coverage, or trauma recovery insurance may include lump sum coverage.

The following information gives you a more detailed look at mortgage repayment insurance.

What Is Mortgage Repayment Insurance?

When you have a mortgage on a home, you should have a backup plan in case you become disabled or suffer an illness that keeps you out of work or reduces your work hours. After all, New Zealands’s ACC only pays for critical injuries. Mortgage protection insurance is that backup plan.

With mortgage repayment insurance, your monthly mortgage payments continue to be paid when you are unfit to make them. Whenever you become sick, injured, lose your job to redundancy, or file bankruptcy, mortgage protection insurance takes over. It pays your mortgage and other related expenses until you begin receiving a salary or wages again, or until you reach your policy’s end of payment period. You can also take out additional coverage to cover variable rate increases, home and contents insurance, or other property-related expenses you may have.

For renters, there are mortgage protection insurance nz policies that pay your rent if sickness or injury makes you unable to work. Coverage is based on a percentage of your income.

Our mortgage repayments rate comparison provides a comprehensive analysis of various coverages and their prices so you can compare rates to the amount of coverage you will receive versus policy limitations.

How Mortgage Repayment Insurance Works

Mortgage protection insurance is designed to complement ACC, so you’ll receive full mortgage repayments even if you’re receiving ACC compensation. And there is no limit to the number of mortgage protection claims you can file during a policy period.

With many mortgage repayment protection policies, you have the option of covering up to 110% of your mortgage payment amount to allow extra coverage for variable rate increases, home and contents insurance, or other residential property-related expenses you may have.

Besides your primary residence, you have the option of taking out mortgage protection insurance on any investment property you may have. In addition, there are mortgage protection policies that allow for small business borrowing against your home, giving you the option of taking out mortgage protection up to a certain amount of the gross annual income you make in your own business.

Since coverage is geared towards life events, you can also opt for a pregnancy premium waiver benefit and let mortgage repayments insurance pay the mortgage when you’re out of work on maternity leave or family leave.

New Zealand mortgage protection policies also offer flexibility. Even if your mortgage payments decrease, you can still maintain the original amount of your mortgage repayment insurance in case you want to renovate, increase your mortgage, buy investment property, or move.

Other Mortgage Protection Options

Mortgage repayment insurance offers a number of different options so you can customize coverage to match your needs and budget. Among the coverage options are:
• The length of your benefit payment period. This represents how long you receive payment for, with years or age options. Selecting a shorter benefit payment period will lower your premium.
• The length of your stand-down period. This is the amount of time you are out of work before you begin receiving your monthly payments. The longer stand-down period you select, the lower your premium.
• Retraining and support benefits to pay for rehabilitation expenses and equipment.
• A partially disabled benefit to cover you when you have partially recovered from a total disability but are not yet ready to return to work full time.
• A recurrent disability benefit here your mortgage repayments immediately start up again without a stand-down period if you suffer a relapse within six months after returning to work.
• An inflation adjustment that increases the amount you are insured for in line with the rate of inflation.

Request Your Rate Comparison Today

Get in touch today with Mortgage Repayment Insurance NZ to compare rates and benefits offered by New Zealand mortgage repayment insurance providers. Our comprehensive rate comparison provides you with quotes for various benefit payment periods, stand-down periods and coverage benefits so you can customize a plan that meets your individual needs.

Life can take an unexpected turn at any moment. But with mortgage repayment insurance, you’ll always have a roof over your head.

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