Mortgage Protection
With one in three people disabled for six months or longer 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.
Benefits are paid monthly after you have been off work for a period of time (the waiting period, usually 4,8 or 13 + weeks).
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.
Videos
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
- What does specific injury or illness benefit mean?
Some policies include a specific injury or illness benefit, thsi means you receive a guaranteed payment amount based on the type of injury or illness you sustain, for example a broken wrist might pay you 1.5 times your monthly benefit whereas a cancer will pay 6 months, see your policy for full details and call me if you have any questions.
- What does TPD (total and Permanent Disablement) Booster mean?
If this benefit is included with your policy, it means that a disability resulting in your not being able to ever return to work in your usual occupation ever again, and you are not in fact working, after a period of usually 12 months they will increase your benefit payment by 1/3. Policy wordings differ please contact us with any questions about your cover.
- Under my monthly disability cover (Income protection or Mortgage repayment cover) it says I have a Total and Permanent Disablement benefit, what does this mean?
If a life assured has been receiving a total disability benefit for a continuous period of at least twelve (12) months and they are certified by an appropriate Medical Doctor or Specialist as being totally and permanently disabled and Partners Life has accepted the claim, Partners Life will pay a Total and Permanent Disability Benefit of 24 times the monthly sum insured.
Back...
