Mortgage Protection
If you are unable to work due to sickness or injury
If you are not able to work due to an injury or illness, mortgage protection insurance can provide regular monthly payments to help pay your mortgage & expenses while you get well again. Mortgage protection covers you for a fixed amount that is agreed when you take out the policy (“Agreed Value”).
Doesn’t ACC cover me for that?
ACC only provides cover for injuries that meet specific criteria. In general terms, only injuries caused by an accident are covered. This means there are a lot of conditions that are not covered by ACC; mortgage protection works by supporting you if you are unable to work due to one of these.
One advantage of mortgage protection is that if you do have an accident and receive income payments from ACC, you can still claim the full amount of your mortgage protection cover – meaning you can receive both payments.
How long do I have to wait to get paid?
If you claim on your mortgage protection insurance, the length of time you must wait before you get paid will depend on the wait period you selected when you took out your cover. Common wait periods are 30, 60, or 90 days. Generally speaking, a shorter stand-down period will mean a higher insurance premium, and vice versa.
How long will I get paid for?
Like income protection, the amount of time you will get paid for (payment term) also depends on what you selected when you took out your policy.
Key Facts
If your claim is accepted, it will be paid out in monthly payments.
If you select a Yearly Renewable Term, the premiums for your mortgage protection insurance renew each year in line with factors such as your age. If you select a Level Term, your premiums will not increase due to your age.
Cover options: Agreed Value only. This means the amount your mortgage protection covers you for is agreed at the time you take out the policy.
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Disclaimer: Please note the content provided on this page is intended as an overview and is for general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect new developments in the industry or address your situation. Before making any decisions based on the information provided on this page, please use your discretion, and speak to one of our advisers.