In the event you are unable to work Mortgage Protection cover can provide you peace of mind if you knew that your income could still support the family. This would ensure your largest expense (monthly mortgage repayments) was covered and keep the premium costs down to where you are comfortable paying .
Mortgage and Rent Insurance will give you regular monthly payments if you’re unable to work due to illness or injury and your payments won’t be affected by any ACC support you receive. There are several ways Mortgage and Rent Insurance can be used:
There are a number of benefit payment periods available for this cover and these are structured to ensure your mortgage payments and house is protected should you be unable to go back to work for an extended period or until your expected retirement age.
Mortgage and Rent cover will help cover your monthly payments if your earning capacity is seriously affected by illness or disability; ensuring your lifestyle is protected. There are no ACC offsets if you have an accident or illness, they won’t offset your benefit payment should you be entitled to an ACC payment. This means certainty for you at claim time. You are also able to apply for an increase in the sum assured without having to provide further medical information (subject to limits) under certain situations i.e. increasing an existing mortgage; purchasing a new home or residential land. Mortgage and Income Protection insurance is underwritten at application time, which provides certainty around what you are covered for and any specific pre-existing condition.
The waiver of premium means that the insurance company pays the premium while you are on claim.
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