Mortgage Repayment Cover provides a financial safety net should you be disabled as a result of sickness or injury and are unable to meet your mortgage repayments. A direct payment to your mortgage provider is designed to cover your repayments on your behalf during your treatment or recovery.
- 24 cents of every dollar in the average New Zealand household goes towards housing costs - the largest component of household expenditure.*
- 5 out of every 10 males and 7 out of every 10 females, aged 25 years are likely to become disabled due to an illness or accident before they turn 65.**
- 9000 strokes are reported annually in New Zealand.***
* Source: Statistics New Zealand 2003/2004
** Source: Davies Financial & Actuarial Limited
*** Source: Stroke Foundation of New Zealand
What benefits are included in my Mortgage Repayment Insurance cover for no additional premium?
Critical illness benefit
If you suffer from a critical illness like cancer or a heart attack you will be paid your monthly benefit for a period of 6 months irrespective of whether you return to work during that timeframe. If your disability lasts longer than 6 months your payments will continue as normal.
Partial Disability Benefits Payments
In some situations there needs to be a gradual return to work. Mortgage Repayment Cover allows for a payment to be made relative to the hours worked if you are partially disabled.