life12Gaining a mortgage is a major financial step and for most of us, the mortgage will be against the most expensive thing we ever purchase. We work hard to get a mortgage and provide a home for our families, so it only makes sense to protect this.

Mortgage repayment cover is designed in a similar way to income cover, in that it pays a monthly sum if you are unable to work due to health reasons. You also have similar options regarding wait period (the length of time you are off work before payments begin), and payment term (the length of time the benefit will pay out, e.g. 2 years, or to age 65).

One thing that sets mortgage repayment cover apart from income cover is that it is not offset against ACC. Offsets are other income streams that insurers take into account when determining (reducing) the monthly benefit you would receive if you went on claim. One of the advantages of mortgage repayment cover is that there are no offsets.

This means that if you are unable to work due to injury and are receiving ACC compensation, your mortgage repayment cover will still pay out. However, income cover is unlikely to pay as it is usually offset against ACC payments.

If you’d like to find out more about how we can help with your insurance, give us a call on 0800 222 511 or email us at