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Mortgage protection insurance is a type of disability insurance that specifically covers mortgage or rent payments, as well as living expenses if the insured person becomes disabled and unable to work. The benefit payments are not affected by ACC benefits.
It is common to confuse Mortgage protection insurance and income protection insurance. Although similar in nature, these insurance services serve the same needs with a few different features: Income protection covers a maximum of 75% of your current income, and mortgage protection covers either 45% of your current income or 115% of your mortgage repayments.
Cost-effective and tax benefits
Mortgage Insurance benefits are often portable, which means if you refinance or purchase a new home, the policy can be transferred. It is generally Tax-Free and covers your mortgage or rent payments or up to a certain percentage of your income or mortgage.
Disability Benefits
If you become disabled and are unable to work, the Mortgage Insurance policy may provide coverage to help cover the mortgage payments during the disability period.
Death benefits
If the borrower dies while the mortgage is still outstanding, the Mortgage Insurance policy pays off the remaining balance of the mortgage.
Joint Coverage
Some level premium life insurance policies may offer cash value accumulation over time. This means a portion of the premium payments can go towards a savings or investment account within the policy.
Some common features of Mortgage Protection Insurance include.
- Coverage for permanent residents or citizens of New Zealand, and some work visa holders.
- The option to apply for coverage between ages 16 and 55 (or 60, depending on the insurer)
- The ability to choose between stepped or level premiums
- Optional coverage for redundancy or death benefits
- No offsets, meaning you can receive the benefit payment even if you also receive disability benefits from ACC
- The ability to choose a benefit payment period, such as until age 65 or a shorter period like two years
- Guaranteed policy upgrades to ensure your coverage stays up to date over time
- Worldwide coverage, 24 hours a day
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