Mortgage Insurance

Are you looking for the best mortgage insurance solution for your needs in New Zealand? The skilled, experienced team at Accord Insurance brokers can help you. To get in touch and learn more about the coverage options available for you and your household, contact us at 027 446 4475 / today.

What Is Mortgage Protection

If you get too sick or injured to work, mortgage protection insurance offers you monthly income, allowing you to continue to pay your bills and cover your repayments. That way, should you find yourself temporarily out of work, your pay-outs will ensure that you get to hold on to your family’s home.

Mortgage Insurance

Why Should I Consider Mortgage Protection Insurance?

Mortgages are usually repaid over decades, and mortgage insurance thus helps protect you against the myriad unexpected events that could strike any time over this extended period and affect your ability to repay your mortgage.

It’s estimated that as many as 60% of New Zealanders are likely to suffer a significant illness in their lifetimes before reaching retirement age. This could affect people of any age, profession, or demographic. Mortgage Protection Insurance thus helps you keep your family looked after and home protected.

Mortgage Protection Insurance

Taking out cover for Mortgage Protection Insurance helps protect your home from personal bankruptcy or a mortgagee sale. Some insurers also offer optional redundancy cover, which will keep you protected if a future recession hits and you lose your job. If you know that you would struggle to keep your home from being repossessed if you were unable to work, mortgage insurance could help you from losing your hard-earned home.

You can still take out Mortgage Protection Insurance even if you don’t actually have a mortgage! There are also policies dependant on your income rather than your mortgage repayments. This means that if something were to happen and you were unable to keep working, your policy payouts could help you survive by covering your everyday living costs.

Wouldn’t ACC Cover Me?

ACC only covers you for accident- and injury-related claims - but not illnesses such as cancer.or Covid 19. This means that if you were to fall sick or be injured outside of work, you wouldn’t be covered.

What’s more, some mortgage insurance plans will pay out even if you are getting compensation from ACC, helping take even more financial strain off your shoulders.

It’s Important To Choose The Right Policy

All policies have exceptions and exclusions. It’s important to assess what the best options for your circumstances are, as the wrong cover can end up costing you significantly in the long term. For instance, you’ll want to make sure you choose a plan that adequately covers your monthly repayments.

If you’re looking for an experienced, knowledgeable team of insurance brokers who can offer you advice on the best possible options for you and your financial situation, Accord Insurance is here for you. Just get in touch with us at 027 446 4475 /, and we’ll be happy to help with all your mortgage insurance questions and needs. We’ll help you find a plan that will give you true peace of mind.


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