Mortgage Protection Insurance

Keeping a roof over your head.

Keep the primary asset you've worked hard to create. Mortgage Protection covers your mortgage repayments if you cannot work due to an illness, accident or redundancy.
Click on the "Start Online Advice" button to complete our quick and easy form or contact one of our expert Financial Advisers if you'd like to know more.


What is Mortgage Protection Cover?

Mortgage Protection Cover is just as it sounds – it protects your mortgage repayments. It is a monthly benefit paid to you if you can’t earn an income for a period due to either illness or injury.

Mortgage Protection Cover will take care of your mortgage repayments so you have one less thing to worry about while you are recovering.

If you have a home loan, do you have to have Mortgage Protection Cover?

In New Zealand, there is a legal requirement that any property that has a mortgage is fully insured. However, you’re not legally required to have Mortgage or Life Insurance when you take out a loan.

We recommend that if you’re taking on debt, you have some sort of insurance to protect yourself and your loved ones against losing your asset should you be unable to meet your debt repayments for a period of time.

We would also recommend a review of your Life Cover needs so your loved ones aren’t left to foot the bill should the worst happen.

How much Mortgage Protection Cover do I need?

When you complete our Mortgage Protection online "Check", one of our expert advisors will recommend exactly how much cover you should get to adequately protect yourself and your family.

However, in terms of a ballpark figure, Mortgage Protection Cover is usually restricted to 110% of your current mortgage repayments (to cover interest rate increases) or about $6,000 per month.

How much is Mortgage Protection Cover?

The price of your Mortgage Protection Cover premium is dependent on a variety of things and will be higher if you are deemed more likely to make a claim by the insurer. The types of things that are considered are; your age, occupation, medical history and whether or not you are a smoker or engage in any hazardous activities.

What if I want to insure more than my mortgage balance?

Mortgage Protection Cover is a spin-off of Income Protection Cover, so you are absolutely able to increase your cover at any time. You may want to consider covering your income to provide greater protection for your family, or another debt.

What if my mortgage repayments change?

Replacement cover doesn’t increase automatically – so it’s important that you review your cover regularly to make sure it’s still appropriate for your situation.

Your advisor will contact you on an annual basis to check in and re-evaluate your cover requirements, but you can also contact us at any time if your circumstances change on

How long will my Mortgage Protection Cover last for?

That’s totally up to you!

You can choose to have cover for 2 years, 5 years, until you turn age 65 or until you turn age 70.

The payment period you choose means that your mortgage payments will be taken care of up to a maximum of your chosen payment period.

If you’re unsure how long you should have cover for, your ClickCover advisor can help you decide on the best option for you.

If I can’t work, how quickly will my Mortgage Protection Cover kick in?

That’s up to you to decide.

You can have a shorter or longer wait period depending on your situation, though there is usually a minimum wait of one month. Your Mortgage Protection Cover won’t kick in until after this wait period is over. Usually the longer the wait period you choose, the cheaper you insurance premiums will be.

However, when you are deciding on a wait period, it’s important that you consider how long you and your family can get by without either one or no income. If you do decide to go for a longer wait period, it’s crucial that you have some sort of savings or emergency fund to access during this time.

If you’re unsure what sort of wait period is ideal for you and your family, a ClickCover advisor can help you make the right decision.

Will I need to have a medical examination for Mortgage Protection Cover?

Maybe. It depends on your chosen policy and your medical history. If your chosen insurer requires you to have a medical exam or some tests before deciding to insure you, this will be of no expense to you.