Buying guide
Do I need mortgage protection insurance + what does it cost?
A guide for MP insurance newbies
AI summary
Mortgage protection insurance provides set monthly payments to cover your mortgage if you can't work due to illness or injury.
When choosing a policy, consider the level of cover, wait period, payment period, and exclusions. Your need depends on your emergency fund, sick leave, and other support. Unlike income protection, it can be claimed on top of ACC. While banks may offer it with a mortgage, you are not obligated to buy it and should always shop around.
In this mortgage protection insurance guide we’ll cover
What is mortgage protection insurance?
Mortgage protection insurance fine print
Not everyone needs mortgage protection insurance, but for most with a mortgage it's worth considering.
How much does mortgage protection cost?
| Insurer | Fidelity Life | AIA | Asteron Life | Chubb | |||||
|---|---|---|---|---|---|---|---|---|---|
| Monthly premium | Monthly premium | $37.37 | $37.37 | $37.42 | $37.42 | $38.77 | $38.77 | $41.41 | $41.41 |
| Cashback | Cashback | $74.09 | $74.09 | $99.79 | $99.79 | $93.05 | $93.05 | $83.78 | $83.78 |
Do I need mortgage protection insurance?
If you've got a family and financial responsibilities it's important to regularly review your insurance
Key differences between income and mortgage protection
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