Buying guide
Do I need mortgage protection insurance + what does it cost?
A guide for MP insurance newbies
AI summary
Mortgage protection insurance provides monthly payments to cover your mortgage if you can't work due to illness or injury, offering financial security.
Policy costs vary based on your age, health, and chosen cover level. When comparing policies, check the wait period, payment period, and exclusions. Consider your emergency fund, sick leave, and existing cover like ACC to decide if it's right for you. Always shop around, as you are not obligated to buy insurance from your bank.
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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