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, helping you avoid mortgage stress.
Policy details like level of cover, wait periods, and exclusions vary, so always read the fine print. Costs depend on your age, health, and mortgage size.
Whether you need it depends on your emergency fund, sick leave, and other insurance like ACC. It is crucial to shop around for quotes rather than accepting your bank's default offer.
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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