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 illness or injury stops you from working, helping to prevent mortgage stress.
When choosing a policy, it's vital to understand the level of cover, wait period, payment period, and exclusions. Your need for this insurance depends on your personal circumstances, such as your emergency fund, sick leave, and other support like ACC. Always compare quotes, 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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