Mortgage protectionOne of the insurance products available on LifeDirect is mortgage repayment insurance. Mortgage insurance is available so that you can insure your ongoing mortgage repayments. If you're ill or injured and can't work, your insurer will make regular claim payments to you. Mortgage repayment can be an extremely important kind of cover, and means that your home remains yours even if poor health or an accident means that you're not able to work.
Income protection and ACCMortgage and income insurance both take separate approaches when it comes to ACC. In New Zealand, if you're unable to work due to injury, then you can expect to receive ACC payments. Generally, income protection policies will "offset" these ACC payments from your claim payments, this means that your claim payments will reduce, or possibly not be made at all if you're receiving ACC to cover any loss of income.
Mortgage repayment cover approaches this differently, and will typically not offset ACC at all, meaning that you can receive both ACC and your full mortgage repayment lump sum.
You can start a free quote for either mortgage or income protection online with LifeDirect. If you'd like to speak to someone about your options, you can give us a bell on 0800 800 400 and speak to our Wellington based team.