Compare Mortgage Protection Insurance from NZ's Top Insurers

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{total=27, items=[{firstname=Saswata , reviews_io_company_comments=You are the best! Short and sweet and exactly discussing the issues and concerns that matter!, reviews_io_company_date_created=1741380912000, reviews_io_company_rating=5}, {firstname=Janelle, reviews_io_company_comments=George was so helpful and really made the process of changing health insurance providers so easy. He really knew what policy would work for best for me., reviews_io_company_date_created=1741068687000, reviews_io_company_rating=5}, {firstname=Nandana, reviews_io_company_comments=much appriciated for clear instructions and the service provided by the agent. It helps me to make a quick decsion on selecting a insurance provider..., reviews_io_company_date_created=1740089908000, reviews_io_company_rating=5}, {firstname=Dave, reviews_io_company_comments=George was very knowledgeable across multiple providers, we managed to narrow down the best one for our family and followed through with the cover. , reviews_io_company_date_created=1737105430000, reviews_io_company_rating=5}, {firstname=Wei Ji, reviews_io_company_comments=Was a little hesitant with going through the initial phone call, but it went much better than expected as Jared was able to provide detailed explanations to all the options that were available, and was able to adapt the recommendation based on changes I decided after some more thought. The comparison PDFs with quoted prices, brochures and policy details was also super helpful in making an informed decision., reviews_io_company_date_created=1736129893000, reviews_io_company_rating=5}, {firstname=Clint, reviews_io_company_comments=We found Andrez, really good, knew his stuff, very honest. Rgds Clint, Jill hartley, reviews_io_company_date_created=1729911521000, reviews_io_company_rating=4}, {firstname=Kylah, reviews_io_company_comments=George was so informative and helpful, he made me feel confident in what policy to select. Great service. , reviews_io_company_date_created=1729195807000, reviews_io_company_rating=5}, {firstname=Leen, reviews_io_company_comments=Andrez was really helpful and professional, reviews_io_company_date_created=1728875675000, reviews_io_company_rating=5}, {firstname=mary, reviews_io_company_comments=Andrez was really knowledgeable regarding the products available and very helpful with every aspect of our health insurance applications, reviews_io_company_date_created=1727817464000, reviews_io_company_rating=5}, {firstname=Rachel, reviews_io_company_comments=Thanks George for making this quick and easy. I really appreciate the great service and wouldn't hesitate to use Policywise again., reviews_io_company_date_created=1727650253000, reviews_io_company_rating=5}]}

Saswata
2025-03-07
0 months

Janelle
2025-03-04
0 months

Nandana
2025-02-20
1 month

Dave
2025-01-17
2 months

Wei Ji
2025-01-06
2 months

Clint
2024-10-26
5 months

Kylah
2024-10-17
5 months

Leen
2024-10-14
5 months

mary
2024-10-01
5 months

Rachel
2024-09-29
6 months

Excellent

4.94 average

304reviews

Saswata

Verified Customer

You are the best! Short and sweet and exactly discussing the issues and concerns that matter!

Janelle

Verified Customer

George was so helpful and really made the process of changing health insurance providers so easy. He really knew what policy would work for best for me.

Nandana

Verified Customer

much appriciated for clear instructions and the service provided by the agent. It helps me to make a quick decsion on selecting a insurance provider...

Dave

Verified Customer

George was very knowledgeable across multiple providers, we managed to narrow down the best one for our family and followed through with the cover.

Wei Ji

Verified Customer

Was a little hesitant with going through the initial phone call, but it went much better than expected as Jared was able to provide detailed explanations to all the options that were available, and was able to adapt the recommendation based on changes I decided after some more thought. The comparison PDFs with quoted prices, brochures and policy details was also super helpful in making an informed decision.

Clint

Verified Customer

We found Andrez, really good, knew his stuff, very honest. Rgds Clint, Jill hartley

Kylah

Verified Customer

George was so informative and helpful, he made me feel confident in what policy to select. Great service.

Leen

Verified Customer

Andrez was really helpful and professional

mary

Verified Customer

Andrez was really knowledgeable regarding the products available and very helpful with every aspect of our health insurance applications

Rachel

Verified Customer

Thanks George for making this quick and easy. I really appreciate the great service and wouldn't hesitate to use Policywise again.

New Zealanders are some of the world’s biggest spenders when it comes to housing. In fact, 17% of Kiwis spend more than half their household income on mortgage or rent payments - 6% higher than the global average.

However, in 2022, 53% of mortgage holders were stressed about their payments . Moreover, a 2024 NZ Financial Services Council study revealed that over 1.5 million Kiwis couldn’t access $5,000 within a week unless they went into debt.

Mortgage protection insurance provides a monthly payment to cover your mortgage repayments, rent, and other expenses, so even if you can’t earn an income due to illness or injury, you can still keep your home.

How does mortgage protection insurance work?

Mortgage protection insurance pays out a tax-free monthly benefit if you're unable to work due to an illness or injury that leaves you totally or partly disabled. On top of your monthly benefit, the best insurance plans also support your rehabilitation, retraining, and recovery. Note that if you have pre-existing conditions, insurers may exclude those from your cover.

You can customise your policies to suit, such as by choosing a waiting period or benefit period that fits your financial situation. Some insurers also allow you to select optional add-ons, such as redundancy cover and extra payments if you suffer a specified injury or critical illness, like cancer, heart attack, or stroke.

Your mortgage protection policy kicks in after the waiting period and will finish once you’re no longer totally or partially disabled or when your benefit payment period ends.

Why compare mortgage protection covers?

By comparing mortgage protection insurance providers, you’ll find the right cover tailored to your circumstances. Policies can differ in premium costs, cover limits, and exclusions, so it's a good idea to weigh up your options with the help of an insurance adviser.

Choosing a trusted insurance broker, like Policywise, offers:

Access to a range of policies: Policywise provides comparisons between multiple top-quality providers so your final choice is based on well-researched information.
Expert advice: Policywise brokers guide you through complex insurance jargon and ensure you understand your cover.
No added costs: Using a broker like Policywise does not increase the cost of your premium, meaning you receive professional guidance without any additional expenses.

Do I need mortgage repayment insurance in New Zealand?

In 2024, over two million New Zealanders said they were not prepared for the possible loss of income of their main household income earner. A third (31%) of Kiwis would be able to cover their living expenses for only a month or less if they lost their job tomorrow.

Some New Zealanders have financial backups - such as employer-provided sick leave or subsidised workplace insurance, but these don’t usually offer complete protection. Additionally, employee sick leave is often limited in duration and might not cover long-term or permanent disability or chronic conditions.

ACC (Accident Compensation Corporation) may not be adequate or appropriate for your needs, either. Although accidental injuries and work-related gradual conditions come under ACC, illnesses or diseases like cancer, or sudden events like stroke or heart attack do not.

It makes sense, then, to consider mortgage protection insurance to help you continue to meet your housing repayments if your income is disrupted or ceases because of a critical illness or disability.

Features and benefits

Mortgage protection insurance is designed to cover your mortgage or rent payments in case of unexpected life events. However, the specifics can differ significantly between insurers, with benefits, cover limits, and exclusions varying according to the policy. Some might offer more comprehensive support for recovery, rehabilitation, and retraining, while others could provide better redundancy protection.

Working with an insurance broker, like Policywise, gives you access to expert advice and a range of policies from top insurers, removing the time-consuming hassle of having to search on your own.

This table compares some key features of mortgage protection insurance from various New Zealand insurers:

Insurer	Monthly Benefit	Benefit Payment Period	Waiting Period
AIA	Up to 115% of your contractual mortgage repayments on your residential property, or, 45% of your gross income	2 years, 5 years, or to age 65 or 70 for selected occupations	From 4 weeks up to 104 weeks
Asteron Life	Up to 75% of your income (less tax), or up to 115% of your mortgage repayments on your residential property	2 years, 5 years, or to age 65 or 70	From 2 weeks up to 104 weeks
Chubb	Up to 115% of your monthly rent or mortgage payments, or 45% of your annual income (maximum of $20,000 per month)	2 years, 5 years, or to age 65 or 70 for selected occupations	From 4 weeks up to 104 weeks
Fidelity Life	Up to 115% of your monthly rent or mortgage payments, or 45% of your gross annual income (maximum $30,000 per month)	2 years, 5 years, or to age 65	From 2 weeks to 104 weeks
Partners Life	Up to 45% of pre-tax income or actual mortgage repayment (maximum $40,000 per month)	1 to 5 years, or to age 65 or 70	From 4 weeks to 104 weeks

Below is a sample overview of the features and benefits of mortgage protection plans. Depending on your insurer, some of these benefits are built into your cover while others are optional add-ons.

Built-in cover

Benefit payment period: Choose how long you’ll receive monthly payments. Most insurers let you choose between 2 years, 5 years, or to age 65 or 70 for selected occupations.
Waiting period: Choose how long you’ll wait before you start receiving monthly benefits. This can range from 2 weeks to 2 years.
Total disability income: Provides a monthly benefit to compensate for lost income as a result of total disability that lasts longer than the waiting period.
Partial disability income: Provides a monthly benefit if, after the waiting period, you still can’t work full-time due to a partial disability.
Rehabilitation support and vocational assistance: Covers the costs of approved vocational retraining or rehabilitation programmes.
Back to work payment: Provides additional financial support if you’ve received retraining assistance and can work full-time within specified timeframes.
Recurrent disablement: Waives your waiting period if you suffer a recurrence of the same or related condition within a specified period.
Return to home: Reimburses the cost of your return to New Zealand if you’ve been living or working overseas for over 3 months and suffer a disability.
Bed confinement: Pays a benefit if you are confined to bed or hospitalised for at least 3 consecutive nights during your waiting period.
Childcare support: Reimburses the cost of additional childcare you may need while disabled. Children must be under 14 years old.

Optional add-on benefits

Dependant relative: Provides financial assistance if you take employer-approved leave without pay or stop working to provide full-time care to a dependant who can’t care for themselves.
Redundancy cover: Provides financial support for up to 6 months if you’re made redundant.
Specific injury support: Provides additional benefits if you suffer from an injury specified in your policy.
Severe illness benefit: Pays an additional benefit if you are diagnosed with a condition that falls under the policy’s severe illness criteria.
Mental health limitation/discount: Lowers your premium if you consider a 2-year maximum benefit period on disability claims related to mental illness.
Retirement protection/KiwiSaver: Continues your KiwiSaver contributions while you are receiving disability, critical illness, or specific injury benefits.
Death/bereavement support: Provides a one-off benefit if you pass away or receive a terminal diagnosis which may lead to your death within a year.

The benefits listed above are by no means complete. To learn more about mortgage protection insurance, or consider other options, schedule a callback with a Policywise adviser.

Mortgage protection insurance vs income protection, life, and home insurance

Mortgage protection insurance isn’t the only option available to safeguard your home. Alternative products such as income protection and life insurance provide equally valuable cover.

Mortgage protection insurance vs income protection

Mortgage protection and income protection insurance both provide monthly benefits if you need to stop working due to an illness, injury, or disability. You can use the regular payments to cover your mortgage or rent and other expenses. These insurance products differ primarily in how your monthly payments are calculated and whether these will be reduced by other benefits you’re receiving.

Mortgage protection benefits are calculated on either your income or your mortgage repayments and do not usually offset ACC.

Income protection cover is computed based on your income and may be reduced by your ACC compensation, sick leave payments, and other benefits received.

Mortgage protection insurance vs life insurance

Mortgage protection and life insurance have three main differences: how benefits are calculated, how often you’ll receive a benefit, and what conditions are covered.

Mortgage protection provides a monthly sum if you cannot work due to an illness, injury, or disability. Your monthly benefits are calculated either on your income or your mortgage repayments.

Life insurance pays out a tax-free lump sum in the event of your death or a terminal illness diagnosis giving you less than a year to live. You choose the lump sum amount when you buy a policy. Your loved ones can use the life insurance benefit for home loan payments and other expenses.

Mortgage protection insurance vs home insurance

Home insurance covers damage to your property and eases the financial stress caused by events such as fire, theft, or natural disasters, ensuring that you can afford repairs or replacements.

Mortgage protection covers you against loss of income if you can’t work due to an illness or injury, ensuring your mortgage or rent payments are maintained.

Mortgage protection insurance cost comparison

The costs of mortgage protection insurance vary depending on your age, mortgage repayments, chosen waiting period, and other factors. Below are estimated premiums from trusted mortgage protection insurers.

Sample fortnightly premiums for $3,500 monthly cover (13-week wait period, to age 65)
	AIA	Asteron Life	Chubb	Fidelity Life	Partners Life
30-year-old female (non-smoker)	$25.02	$25.43	$24.15	$24.23	$25.59
30-year-old male (non-smoker)	$18.78	$18.30	$17.08	$16.27	$20.42
40-year-old female (non-smoker)	$38.27	$42.94	$37.01	$36.98	$38.98
40-year-old male (non-smoker)	$24.79	$27.38	$23.31	$24.24	$24.99
50-year-old female (non-smoker)	$74.86	$80.29	$72.78	$74.25	$77.80
50-year-old male (non-smoker)	$47.08	$50.48	$46.00	$47.53	$49.40

Why choose Policywise as your mortgage insurance broker

Securing the right mortgage protection insurance by working with an insurance broker, like Policywise, offers several advantages over dealing directly with individual insurance companies. Policywise is a 100% free service, offering fast, comprehensive, and easy-to-understand comparisons of all leading providers, and a simple summary clearly recommending which insurer is best for your situation.

We’ll answer your questions, provide experienced advice, quotes, and comparisons, and manage all the back and forth throughout the application process. Taking out your cover through us means you'll have our lifetime support and claims advocacy, and we'll help you negotiate a positive outcome at claim time. We can also take care of lodging any claims on your behalf and back you up if the going gets tough.

Ready to protect your home? Contact Policywise today and let our expert brokers help you find the perfect mortgage protection insurance.

Why choose Policywise as your mortgage protection adviser

	POLICYWISE™	Other comparison sites	Traditional brokers	Banks	Insurers (going direct)
Completely free service	Yes	Yes	Yes	Yes	Yes
Quotes from 8 of NZ’s leading insurers	Yes	Some*	Some*	No*	No
Tailored recommendations fitted to your needs	Yes	No	Yes	No*	No
Detailed quote comparisons	Yes	No	Some*	No	No
Comparisons based on third-party research	Yes	Some	Yes	No	No
Fast & efficient process	Yes	Yes	Some*	Yes	Some
Independent claims support & advocacy	Yes	Some	Yes	No	No*
Laser focused on health, life & disability	Yes	Yes	Some*	No	Yes*
Experts at negotiating pre-existing conditions	Yes	Some	Some	No	No
Avoid ungenerous policies that make claiming hard	Yes	Yes	Yes	No	Some
Ongoing support	Yes	Yes	Yes	Yes	Yes
Nicest guys in New Zealand	Yes	No	No	No	No

^{Disclaimer: All information on this page or website is general information only, not intended as advice, and does not take into consideration your personal circumstances. We recommend consulting a Policywise adviser before making any insurance decision.}

^{Please note: Policywise advisers are licensed by the Financial Markets Authority to provide financial advice in relation to health insurance, life insurance, and disability insurance. You can learn more about this on our Public Disclosure page. All insurance covers are subject to the insurer’s approval of your application.}

^{Insurance policies and their built-in and optional benefits may be subject to stand-down periods, exclusions, terms and conditions, and premium loadings not listed on this website. Optional benefits also have additional premiums. Please refer to the insurance product’s policy document for full details. Insurers may alter these details at any time.}

^{Therefore, nothing in our product pages is intended to be definitive or binding. Where there are discrepancies between any policy wording on this website and the policy wording provided by the insurance company at the time your cover is approved, then the insurance company’s wording will be deemed the correct version.}

References

AIA. (2024). Income protection insurance. Retrieved 04/11/2024 https://www.aia.co.nz/content/dam/nz/en/docs/our-products/brochures/aia-living-income-protection.pdf

AIA. (2024). Mortgage protection insurance. Retrieved 12/09/2024 https://www.aia.co.nz/en/go-online-home-loans/mortgage-protection.html

Asteron Life. (2024). Mortgage and living cover. Retrieved 12/09/2024 https://www.asteronlife.co.nz/documents/mlc/mortgage-and-living-insurance-brochure.pdf

Chubb. (2024, September). Mortgage repayment cover. Retrieved 12/09/2024 https://www.chubb.com/content/dam/chubb-sites/chubb/nz-en/life/documents/cig0011-assurance-extra-mortgage-repayment-cover-brochure-web-v4.pdf

Fidelity Life. (2024). Do I need mortgage protection insurance? Retrieved 12/09/2024 https://www.fidelitylife.co.nz/insurance-101/life-insurance-basics/do-i-need-mortgage-protection-insurance/

Fidelity Life. (2024, September). Monthly mortgage repayment cover. Retrieved 04/11/2024 https://www.fidelitylife.co.nz/media/n5hfs4xs/factsheet-monthly-mortgage-repayments.pdf

Financial Services Council NZ. (2024, April). Financial resilience index May 2024. Retrieved 29/09/2024 https://7422267.fs1.hubspotusercontent-na1.net

NZ Adviser. (2022, October 1). Russel, J. Mortgage affordability in NZ: All about the Kiwi dream. Retrieved 06/09/2024 https://www.mpamag.com/nz/mortgage-industry/guides/mortgage-affordability-in-nz-all-about-the-kiwi-dream/422441

Regional Economic Activity Web Tool. (2024). Weekly rent in New Zealand. Retrieved 29/09/2024 https://webrear.mbie.govt.nz/theme/mean-weekly-rent/map/timeseries/2024/new-zealand?right-transform=absolute

RNZ. (2024, July 19). One in five NZers spending half their income on housing - report. Retrieved 04/11/2024 https://www.rnz.co.nz/news/business/522557/one-in-five-nzers-spending-half-their-income-on-housing-report

Scoop Media. Press release. (2023, March 21). On the brink: 3 million Kiwis experiencing financial stress. Retrieved 29/09/2024 https://www.scoop.co.nz/stories/AK2303/S00388/on-the-brink-3-million-kiwis-experiencing-financial-stress.htm

Scoop Media. Press release. (2024, July 19). Housing affordability, sustainable economy, access to public transport top infrastructure priorities for NZers. Retrieved 29/09/2024 https://www.scoop.co.nz/stories/BU2407/S00328/housing-affordability-sustainable-economy-access-to-public-transport-top-infrastructure-priorities-for-nzers.htm

Mortgage Protection Insurance