Those payments still need to be made.
And this will take some of the pressure off you and your family.
It’s one the biggest regular payments you’re likely to make, so having cover to pay your mortgage if you can’t is a good idea. After all, these things won’t stop if you get sick or injured and can't work.
Our Monthly mortgage repayment cover gives you peace of mind that your mortgage is covered for up to, 40% of your gross income or 110% of your usual mortgage repayments. You can even choose how long you’d like the payments to last from 2 years, 5 years or to age 65.
Well, the debts and bills don't stop even if you have to because of illness or injury. To get you back on your feet and earning again, this cover can also help with things like rehabilitation.
You pay an amount of money (called a ‘premium’) for a policy. The policy is a contract so you know exactly what we’ll pay out for. If you keep paying for your insurance with us, and the policy terms and conditions have been met, we’ll pay out for everything we agreed.
If your mortgage repayments increase, you could increase the value of your cover any time before the age of 50 without needing to give us medical evidence (check out the Monthly mortgage repayment info sheet for details as there are a few conditions). (You can apply to increase your cover at any time up to age 59 though, but we may need to do health and financial checks.)
We’ve compiled a list of the most commonly asked questions about this cover.
For a good overview of the ins and outs, it’s worth reading the info sheet.
Yes - you’ll need to be between 16 and 59 if you want this cover.
Your cover will finish up once you turn 65.
That’s your call. You can choose your cover to be up to either 40% of your gross income, or 110% of the amount you pay each month for your mortgage.
You can pay fortnightly, monthly or annually – whatever works best with your budget.
That’s up to you too. You can choose a waiting period of 2, 4, 8, 13, 26, 52 or 104 weeks – and a benefit period of 2 years, 5 years, or until you’re 65.
These benefits all depend on your individual situation – so it’s best to take a look at the info sheet.
* Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit fidelitylife.co.nz/about-us/our-financial-strength/
1 Mindthegap.co.nz – ‘How long could you survive without an income?’
Disclaimer – the information contained in this webpage is a summary of the key points of this insurance policy and is general in nature. It is not, and is not intended to be, a policy document.
Details of definitions, benefits, standard exclusions/limitations, terms and conditions are contained in the full policy documentation which is available from your financial adviser. Please refer to current policy documents for specific details. This webpage does not provide a personalised financial advice service.