Income protection insurance and mortgage insurance help you continue making important payments
If you are unable to work after an illness or injury there are two types of insurance that can help you:
Income protection insurance – this pays a percentage of your full income
Mortgage protection insurance – this pays your monthly mortgage repayments for a certain period
These protection policies let you focus on getting better without having to worry about where the money for mortgage repayments or other bills is coming from. Payments are usually made to pay bills but can also be used for things like extra childcare or help with cooking and cleaning during recovery, home modifications to cope with a new disability or rehab to help with a return to work.
Our team can help you decide whether income protection or mortgage protection is right for you
These types of policies can be trickier to work out than a simple life insurance policy or trauma insurance cover.
Both types of policy usually have a waiting period before you can start claiming, but you can choose the timeframe as well as how much income you want to receive (up to 75% of your full income). Remember that if you take out both types of insurance or you also have ACC income protection the payment you receive from this income protection cover may be lower.
Our team of experienced Auckland-based insurance advisers can help you work out which is the best provider and policy for you as well as wait times and payment amounts.
Talk to us today about reviewing your insurance needs. We strongly recommend having a review of your insurance if you have recently:
- Got married or divorced
- Had a baby
- Bought a house
- Started a business
- Made positive health changes such as quitting smoking
- Changed to a more secure job or had an increase in income
All these things can affect the type of insurance you need and your premiums. We can also help you if you simply want to review your policies and providers to see if you can save money on premiums or get better cover. Give us a call to arrange a consultation today.