When you’ve worked hard to get where you are, you want to protect your lifestyle – even if you’re on a limited budget.
We understand this, so we developed TOWER Life 360® Mortgage Repayment Cover. This policy is designed for people who want their lifestyle to continue, even if an illness or injury means they can’t work. It means you can continue to pay your bills and expenses without worry, and focus on getting better.
$710 is the average fortnightly mortgage repayment for New Zealand households*.
How long could you afford to pay that amount if you were off work due to illness or injury?
This policy is similar to an income protection policy in that if you’re off work due to illness or injury, you’ll receive a monthly payment. The difference is that this policy has a lower sum insured – meaning a policy with more affordable premiums that can help get you through the hardest months.
What’s more, you don’t even need a mortgage to take out this policy – we’ll simply agree a cover level with you based on your current income.
Features of Mortgage Repayment Cover
When you take out a Mortgage Repayment Cover policy, you’ll get to choose your:
Once covered, the main benefit of our Mortgage Repayment Cover is the payout you receive:
For no extra cost you’ll also receive:
Full details of policy limits and conditions covered are available in the policy document below.
When taking out Mortgage Repayment Cover, you will also need to have Waiver of Premium Cover. This ensures that you’ll have no premiums to pay while receiving claim payments from your Mortgage Repayment Cover policy.
Full policy details for Mortgage Repayment Cover
When it comes to taking out any sort of insurance for you and your family, you want to understand what’s covered. You should read the policy document before you take out cover, so we’ve attached it below. We’re here to help, so if you have any questions about what’s covered or what a particular term means, give us a call.
TOWER Life 360® Mortgage Repayment Cover BrochureTOWER Life 360® Mortgage Repayment Cover PolicyTOWER Life 360® Base Policy
Get a quote
For your mortgage repayment cover quote or for more information about our products, call us on 0800 379 372, Monday to Friday, 8.00am to 5.30pm, complete our quote request form and one of our insurance specialists will get in touch, or contact an adviser.
* This work is based on / includes Statistics New Zealand’s data which are licensed by Statistics New Zealand for re-use under the Creative Commons Attribution 3.0 New Zealand licence.
This is an indication only of the cover provided. For full terms, conditions and exclusions of the policy, please refer to the policy document.