Mortgage Repayment Cover 

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:

• Cover amount (how much you would receive as a payment if you claimed, up to our maximums)
• Wait period (how many weeks you could cope on your own before insurance payments start) from the available options
• Benefit period (how long the cover will pay out for) from the available options

Once covered, the main benefit of our Mortgage Repayment Cover is the payout you receive:

• Up to $4,000 cover per month
  Designed to help you keep up with your expenses while off work, the monthly payment is an agreed value based on your income or mortgage repayment amount.

For no extra cost you’ll also receive:

• Home and Work Modifications Benefit
  If your illness or injury means modifications to your home or work are required, this benefit could pay out up to six times your monthly sum insured towards the cost of specialised equipment or modifications that are required to help you manage.
  
  
• Rehabilitation Programme Benefit
  When sick, often all we want is to be back to good health and back at work. To help you along, this benefit can pay the costs (up to six times your monthly sum insured) towards an approved rehabilitation programme to assist you back to work.
  
  
• Home Care Benefit
  If you become totally disabled it could mean that you’ll need full time care at home from a nursing service – for which you could need to foot the bill. This benefit can pay some of the costs associated, on top of your normal monthly claim payment for a maximum of six months.
  
  
• Funeral Benefit
  Funeral costs can be higher than expected, and often the money is not just sitting around. If you pass away while receiving a benefit under this policy, we will make a payment of three times your monthly sum insured to help pay for funeral expenses.
  
  
• Return to Home Benefit
  Working overseas is a New Zealand tradition. If you’ve been working overseas for more than three months and become disabled, we’ll pay up to $10,000 of economy travel for you and a support person, back to New Zealand once we’ve accepted your claim.
  
  
• Recurrent Disability Benefit
  Sometimes an injury or illness can reoccur during your recovery period. If this happens within 12 months of your previous occurrence, we’ll waive your wait period so you can make use of the claim payment right away.
  
  
• Partial Disability Cover Benefit
  If your return to work is gradual, you could still need your insurance to supplement your reduced income. This benefit does just that, and helps you return to work as stress free as possible.
  
  
• Hospitalisation or Bed Confinement Benefit
  Being hospitalised or restricted to your bed for a long period of time isn’t ideal. With this benefit you could receive a portion of your sum insured for each night (once you’ve been hospitalised for three nights), to help see you through until your wait period ends.
  
  
• Sale of Home Benefit
  Sometimes modifications aren’t enough to enable you to stay in your house. So if you need to sell your home as a result of your disability, we’ll contribute $1,000 towards the legal fees.
  
  
• Sum Insured Adjustment Benefit
  Costs don’t remain static, so this benefit keeps your sum insured in line with current interest rates, and allows you to increase it if you increase your mortgage.
  
  
• Total and Permanent Disability Benefit
  Receiving a monthly benefit may not suit if you’re totally and permanently disabled, so this benefit gives you the choice of receiving the remainder of your Mortgage Repayment Cover payments as a lump sum.
  
  
• Trauma Benefit
  It’s not just disabilities that can throw you off course. If you are diagnosed with one of 15 defined conditions, including life threatening cancer or a stroke, this benefit could pay your monthly sum insured for six months. If you’re still unable to work after that time the main benefit takes over.

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 Brochure
TOWER Life 360® Mortgage Repayment Cover Policy
TOWER Life 360® Base Policy

Get a quote and purchase Mortgage Repayment Cover

Getting protected with Mortgage Repayment Cover is as simple as agreeing your:

• Cover amount (how much you would receive as a payment if you claimed)
• Wait period (how many weeks you could cope on your own before insurance payments start) from the available options
• Benefit period (how long the cover will pay out for) from the available options

If you’re interested in finding out more about Mortgage Repayment Cover, getting a quote or taking out a policy, we can talk you through the options in the most convenient way for you:

• Call us on 0800 379 372, Monday to Friday, 8.00am - 5.30pm
• Complete an online quote request form
• Speak to 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.