Mortgage Cover

Mortgage Insurance pays off the mortgage in the event of your death.

It keeps a roof over the heads of the people you leave behind, by paying off the debt directly to the lending institution.

Please note that our Mortgage Insurance was withdrawn from sale on November 2020. If you have a policy with us, nothing changes. New Mortgage Cover policies, however, are unavailable after this date.
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If you have Mortgage Insurance with us we’ll pay a tax free lump-sum to your nominated mortgage lending institution if you die, or earlier if you’re diagnosed with a terminal illness.

If you’re looking for something that will pay your mortgage and bills if you can’t work due to illness or injury, check out our Income Protection.

Or if you are wanting to cover more than your mortgage, take a look at our Life Insurance.

The Basics

Once your policy is in place

  • If you get married, divorced, become a parent or make changes to your mortgage, you may be able to increase your cover by up to 50% with no medical questions asked. We understand that life changes!
  • Decrease your cover or cancel your policy at any time without penalty.
  • You can choose how you pay – monthly, half yearly or annually and by direct debit, or credit card.
  • If you have 2 or more Pinnacle Life policies paid by direct debit from one bank account, the second and subsequent policies will be discounted by $24 per year.
  • Your payments will increase each year as you get older.

When you need to claim on your policy

  • Your claim will be paid in New Zealand Dollars to your nominated mortgage lending institution if you die, or earlier if you’re diagnosed with a terminal illness.
  • The bank or lending institution will pay any amount over and above the loan to the policy owner or their estate.
  • Your cover won’t expire; as long as your payments are up-to-date your cover will continue until you die and we pay your claim.
  • Your policy will be reinsured by Hannover Life Re, one of the largest reinsurers of life insurance in the world.


Can I put my premiums on hold?

Get in touch by email or phone, and we can see what we can do. During the time your premiums are on hold, you won’t be able to make a claim.

If you miss three payments within 24 months without catching them up, your policy will end the next time you miss a payment. The three payments don’t need to be consecutive.

How long does it take to assess or process an application?

It depends on your answers to the health and lifestyle questions that we ask to offer you cover. For many people, we can assess their information fully online, and they will have Life Insurance in less than 10 minutes.

If we can’t accept your application online immediately, we’ll be in touch to let you know the next steps.

If that means we need more information from you, then the process may take another day or two. If we need information from your GP, it will depend on how quickly your GP responds to our request. Some doctors respond within a week, and others can take two to three weeks or longer.

We do everything we can to make your application as quick and easy as we can. If you are worried your application is taking longer than it should, please get in touch by emailing us at or phoning 0800 22 22 23.

Need help working out what life insurance you need?

Use our tool to do your own advice.
No need to talk to anyone (that means you can do it in your pajamas).

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