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.
If you apply within 3 months of getting a mortgage you'll get a 5% discount off your premiums.
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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

Getting a policy

  • From $100,000 to $1.5 million, you choose the amount of cover that’s right for you.
  • You need to be aged between 18 and 75 to get Mortgage Insurance.
  • If you are aged 20 to 69 and living in NZ, Australia, USA, Canada, UK, Ireland, Hong Kong or Singapore, you can apply online. If you are outside the online age range, please contact us.
  • You can save 10% for the first year by applying online. You might also be eligible for further discounts, such as, an additional 10% based on your health and lifestyle and another 5% discount if your mortgage was approved in the last 3 months.
  • If you’re accepted online, you’ll be covered by the end of the application process, that’s straight away, no waiting.
  • All of our policies have a 30 day free look period so that you can buy with confidence.

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.

What cover might I need?

Thinking about what life stage you’re at might help you get started if you’re stuck wondering what you need. Choose the option that best fits what you want to plan for, we’ll then let you know what other people planning for a similar future have asked for quotes on.

FAQs

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.

COVID-19 update: The alert level 4 and 3 lockdowns for COVID-19 have made things tough for many of our customers. Please get in touch with us if this is you as we have other options you may be eligible for during this time, including a premium holiday and an extended period for putting cover on hold.

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

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

If you aren’t accepted straight away online, we’ll be in touch on the next working day and will let you know the next steps.

If that means we need more information from you, then the process may take another day or two, while 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 or three weeks or sometimes longer.

So how long it takes depends on several factors, mostly outside of the control of Pinnacle Life, but we do everything we can to make it as easy and simple as we can.

What’s the difference between mortgage cover and life cover?

Life and mortgage cover both pay out a lump sum amount in the event of death or diagnosis of terminal illness of the person insured. A terminal illness claim will be paid out if we accept medical evidence that the insured person has 12 months or less to live.

For a life cover policy we’ll pay the owner of the policy, for a mortgage cover policy we’ll pay the lending institution you nominated.

With a mortgage cover policy you will also be eligible for a 5% discount if you are taking out the policy within 3 months of getting your mortgage approved.

Still unsure?

Still unsure?

We can show you what insurance people planning for a similar future have asked about.

Help me choose
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