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.

Product name

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.
  • If you’re accepted online (and 3 out of 4 people are) you’ll be covered by the end of the process.
  • You can save 10% for the first year by applying online and you might be eligible for further discounts.
  • All of our policies have a 30 day free look period, so 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, credit card, automatic payment or via internet banking.
  • 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.


Do I have to visit the doctor to apply for a life insurance policy or any other kind of policy?

Probably not – in fact less than 2% of customers who apply for cover need to visit a GP. Depending on your answers on the application form, we may require additional information from you or from your GP but this does not mean you have to visit them, we simply ask them to send us the relevant information from your medical file.

Occasionally we may require you to see your GP to have a medical exam or to have a blood test done, but if this is the case we will discuss it with you first.

How long does it take to assess an application?

It really depends on your answers. For many people we’ll assess your information online and you have your life insurance cover in less than 10 minutes. If you aren’t accepted online we’ll be in touch on the next working day and will let you know the next steps.

If we need further information from you it could take a 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, others can take two or three weeks or sometimes longer.

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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