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Mortgage Cover

This policy provides cover to pay off the mortgage in the event of your death. It keeps a roof over the heads of the people you leave behind.

Mortgage Cover

If you have Mortgage Cover 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 Cover.

Here’s the basics:

Getting a policy

  • You choose the amount that’s right for you, from $100,000 to $1.5 million
  • You have to be aged between 18 and 75 to get a policy. You can apply online if you are aged 20 to 69 and living in NZ, Australia, USA, Canada, UK, Ireland, Hong Kong or Singapore. 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’ll get a 10% discount for the first year if you apply online, and 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

  • When life changes – you get married, divorced, take out a mortgage or become a parent, you may be able to increase your cover by up to 50% with no medical questions asked,
  • You can decrease your cover or cancel your policy at any time without penalty.
  • You 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 return 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.

How much cover have others asked for?

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