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Income or mortgage protection
NZ-Pathfinder Financial Services
Services Personal Risk Insurance Income or mortgage protection

Income and Mortgage Protection

How long could you maintain your standard of living if an accident or illness halted your income?

What is Income & Mortgage Protection Insurance?

Income Protection & Mortgage Protection Insurance, provide a safety net if you’re unable to work due to illness or accident. It pays out a portion of your usual income in monthly installments, helping you cover everyday bills, household expenses, mortgage monthly repayments and maintain your lifestyle while you focus on recovery. By ensuring a consistent cash flow even when you can’t earn, Income Protection or mortgage protection can bring peace of mind, allowing you and your family to avoid the financial hardship that often accompanies a prolonged loss of earnings.

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FAQs

How do waiting periods work?

In most cases, your income is financially assessed when you take out the policy (and sometimes again at claim). With Agreed Cover, your payout is typically locked in once your income is verified, giving you more certainty.

How do waiting periods work?

The waiting period is how long you must be off work before benefits start. Shorter waiting periods mean faster payouts but can raise premiums.

What if I only return to work part-time?

Both Mortgage Repayment Cover and Income Cover can include partial disability benefits, which pay a reduced portion of your sum insured if you’re not fully recovered or can only do part of your job.

Are the premiums tax-deductible?

  • Mortgage Repayment Cover: Typically, premiums aren’t deductible, and claims aren’t treated as income.
  • Income Cover: Often, premiums are deductible, and claims payouts are treated as income. (Always confirm with accountants as individual circumstances vary.)

    • Can I update or increase my cover later?

    Yes. Many policies allow you to adjust coverage if your mortgage or income changes—sometimes without further medical underwriting, subject to specific limits and timeframes.