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partnerslife.co.nz | 0800 14 54 33
Mortgage Repayment Cover
Following your feedback, we are pleased to announce two changes to our Mortgage Repayment
Cover, effective 1 October 2016.
1. We will now also allow Mortgage Repayment Cover, irrespective of actual mortgage
repayments and irrespective of any mortgage debt, based purely on the client’s pre-tax
income. This means clients can now apply for Mortgage Repayment Cover sums insured to
a maximum of:
● 45% of their Gross/Pre-tax Income at Application; or
● their actual Mortgage Repayments at Application, regardless of income.
Partners Life’s Mortgage Repayment Cover is an outstanding solution for clients wanting to insure
their mortgage repayments. Partners Life’s Mortgage Repayment Cover includes all the valuable
built-in benefits present in Partners Life’s top rated Income Cover, such as lump-sum TPD Benefit (24
times the monthly benefit), Specific Injury Benefit, Critical Illness Benefit, inflation indexing (critical
for longer term claims) and many more.
partnerslife.co.nz | 0800 14 54 33
Please note that income details will need to be filled out on the Application Form and
proof of income required where clients are applying for Mortgage Repayment Cover
based on their income as this is an Agreed Value benefit. For Applications based on
actual mortgage repayments the existing arrangements remain.
2. Previously Partners Life’s Mortgage Repayment Cover Total Disability Benefits and Partial
Disability Benefits were not offset by other income (such as ACC) where the clients
were disabled when they still owe mortgage debts. Offsets were only provided for
where clients went on claim when they no longer had an outstanding mortgage debt.
We have also removed this final provision for offsets, meaning no offset provisions
apply to any benefits under Partners Life’s Mortgage Repayment Cover.
Please also note that Version 21 of the Application Form may still be used but income
details (and proof of income) will be required where Mortgage Repayment Cover is being
applied for based on income.