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.