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Income & Mortgage Protection

New Zealanders are well known for racking up mortgage and credit card debt. But if you had to suddenly stop working due to an accident or illness, how long could your household financially survive?

Your ability to work and earn an income is one of the biggest assets you have. Income (or mortgage) insurance protects that asset by providing monthly payments if you cant earn your regular income while undergoing treatment or recovering.

These policies will pay out in addition to any life, trauma or medical insurance you might have, and are a sensible way to ensure you dont lose the roof over your head.

There is a wide variety of policies and coverage available. Some have benefits which are offset by ACC payments, some are taxed while others are not, some will reimburse rehabilitation costs and all have different waiting periods. All of these are important considerations as theyll determine what you get at claim time.

Ownit can assess your personal situation and help you choose the right mix of benefits to help minimise your financial stress.

Insurance Policies

FAQ

How are insurance advisers paid?

Insurance advisers receive a commission directly from the insurance company when a new customer signs up. The commission rates are roughly the same for each insurer, so it does not sway our decision on which policies to recommend. Our service is free to you.

Can I trust an insurance company to pay out?

Yes. Ownit only deals with the best insurance companies who offer the best policies and coverage. Paying monthly or annual premiums can feel like a waste of money, but should you ever need to make a substantial claim it will be worth every cent. Making sure you have the right insurance in place to begin with is the key to ensuring claims are paid out.

Do I need insurance?

If you have financial obligations (like rent or mortgage repayments) or a family who rely upon you and your income, personal insurance is a smart move. The right level of cover will give you financial security if things go wrong. It will also allow your partner to take time off work so you can be together as a family in difficult times. Your health is your most valuable asset thats worth protecting at any age.

How much information do I need to disclose?

The more detail you can provide to our Ownit advisers and your potential insurer, the better. All medical and personal information is strictly confidential. Full disclosure is the best way to ensure any future claims will be paid.

What does an insurance rating mean?

Each insurance company has a rating which indicates their financial strength, stability and vulnerability to adverse market conditions. This is one factor worth considering when choosing which insurance provider to sign up with.

When should I take out personal insurance?

Insurance companies will always exclude pre-existing conditions so the sooner you take out your policies, the better. Think of it like car insurance “ if you bring in a banged up car, you wont be insured for the dents and damage that already exist. Similarly, if you suffer a major injury or illness and then try to organise insurance, you will not be covered for that condition.

Q: How do I make a claim?

Just give your Ownit adviser a call and we will make the claim on your behalf to ensure the process runs smoothly for you.

What do our clients think?

  • James and Mel

    'Lorna you are amazing! You go above and beyond to provide a service and get the best deal! We can't recommend you highly enough.'

    James and Mel Kara‹

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