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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.

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Insurance Policies

Life
If you died, or were suddenly diagnosed with a terminal illness, how would your family cope financially? Could they afford the mortgage repayments? Put food on the table? Continue to live their current lifestyle?
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Life
Life
If you died, or were suddenly diagnosed with a terminal illness, how would your family cope financially? Could they afford the mortgage repayments? Put food on the table? Continue to live their current lifestyle?

Life insurance is one of those things you dont realise you need, until you actually need it. One New Zealander dies every 16 minutes on average so it pays to ensure your loved ones are looked after when youre gone.

Life insurance will pay out an agreed lump sum when you die. Or in the case of a terminal illness, you can access that money 12 months in advance. Its entirely up to you how its spent � cover funeral costs, pay off debt, replace lost income, put money aside for your childrens education, or buy a Harley-Davidson. Yep, weve seen it done!

Ownit will help you anticipate those future needs and recommend a Life policy thats right for you.
Trauma
A severe accident or illness can leave you financially and personally devastated - and it happens far more often than you think. One third of us will become disabled for six months or more before the age of 65, and 2 in every 5 males aged over 30 will suffer a critical illness before they retire.
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Trauma
Trauma
A severe accident or illness can leave you financially and personally devastated - and it happens far more often than you think. One third of us will become disabled for six months or more before the age of 65, and 2 in every 5 males aged over 30 will suffer a critical illness before they retire.

Trauma insurance will pay out a lump sum benefit if you suffer specific conditions such as a heart attack, stroke, cancer, diabetes, major head trauma, burns or loss of a limb. The insurance companies Ownit deals with cover more than 60 different conditions that could strike anyone at any age.

You can choose how to spend your lump sum payment. Replace lost income while undergoing treatment or recovery; pay off your mortgage or debt, buy specialist equipment; modify your home to provide disabled access, cover your childcare costs or tick off your bucket list.

Trauma policies do vary in terms of the conditions covered, the sum insured, and the payout options. Your Ownit adviser will help choose a policy that best meets your needs.
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?
read more
Income & Mortgage Protection
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.
Medical
Let's face it, New Zealand's public health system is stretched. Private medical insurance will guarantee you skip the queue and get seen immediately so diagnosis and treatment can begin as fast as possible.
read more
Medical
Medical
Let's face it, New Zealand's public health system is stretched. Private medical insurance will guarantee you skip the queue and get seen immediately so diagnosis and treatment can begin as fast as possible. That's a huge relief if your medical condition is serious, or if the health of your child is compromised. Did you know a simple tonsillectomy can cost over $5000?

Having your own medical insurance also opens the door to a broader range of treatment options than is often available through our publically-funded health system.

You can include diagnostic and specialist cover, or opt for a surgery-only policy. Different excess options are available and some policies have a range of added benefits to help you recover at home or seek treatment overseas if necessary.

Your children can also be added to your medical insurance policy and enjoy the same coverage as you at reduced child premium rates.

As with most insurance policies, the devil is in the detail. Ownit advisers know how these policies are worded inside and out, and can recommend the best one for you. And when it comes to seeking prior-approval or making a claim, we'll handle the whole process on your behalf so you can concentrate on getting better.
Total Permanent Disablement
No one ever likes to think this is a scenario they will face but severe injuries or illnesses can and do happen.
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Total Permanent Disablement
Total Permanent Disablement
No one ever likes to think this is a scenario they will face but severe injuries or illnesses can and do happen.

TPD insurance provides a lump sum payment if you completely lose your ability to ever work in your current occupation again (or carry on normal tasks is youre not employed). This could be due to a major head injury, permanent blindness or deafness, loss of speech, loss of a limb, dementia, Alzheimers, Parkinsons disease or many other things.

If you have spent years training for a specific career, you may wish to take out TPD insurance in case your accident or illness prevents you from returning to your position and you cant recoup potential lost earnings by retraining or switching jobs.

Generally speaking, TPD is not particularly expensive. So if your chosen career is important to you, talk to Ownit about how you can insure your future earnings.

FAQ

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.
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.
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.
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.
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.
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.
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.

What do our clients think?

Nicky, Dave and Regan
'Thank you for getting us signed onto mortgage protection insurance. Sovereign Insurance has been amazing and the process has been so easy! Without the insurance, we would have probably have had to sell our house with Dave not working. I would recommend anyone to get mortgage protection insurance, as you just don't know what is around the corner, and I would also recommend Sovereign Insurance as a provider. Thank you for your good advice.'

Nicky, Dave and Regan

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