A Comprehensive Guide to Income Cover NZ

When you lose your employment or become injured and unable to work, having income cover NZ can help you continue making your mortgage payments. Assuring yourself that you can continue paying your rent or mortgage in the event of a disaster is a great relief. Mortgage and payment security policies are the two most common forms of income coverage. The purpose of mortgage protection insurance is to provide coverage for mortgage payments in the event of job loss, accident, or illness that renders the individual unable to work. Typically, it is procured concurrently with one’s mortgage and has the potential to provide coverage for a maximum of 12 months of loan repayments. When you have payment protection insurance (PPI), your loan or credit card repayments will be covered if you lose your employment, are injured, fall ill and are unable to work. Making sure you could still afford the repayments if you needed to claim the insurance is essential because PPI only covers repayments, not the full amount owed.