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If you're no longer able to work due to sickness or injury, mortgage protection insurance will continue to pay an agreed monthly amount to cover your mortgage so you can concentrate on getting better, without losing your family home.
You're actually much more likely to be off work due to illness (the most common being stress) than you are due to an accident. And in the event that you DO end up having an accident that prevents you from working, you would receive both ACC and your insurance payments.
You would have an agreed period of time before the payments kick in (typically 1, 2 or 3 months) depending on how long you can afford to wait after loss of income, and how much you want to pay for the cover (the longer you wait, the lower your insurance premium).
The payments would continue until you return to work or reach retirement age (again depending on what you have agreed up front). Your Squirrel adviser will discuss all of your options at the time of recommendation.
If you have a life insurance policy, this entitles the policy owner to a lump sum payment in the event of your death. Most policies will also have a clause which will allow a pay out in the event of terminal illness with less than 12 months to live (this is all a bit doom and gloom isn't it).
It allows your loved ones to take the time they need to grieve, covers any costs like the funeral arrangements and can help with the mortgage. It's not about making your family feel like they've won lotto your family won't be left in a position of financial instability in the event of your death.
Trauma cover will pay out if you suffer a major health problem such as cancer, stroke or a heart attack. When something major like that happens, it often put things into perspective and trauma insurance will allow you the freedom to focus on what's important without worrying about money.
If you are still alive 14 days after being diagnosed, then you will receive a lump sum payout to do whatever you choose with it. Trauma insurance will pay out whether you are able to work or not, unlike income protection.
Many people who suffer a major health issue can take a long time to recover and trauma insurance will take the pressure off financially. You could use the money to support a loved one who is caring for you, get alternative medical treatments, take a holiday with the family, childcare, pay off the mortgage - whatever you need.
Your situation is unique, and not all providers are the same. We compare them to find the right cover for you.
As well as arranging your insurance, we're also here for you if the time comes to make a claim.
To keep the process simple for you, all you need to do is get in touch with us, let us know what's happened and we'll go in to bat for you and make sure you get everything you're entitled to.
Give us a bell, we're happy to help.
See for yourself what our clients think with over 1054 5 star reviews on Shopper Approved.
Emma was ultra responsive, very helpful and made the mortgage process for a first time buyer (from overseas) super simple and pain free. Would highly recommend her and Squirrel! Planning to get in touch on the next purchase.K
We worked with Sam Ludbrook. He was great at securing a low rate and explaining the various options for us and tireless in chasing me up despite my travelling vastlyL
Leigh , New Zealand
Shaun is AMAZING! I would highly recommend him to anyone. We are young investors and he assisted us in purchasing our first two investment properties and made the process that was so daunting so easy for us!AL
Auckland, New Zealand
Really efficient and quick. Got a better rate than I could on my own and arranged a bigger loan on short notice. Thanks.K
I have used Squirrel for several years and have brought a friend and family members for help with their mortgages.NS
Tauranga, New Zealand
We have always found Squirrel awesome to work with. They provide informed advice in a timely manner and make the whole process really easy!CS
Bay of Plenty, New Zealand
We had fantastic service right from the word go. With just the right amount of backwards and forwards emailing and phone calls. Our broker was really friendly and professional.GV
Tauranga, New Zealand
Wanted to say: Tell Jess's boss to NEVER let her go, she is absolutely AMAZING! Always helpful, fast and friendlyMR