AdvertisementAs well as life insurance, mortgage broker Geoff Bawden, of Bawden Consulting, says he will always recommend income or loan (mortgage) protection insurance to clients who are buying homes. Income protection pays up to 75 per cent of before tax income, and mortgage protection covers the mortgage repayments should the home owner be temporarily or permanently disabled due to illness or accident. Income protection cover tends to be more expensive than mortgage protection, says Conor Sligo, founder of LifeDirect.co.nz, who now works as a consultant. Adding life cover of $500,000 would bring the premium to a range of $34.36 to $49.91 with OnePath and Asteron Life. Those can include insuring a lesser percentage of your income or mortgage payment especially if you have a partner contributing.

Source: New Zealand Herald July 04, 2017 02:37 UTC