Innovative insurance products enhance cover value

AIA offers a complete range of risk management products that focus on providing real solutions for the challenges that face our customers.

Our latest product was launched earlier this year in response to the changing landscape in the housing market.

As house prices continue to rise and home ownership rates fall year on year, a growing number of New Zealanders live in rental accommodation. For the first time in our country’s history, many Kiwis are facing the prospect of ‘renting for life.’

Mortgage, Income and Rent Cover is a new and innovative insurance product that offers the householder three cover options — mortgage repayments, income protection or residential rent payments.

First Product

Mortgage, Income and Rent Cover was the first insurance product launched in the New Zealand market providing the option to cover 115% of residential rent payments in the event that a disability stops a customer from working.

There is also flexibility on the policy to lift the level of cover if the client moves into a more expensive rental property or if the rent goes up in their current home. And the product is also set up to recognise that some renters will be looking to get onto the property ladder, so if they subsequently buy their own home they can convert their policy into mortgage insurance cover, covering up to 115% of mortgage repayments,

Alternatively, the product can also be used to provide peace of mind around income to cover a client for up to 45% of their income, as part of an Agreed Value Income Protection contract.

No matter which option is selected, no offsets apply to the first $5000 per month benefit (including ACC payments).

AIA’s philosophy is to develop flexible insurance products that help all New Zealanders no matter irrespective of their personal situation.

AIA New Zealand is a member of the AIA Group and Sponsor of the ‘Best Financial Advisor’ (Mortgage & Insurance) Category of the Indian Newslink Indian Business Awards 2015.

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