Decreasing Mortgage Cover Plan

  • How it works


    The cover you get with our Decreasing Mortgage Cover Plan decreases over the term (just like a repayment mortgage) and reaches zero by the end of the term. If a claim is made, it’s designed to pay a cash sum to clear your outstanding repayment mortgage or loan. You can also add critical illness benefit to cover you if you’re diagnosed with a critical illness covered by the plan.
  • Its main features

  • Help to repay debt on a repayment mortgage or loan
  • Add critical illness benefit and we’ll cover your children too
  • Cover for you and your partner in the same plan
  • Your payments won’t change (unless you change the amount of your cover)
  • We pay out – in 2015 we paid 98.5% of our death claims.
  • Things to think about


  • There are limits on how long your plan can last – depending on the type of cover you choose.
  • You may be able to change your plan without giving us updated details, if you wish to increase your cover or separate from your spouse.
  • You get free cover from when you apply up until your application is accepted.
  • You won’t have to pay income or capital gains tax on any benefits your plan pays out.
  • You’ll find everything you need to know in the Key features document.

Download the Key features document

Features Included
Apply online
Pays out when you die (1)
Add critical illness cover (2)
Includes terminal illness (3)
Access to counselling services (4) 

(1) Life insurance pays out if you die during the plan's term.

(2) You can add critical illness cover to your life insurance. Critical illness cover pays out if you were diagnosed with a critical illness as defined in your plan's key facts document.

(3) If you are diagnosed with a terminal illness during the plan's term and not expected to live for more than 12 months, your life insurance will pay out.

(4) We offer a range of confidential telephone based customer counselling services surrounding basic lifestyle events – such as legislative and taxation enquiries, family and work-related issues including relationship problems, financial difficulties, stress and anxiety, substance abuse and bereavement.


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