Income Protection insurance pays out a benefit in the event you are unable to work due to illness or injury. It offers a percentage of your income to cover expenses during illness or injury, but payments are offset against any other form of benefit (eg. ACC) or income (eg. rent, dividends etc) you may receive.
Mortgage Protection Insurance is designed to cover your mortgage repayments if you become unable to work due to illness or injury. It will provide an agreed value based on your rent or mortgage at the time you take out the policy. It is not offset against other forms of benefits or income in the instance your ability to work is impacted by illness or accident, ensuring that your mortgage or rent payments are covered and your lifestyle is protected from financial strain.
