Full comprehensive cover on acceptance
AA Life Mortgage Protection Insurance has been designed to allow greater cover and will take care of the mortgage in the event of your death or should you be diagnosed with a terminal illness.
The size of the payout depends on the cover you choose and can be up to $500,000.
Once accepted, you're covered
There are a few medical and lifestyle questions to answer, but as soon as your application is approved, you're covered.
Immediate cover as soon as we receive your fully completed mortgage insurance acceptance form.
Length of cover
Your life insurance policy will continue to cover you for as long as you want it to.
Early payment for terminal illness
If you're diagnosed with a terminal illness you'll receive your payout early - so you can enjoy it in the time you have left.
Money is paid tax-free
There is no income tax paid on the policy payout so you get all of the amount you are covered for.
Upon death, payment will be made to the owner of the policy or your estate, or if you prefer you can assign benefits to your bank.
Option to have $5000 paid out early to cover the immediate cost of the funeral.
30-day no-obligation review
You enjoy a 30-day no-obligation review - if it's not what you expected or you change your mind we'll cancel your policy and refund any premiums paid.
Increased cover for special events
The special events increase benefit allows you to increase your cover without further medical underwriting, if you increase your mortgage by more than $25,000, or if you start/add to your family.
Annual premium review
Mortgage Protection Insurance premiums are reviewed annually to account for your age and inflation adjustments to your cover level.
Your cover level will be adjusted to keep up with inflation once a year to ensure your insurance cover won't leave you short, or you have the option of freezing your premiums and your cover level will decrease each year accordingly.
Easy application process
No lengthy, complicated forms to complete - just a short, simple medical and lifestyle questionnaire to answer.
Reach of cover
You're covered anywhere in the world.
Cover for existing medical conditions
The impact of your condition will need to be assessed by our experienced underwriter who may contact you and/or your doctor to discuss your condition. It could result in increased premiums to reflect the extra risk associated with your medical condition or exclusion of your condition from your policy. Then again it may have no effect on your premium or policy. It all depends on the seriousness of your condition and how it's being managed.
What isn't covered
A claim will be refused if the person insured commits suicide within the first 13 months of the policy start date (or within 13 months of the restart date if the policy lapsed for some reason) or if you die as a result of something excluded from your policy such as a dangerous sport or a pre-existing condition or as a result of a criminal act.
Level of cover
You can increase or decrease your cover at any time by calling us on 0800 808 175.
You can cancel your policy at any time by calling us or stating your wish to cancel in writing - there is no surrender value on your policy.
Premiums can be paid monthly (direct debit and credit card only), quarterly, half-yearly or annually by direct debit, credit card or cheque.
How to make a claim
You, or the person looking after your affairs, will need to contact us on 0800 808 175 to inform us of your illness or death so we can start the claim process. For a claim on the terminal illness benefit, we'll need your doctor's contact details, so we can confirm your prognosis. We'll also need proof of age (passport, driver licence or birth certificate), the policy document and the completed claim form.
For a death claim, we'll need the date of death, cause of death and contact details for the administrator of your estate, e.g. solicitor or a family member. We'll contact the administrator of the estate for any further information needed to process the claim, such as:
- the completed claim form
- the death certificate
- proof of age - passport, driver licence or birth certificate
- the policy document
- your will (if you have one) - this will not be required if you have selected a second owner
- any medical information
We may also require Probate or Letters of Administration (legal documents required if you have more than $15,000 worth of cover going to your estate).
Once these documents are received and the claim is accepted, it will be settled immediately. The payout will go to your estate or second owner, the person you've chosen to receive the payment.