Partners Life Mortgage Repayment Cover
Mortgage Repayment Cover is one of Partners Life's monthly disability covers, sold on its own or inside the packaged Journey Plan. It pays a monthly benefit while you cannot work because of illness or injury, sized at the greater of 45% of your pre-tax income or your actual mortgage repayments, and it is not tied to how much mortgage debt you actually hold if your income supports a higher figure.
Key facts
- Maximum sum insured basis
- The greater of 45% of pre-tax income (if repayments are lower, or there is no mortgage) or your actual mortgage repayments (source, retrieved 8 September 2026)
- Sum insured range
- $100 a month ($1,200 a year) minimum to $40,000 a month ($480,000 a year) maximum (source, retrieved 8 September 2026)
- Benefit over $30,000 a month
- Any monthly sum insured above $30,000 is restricted to a 2 year payment term (source, retrieved 8 September 2026)
- Entry age, Yearly Stepped premiums
- 16 to 57 (for cover to age 65) (source, retrieved 8 September 2026)
- Entry age, Level premiums to age 70
- Up to 62 (for cover to age 70), non-guaranteed, reduced commission required after age 55 (source, retrieved 8 September 2026)
- Expiry age
- 65 under the Yearly Stepped option, 70 under the Level to age 70 option (source, retrieved 8 September 2026)
- Worldwide cover
- Yes (source, retrieved 8 September 2026)
- Inflation adjustment
- Applied automatically each year, at actual inflation or a minimum of 5%, as selected at application (source, retrieved 8 September 2026)
- Unemployment or leave without pay
- If it runs longer than 12 months, the benefit reverts to being based on your occupation class rather than your prior income (source, retrieved 8 September 2026)
- Financial strength of the insurer
- A (Excellent), A.M. Best, effective 5 February 2026 (source, retrieved 8 September 2026)
The most Mortgage Repayment Cover will pay is $40,000 a month or $480,000 a year, and the table below sets out the sum insured rules by premium structure (Partners Life Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
| Premium structure | Entry age | Expiry age | Minimum sum insured | Maximum sum insured |
|---|---|---|---|---|
| Yearly Stepped | 16 to 57 (source, retrieved 8 September 2026) | 65 (source, retrieved 8 September 2026) | $100/month or $1,200/year (source, retrieved 8 September 2026) | $40,000/month or $480,000/year (source, retrieved 8 September 2026) |
| Level to age 65, non-guaranteed | Up to 62 (reduced commission after 55) (source, retrieved 8 September 2026) | 65 (source, retrieved 8 September 2026) | $100/month or $1,200/year (source, retrieved 8 September 2026) | $40,000/month or $480,000/year (source, retrieved 8 September 2026) |
| Level to age 70, non-guaranteed | Not published as a separate figure from the Level to 65 option (source, retrieved 8 September 2026) | 70 (source, retrieved 8 September 2026) | $100/month or $1,200/year (source, retrieved 8 September 2026) | $40,000/month or $480,000/year (source, retrieved 8 September 2026) |
The sum insured is capped at the greater of 45% of pre-tax income or actual mortgage repayments, which the table below works through (Partners Life Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
| Situation | How the maximum is set |
|---|---|
| Repayments are less than 45% of income, or there is no mortgage | Maximum is 45% of pre-tax income (source, retrieved 8 September 2026) |
| Repayments are more than 45% of income | Maximum is the actual mortgage repayment amount, even though it exceeds 45% of income (source, retrieved 8 September 2026) |
| Cover based on actual mortgage debt | Mortgage details are required at application (source, retrieved 8 September 2026) |
| Cover based on income alone | Proof of income is required at application or at claim time (source, retrieved 8 September 2026) |
Entry ages
| Cover | Entry ages |
|---|---|
| Mortgage Repayment Cover, Yearly Stepped | 16 to 57 (source, retrieved 8 September 2026) |
| Mortgage Repayment Cover, Level to age 70 | 16 to 62 (source, retrieved 8 September 2026) |
Waiting periods
| Cover | Waiting period |
|---|---|
| Mortgage Repayment Cover | Set on the policy schedule at application (source, retrieved 8 September 2026) |
Exclusions
- Self-inflicted harm is excluded. (source, retrieved 8 September 2026)
- Disability arising from participating in criminal activity is excluded. (source, retrieved 8 September 2026)
- Non-compliance with medical treatment can affect a claim. (source, retrieved 8 September 2026)
- Miscarriage is excluded unless the pregnancy continued for at least 90 days before ending. (source, retrieved 8 September 2026)
- Refusing to provide claims information, or refusing to undergo a requested examination or test, can affect a claim. (source, retrieved 8 September 2026)
Questions about Partners Life Mortgage Repayment Cover
How much does Partners Life Mortgage Repayment Cover pay?
It pays the greater of 45% of your pre-tax income at application or your actual mortgage repayments, up to $40,000 a month or $480,000 a year, whichever limit you hit first (Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
Is Mortgage Repayment Cover tied to my actual mortgage balance?
No. The maximum is based on your income unless your actual repayments are higher than 45% of that income, in which case the higher repayment figure becomes the maximum instead (Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
What is the maximum age to take out Mortgage Repayment Cover?
Entry stops at 57 for cover running to age 65 under Yearly Stepped premiums, or up to 62 for the non-guaranteed Level option running to age 70 (Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
Does Mortgage Repayment Cover pay if I am made redundant?
The core benefit responds to illness or injury, not redundancy. Partners Life's factsheet is titled specifically as the cover without redundancy, which implies a separate redundancy add-on exists; its terms are not published in this document, so confirm with an adviser.
Does the cover increase with inflation?
Yes. The sum insured rises automatically each year, at either the actual inflation rate or a minimum of 5%, whichever option you selected when you applied (Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
What happens if I am unemployed or on leave without pay for a long time?
If unemployment or leave without pay runs longer than 12 months, the benefit reverts to being calculated from your occupation class instead of your prior income (Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
Is Mortgage Repayment Cover the same as Income Cover?
No. Both are monthly disability covers under Partners Life, but Income Cover replaces a percentage of income generally, while Mortgage Repayment Cover is specifically sized against your mortgage repayments or income and is often held to protect the home specifically. See Partners Life Income Cover (Agreed Value) for the income-replacement version.
Is worldwide cover included?
Yes, Mortgage Repayment Cover applies worldwide (Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
What is excluded from Mortgage Repayment Cover?
Self-inflicted harm, disability from participating in criminal activity, and non-compliance with medical treatment are excluded, and miscarriage is excluded unless the pregnancy continued at least 90 days (Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
How much does Partners Life Mortgage Repayment Cover cost?
Not published. Quotemonster premium data for this cycle covers Life, Trauma, TPD and Income Protection only; Mortgage Repayment Cover premiums are not in the QuoteHub Premium Index this cycle. Ask an adviser for a quote based on your income and repayments.
Can I get Mortgage Repayment Cover without proving my mortgage debt?
Yes, if you base the sum insured on 45% of your pre-tax income rather than your actual repayments, though you will still need to prove your income at application (Mortgage Repayment Cover factsheet, retrieved 8 September 2026).
Adviser's view
QuoteHub's read is that the name is slightly misleading: Mortgage Repayment Cover is sized off your pre-tax income, not your actual mortgage debt, so a higher earner with a modest mortgage can be insured for more than their repayments while a lower earner with a large mortgage may find the benefit falls short of what they actually owe.
Documents
- Mortgage Repayment Cover factsheet (without redundancy), retrieved 8 September 2026
- Partners Life solvency and financial strength, retrieved 8 September 2026
- Partners Life website, retrieved 8 September 2026
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Financial advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). QuoteHub is a trading name.
Cite this page QuoteHub NZ (2026). Partners Life Mortgage Repayment Cover: Review 2026. www.quotehub.co.nz/life-insurance/partners-life/mortgage-repayment-cover. Updated 2026-09-08.
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