How it works

You’ll need a Kiwibank Home Loan.

  • Pick your plan — three options to get the right level of cover for you.
  • Pick your percentage — cover between 50% and 125% of your home loan.
  • Add cover for your partner under their own policy — so you know your family will be taken care of if something happens to either of you.
  • Your premiums adjust with your home loan balance — so you’re only ever paying for the amount of cover that’s right for you. Each premium is calculated based on your age, gender, occupation, if you smoke, the plan you’ve chosen, your loan repayments and the outstanding balance of your loan. This may mean that even as the balance of your loan goes down that your premiums increase due to your age.
  • We highly recommend you read our Home Loan Insurance fact sheet (PDF 72.6 kB). It provides valuable information, that can help you decide what’s right for you.
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Pick your plan

Death cover

Pays off the outstanding balance on your home loan up to $500,000 if:

  • you die
  • you’re diagnosed with a terminal illness (your doctor gives you less than a year to live).

Death cover +

Disability cover

In addition to death cover, this plan covers you if you get sick or have an accident and can't work. Your home loan repayments (up to $4,000 per month) will be paid for up to two years.

If you’ll never be able to go back to work, your loan will be paid off up to a maximum of $500,000.

Death cover +

Disability cover +

Redundancy cover

In addition to death + disability cover, this plan pays your home loan repayments (up to $4,000 a month) for up to six months if you’re made redundant.

To add redundancy cover, you need to be working at least 25 hours a week for a single employer. You can’t be self-employed.

Pick your percentage

Choose to insure:

  • all of your loan — up to a maximum of $500,000
  • some of your loan — 50% or 75% of your loan balance if you’ve already got some other cover (like Life & Living Insurance), or want to pay less in premiums
  • your loan plus a bit more — 125% of your loan balance up to a maximum of $500,000, if you want a little extra paid out to help with expenses.

What could it cost?

Here’s a typical example.

Sally is 33. John is 35. They’re both office workers and non-smokers. They have a joint home loan of $180,000. Sally and John have each taken out a policy to cover themselves for 100% of their home loan. That way if anything happens to either of them, the mortgage will be paid off in full.

Here’s what it would cost them:

Sally - Per month Sally - Per week John - Per month John - Per week
Death cover $15.75 $3.63 $18.75 $4.33
Death & Disability $26.85 $6.20 $28.07 $6.48
Death, Disability & Redundancy $35.04 $8.09 $36.81 $8.49

Their premiums will adjust as their loan balance adjusts. Talk to us to find out what it’d cost you.


Home loan insurance takes care of your mortgage — but what about the rest of your lifestyle?

Home loan insurance and Life & Living Insurance are designed to go together. To make sure you get the best mix for you and your family, give us a call and we’ll talk you through your options.

More about Life & Living Insurance

Interested? Let's talk

Get in touch or apply now

Home Loan Insurance and Life & Living Insurance is provided by Kiwi Insurance Limited, and Kiwi Insurance Limited is solely responsible for any claims under each policy. Kiwibank Limited does not guarantee the obligations of, or any products provided by, Kiwi Insurance Limited. Kiwibank Limited may receive a commission on any policy it arranges.

Important terms, conditions and exclusions are set out in the Kiwibank Home Loan insurance policy (PDF 964.2 kB)

If you took out your Home Loan Insurance policy prior to 13 May 2015 your important terms and exclusions are in this Kiwibank Home Loan insurance policy. Effective to 13 May 2015 (PDF 1.1 MB).

Kiwi Insurance Limited has a financial strength rating of A-(Excellent) from A.M.Best Company.

Rating Scale


  • A++, A+ Superior
  • A, A- Excellent
  • B++, B+ Good


  • B, B- Fair
  • C++, C+ Marginal
  • C, C- Weak
  • D Poor


  • E Under Supervision
  • F In Liquidation
  • S Suspended

Like all insurers in New Zealand, Kiwi Insurance Limited is required to meet solvency standards which are determined by the Reserve Bank of New Zealand.

Kiwi Insurance has one statutory fund which constitutes the whole of the company. As at 30 June 2015, the Actual Solvency Capital of Kiwi Insurance Limited was $12.829million, which gave a margin of $7.829million, over the Minimum Solvency Capital of $5million. The Reserve Bank requires the Minimum Solvency Capital to be $5million or more. The breakdown of these amounts is shown in the following table.

As at 30 June 2015
Actual Solvency Capital (A) 12,829,000
Minimum Solvency Capital (B) 5,000,000*
Solvency Margin (A-B) 7,829,000
Solvency Ratio (A/B) 257%

*This is the Reserve Bank minimum required amount