Cigna Launches New Mortgage And Renters Insurance

Cigna Launches New Mortgage And Renters Insurance

Cigna’s new Mortgage and Rent Safe Insurance helps Kiwis to keep paying their mortgage or rent if they can’t work.

WELLINGTON – May 18, 2016

Cigna announced today the launch of its new Mortgage and Rent Safe insurance, which helps Kiwi home owners or renters to keep a roof over their heads if they can’t work due to illness, injury or redundancy. The insurance, which can be purchased online or over the phone, is specifically designed to meet the needs and budget of a wide range of people, with a variety of options to choose from.

Cigna’s Head of Product, Adam Rudland said that the company saw a need for a simple and affordable alternative to full income protection insurance. This was further reinforced by the recent financial results of the Cigna 360° Wellbeing Score research. “While the research found that the cost of living is the top social concern for Kiwis, only 16% of us believe that we have financial security if we are unable to work. In fact almost half of Kiwis can’t pay the bills for more than a month if unable to work,” said Adam.

The research also found that the majority of Kiwis (79%) believe that they don’t need any budgeting advice. “There could be a number of reasons for this including the general ‘she’ll be right’ Kiwi attitude,” says Adam. ”However, sometimes things don’t go right. In fact in around 54,800 households a year someone falls ill and is unable to work for three months or more.* Insuring your income is one of the easiest options to make certain that you and your loved ones are taken care of if you can’t work.”

“Some people are concerned about the additional cost of income protection insurance, particularly when they’re already struggling to make ends meet. But there are options available to protect just a part of your income - sometimes a little bit of insurance is all that’s needed to keep a roof over your head or food on your table if you can’t work,” says Adam. “Policies like our new Mortgage and Rent Safe Insurance or even a Bill Cover product are more affordable because they pay out on just a part of your income.”

Cigna Mortgage and Rent Safe insurance pays a maximum of 40% of monthly earnings or up to $3,500 per month for up to 2 years, if a person is unable to work due to illness or injury, and up to $1,750 per month for 6 months if made redundant. Premiums start at $20 per month, and

no medical checks or tests are required.

Find out more about Cigna Mortgage and Rent Safe Insurance: www.cigna.co.nz/sites/default/files/policies/CIG0424_Mortgage%26Rent_No%20Crops%20Pg%202-12_FA2.pdf#zoom=100

*Recent research commissioned by the Financial Services Council:

http://fsc.org.nz/site/fsc/Media%20Releases/Media%20Release%20171115.pdf

ENDS

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