Mortgage Repayment Cover (MRC) is designed specifically to cover your mortgage repayments or rent if you can't work due to illness. It's an alternative to income protection — with a key difference in how offsets work.
From your first conversation right through to completion, Finnovo Finance makes the process smooth and stress-free.
Pays your mortgage repayment or rent so you don't fall behind on your biggest commitment.
MRC has limited offsets, meaning your benefit is less likely to be reduced by other income sources like ACC. Income protection has full offsets which can reduce your payout significantly.
Because MRC has fewer offsets, premiums are generally higher than income protection — but the benefit you receive is more reliable and less likely to be reduced at claim time.
Choose a benefit period from 1 year right through to age 70, with waiting periods from 4 to 104 weeks.
We compare MRC policies to find the best terms for your situation.
Book a free, no-obligation consultation. We'll assess your situation and show you exactly what's possible.
We look at your current repayment or rent amount and financial commitments.
We walk you through MRC vs full income protection and what suits your situation.
We compare MRC cover across multiple insurers.
We manage the application and get your cover in place.
Income protection replaces up to 75% of your total income — it's broader and pays longer, but costs more. It also has offsets, meaning your benefit can be reduced by other income you receive while off work, such as ACC payments or sick leave. MRC is specifically designed to cover your mortgage repayment or rent, and has limited offsets — so your benefit is less likely to be reduced. If your main concern is keeping the roof over your head, MRC is a focused and often more affordable option to consider alongside or instead of full income protection.
Redundancy cover is an optional add-on for both MRC and income protection — it's not automatically included in either. We'll confirm what's available and whether it suits your situation.
MRC has the same benefit period options as income protection — you can choose from 1 year right through to age 70. The waiting period (the time before your benefit starts) can range from 4 weeks to 104 weeks. A longer waiting period means a lower premium. We'll recommend the right combination based on your situation and what you can afford to self-fund in the short term.
Our insurance advice is completely free — insurers pay us a commission when your policy is placed. There is no cost to you for advice or the application.
Book a free, no-obligation chat with our team today.
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