Insurance for today: Introducing Mortgage, Income or Rent Cover

As New Zealand’s largest life and income protection insurer*, we have a responsibility to ensure our products remain relevant, sustainable and aligned with the needs of the people we serve. In today’s economic environment, where housing costs are often a household’s biggest financial priority, that responsibility has never been more important.

That’s why we’re evolving our product offering for our mortgage and income protection customers. On 31 July 2025, we will be closing our current AIA Living Mortgage and Income Protection (MIP) product offering and, introducing a more contemporary solution: AIA Living Mortgage, Income or Rent Cover (MIRC).

This change is not just a name update – it also reflects a broader shift in how New Zealanders live. Since we first launched our MIP product, New Zealand has seen rising household costs – both mortgage and rent – alongside increasing incomes, driving demand for higher protection amounts. In the past year**, 26.6% of owner-occupiers spent 30% or more of their income on housing costs. For renters, that figure was even higher at 45.9%.

Our new product offers a maximum sum assured of up to $20,000 per month, providing greater confidence that customers’ biggest assets and expense obligations are protected.

MIRC will also have a no ACC / WINZ offset provision on the first $7,500 of combined monthly sum assured (calculated across all AIA mortgage protection type benefits). These changes mean that AIA NZ can meet the needs of more New Zealanders seeking higher coverage amounts to protect their income, mortgage or rent payments, under a single product offering. 

These changes are also informed by data-led insights and a clear trend: in 2024 alone, we paid out $97.4 million in income protection claims – approximately 20% of which were for MIP claims.

MIRC is therefore a product designed for today’s priority income risks. It’s a safety net for a changing world.

Existing customers can still retain their current MIP policy, or they can choose to move to the MIRC offering (subject to conditions where applicable) – and customers should speak to their advisers about the appropriateness of this for their individual circumstances.

We are confident that this evolution is grounded in the simple truth that New Zealanders deserve insurance that reflects their reality – and protects their biggest asset or outlay.

We’re genuinely excited about what this means for the market and for our customers, both existing and new. Our partners can continue to expect the high level of support and service AIA NZ is known for, as we work together to bring this to life.

Learn more about Mortgage, Income or Rent Cover