Redundancy Cover > Mortgage / Loan Related

 

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Your home is your most important asset - have you ever considered the benefits of Mortgage Repayment Protection?  Mortgage Repayment Protection delivers peace of mind if you unexpectedly become ill, suffer an accident or lose your job.

 

Apply now for the best value both in terms of protection and peace of mind - whether you are a New Borrower, an Existing Borrower or wish to consider switching from your current Mortgage Repayment Protection provider.

 

Effective waiting period 150 – 180 days maximum monthly benefit available €1500 or 65% of net monthly salary and up to 125% of mortgage repayment. (Sample below)

Note: if you are made unemployed within the Effective time periods * of the policies, cover is not provided. Terms and conditions apply. ** Premiums and policy conditions may change for new and existing customers by the Insurer as market conditions change. It is our policy to issue Provider policy T&C's with all quotations, please read carefully any section you do not understand we will gladly help you with any queries you have.

 

Effective waiting period 180 days maximum monthly benefit available €3000 or 65% of gross monthly salary and up to 120% of mortgage repayment . (Sample below)

Note: This Product only applies to Switchers (already hold a similar product) or if a new mortgage was  drawn down 90 days from comm. of policy

Note: if you are made unemployed within the Effective time periods * of the policies, cover is not provided. Terms and conditions apply. ** Premiums and policy conditions may change for new and existing customers by the Insurer as market conditions change. It is our policy to issue Provider policy T&C’s with all quotations, please read carefully any section you do not understand we will gladly help you with any queries you have

 

 

For more information call 1850 700 777.

 

   

 

How it works

With Mortgage Repayment Protection , if you are unable to work for more than 30 days due to accident, illness or involuntary unemployment your mortgage repayment may, subject to you continuing to be unable to work, be paid for up to 12 months. The maximum monthly amount payable is from €2000 -  €3,000 or 65% - 75% of the gross monthly income of the claimant(s) whichever is less depending on which company you choose

 

Features and Benefits

• As an employee, you qualify for accident, illness and involuntary unemployment benefit
• As a State employee or Self employed person, you qualify for accident, illness and hospitalisation benefit
• Flexibility to avail of single or joint cover
• No medical required at cover application stage
• Pay your premium monthly at no extra cost
• Up to 125% of your monthly mortgage repayment may be protected
• One simple application form to secure cover

 

Check your eligibility for Mortgage Repayment Protection cover

You are eligible for this insurance if:

• You are over 18 and under 60 years of age
• You are currently in full-time employment or self-employed (defined as working not less than 18 hours per week) and have been so continuously for the past 6 months
• You are living and ordinarily resident in the Republic of Ireland
• There is a mortgage on your property which is occupied solely by you and your family as a permanent residence with no business carried on there
• You don't know of any impending redundancy, unemployment or impending medical treatment or advice
• You are currently in good health and have not suffered from any serious illness over the past year
• Your existing repayment protection policy has been in force (claims free) for at least 12 months prior to switching to this Policy. This requirement only applies if you are a Switch Borrower

 

             

 

Main Exclusions

As with all insurance policies some exceptions apply.  Below are the main exclusions to the Mortgage Repayment Protection Policy; please take some time to study these:

• Disablement or Redundancy of less than 31 days duration and periods of Hospitalisation of less than 11 days or where medical evidence has not been provided.
• Benefits will not be paid for any period after You reach the age of 65 or the date You reach retirement if earlier.
• Redundancy which is notified to You or commencing:
• within 60, 90,  120, 180 days of the effective date of this insurance in respect of the plan you choose
• Redundancy which is a normal seasonal occurrence in Your occupation or which is known by You to be impending at the effective date of insurance.
• Redundancy following a contract of employment of a fixed term, casual, occasional or intermittent nature.
• Where you are made redundant but are not in receipt of State assistance and not registered with an approved employment agency.
• Any recurrence of an illness or disability that you were aware of in the 12 months prior to the commencement of cover.
• Claims arising from normal pregnancy and/or childbirth.
• Claims arising from HIV related illness.
• War and similar risk, self-inflicted injury or any wilful act by you.
• Disability claims arising from the influence or effect of alcohol or drugs (other than drugs taken under medical supervision and not the treatment of drug addiction).

 

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The above list is not a complete list of exclusions. For more information please refer to the policy document.

 

For more information call 1850 700 777.