Insuring your mortgage payments.

In today's uncertain economic times it is worth considering having a policy that will protect your mortgage payments for one year in the event of redundancy accident or illness.This form of insurance has seen a dramatic rise in claims over the past year and the price of cover has risen in line with this claims experience.

Information on this cover is set out below,If you are interested in this product please complete our brief enquiry Enquiry Form.

Mortgage Repayment Protector is an insurance policy that will cover your mortgage repayments if you as a PAYE employee are unable to work and remain so for 30 days or more due to an accident, sickness or from being made redundant.

This product is both a redundancy insurance policy and an accident or sickness policy designed to cover your mortgage payments or up to twelve months.subject to the policy conditions.

Should you be self-employed or state employed, Mortgage Repayment Protector will cover your mortgage repayments if you are unable to work and remain so for 30 days or more due to accident or sickness or if you are admitted into hospital for 5 consecutive days or more your mortgage repayment will also be covered.

Why do I need it?

In the event that you are unable to work for a period of 30 days or more due to illness, an accident, or being made compulsorily redundant, or 5 days or more due to hospitalisation you are entitled to make a claim subject to the terms and conditions of your policy.

How long can I claim for?

An amount equal to your monthly mortgage benefit will be paid after the initial 30 days if you are out of work due to an accident, sickness or you are made redundant (applies to those who are employed Full-time). An amount equal to your monthly benefit will be paid after 5 days of consecutive hospitalisation (applies to those who are Self Employed / State Employed). Thereafter, you will be entitled to an amount equal to the monthly mortgage benefit for each consecutive 30 day period that you remain out of work due to an accident, illness, redundancy or hospitalisation, until a maximum of 12 monthly payments have been made on your behalf for any one claim or you return to work, whichever happens first. The maximum aggregate claim payment is 24 months per claim type i.e. 24 months for Disability (accident and sickness), 24 months for Redundancy and 24 months for Hospitalisation.

How much is the monthly benefit?

This is the amount chosen by you to cover your monthly mortgage repayment under the mortgage, and any other mortgage related costs (insurances, household bills etc), which shall not exceed €2,000 in total. The customer's monthly mortgage repayment should be rounded up to the nearest €100 to identify the monthly benefit.

e.g. customer's monthly repayment: €798.42
customer's monthly benefit: €800.00

What is the benefit under a joint policy?

Both parties to a mortgage can cover themselves under the Mortgage Repayment Protector Plan and can choose how the over is split between them. The two percentages must add up to 100%

e.g. customers' monthly repayment: €798.42
customers' policy benefit: €800.00
each party is insured for: €400.00 each.

How much does it cost?

Mortgage Repayment Protector Plan(MRPP) costs €10.58 and €12.35 per month per each €100 covered. The higher rate applies to a policy taken out in respect of an existing mortgage

If your monthly mortgage repayment is €1,000 and you wanted to cover this payment in full the cost would be €100.58 per month for a new mortgage or €120.35 for an existing mortgage.

You can cover up to120% of your mortgage payments.You may also choose to cover a lesser percentage in line with your budget.

How do I apply?

If you want this cover please call on 1850 320 920 or contact mortgages.ie through our on line contact forms

How much will I get if I claim?

Mortgage Repayment Protector will cover your chosen monthly mortgage payment, up to the maximum of €2,000.

Am I eligible?

To be eligible you need to be at least 18 and less than 65 years of age, have been in full-time,state or self employment immediately prior to the policy start date and have the right to reside, work, and live in Ireland.

Can I apply if I am unemployed?

No, you must have been in full-time employment or have been self-employed immediately prior to the policy start date.

Can I apply if I am out of work sick?

If you are out of work sick you can take the cover out. However, you will not be covered until you return to work and pre-existing exclusions will apply to the illness you have at the time of the commencement of the cover.

Who are the underwriters of this policy?

This policy is underwritten by Cardiff Pinnacle. Cardiff Pinnacle are a subsidiary of a large multinational Insurance Group.

Will you require medical evidence if I claim?

Yes, should you be claiming for an accident or sickness we will require information from your Doctor. Your Doctor may charge you for this information.

Will you need to see my medical records if I claim?

Possibly, we employ medical advisors to help assess each claim. If they feel that further information is required, we may need to ask your Doctor to provide more information. If we ask for any additional information from your Doctor then we would pay the costs of getting this.

Are my claim details confidential?

Ordinarily only our claims staff and medical advisors have access to claim details. We may, however, also be required to share this information for the detection and prevention of fraud.

Do I continue to pay premiums while I am claiming?

Yes, if you do not pay the monthly premium, then your cover will lapse. Mortgage Repayment Protector allows you to claim more than once; therefore, you will need to continue paying your premiums even if you are currently claiming.

When and who do I need to notify about a claim?

Should you need to make a claim you need to notify Cardif Pinnacle at the earliest opportunity. The completed claims form should be returned to Cardif Pinnacle within 90 days of the claim occurring.

Can I claim more than once?

You may make a further claim for accident or sickness if it is:

• For an unrelated condition if you have returned to work for 1 month;
• For the same or related condition if you have returned to work for 6 months following the previous accident or sickness claim

You may make a further claim for compulsory redundancy as long as you have returned to full-time employment for 6 consecutive months after your initial claim.

What events are not covered?

As with all insurances, there are going to be times when this Mortgage Repayment Protector is unable to cover you. A summary of the main exclusions follows:

Accident or Sickness benefit will not be paid if your accident or sickness results from:

• A self inflicted injury:
• Being under the influence of, or being affected by, alcohol or drugs unless prescribed by a doctor;
• Any condition of a mental or nervous origin including stress, anxiety or depression, unless the condition is certified by and under the continuing care of a consultant psychiatrist specialist;
• Backache or a related condition without supporting medical evidence;
• Cosmetic or other elective surgery;
• AIDS or HIV;
• Any condition, which you knew about, ought reasonably to have known or received counselling or treatment for in the 12 months immediately prior to the policy start date about, or which arise within 30 days of the policy start date.

Redundancy benefits will not be paid if:

• You were aware at the policy start date that you would be made redundant or you had reason to believe this would occur or if this occurs within the first 60 days (new borrowers) or 120 days (existing borrowers) of the policy start date;
• You were not in full-time employment for at least 6 months immediately before your first claim for unemployment;
• You resigned or accepted voluntary redundancy or unemployment;
• Your work was seasonal, casual or temporary, or unemployment is a regular feature of your work;
• It results from any act of misconduct, fraud or dishonesty.

Hospitalisation benefits will not be paid if:

• Your hospitalisation results from a consequence of any disability or redundancy exclusions

Enquiries

Please complete our Enquiry Form. or call 1850 320 920