Mortgage payment protection insurance - Redundancy Insurance

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 involuntary redundancy, accident or illness.

Mortgage payment protection insurance (often referred to as redundancy insurance) protects your mortgage payments for a year and is a completely different product than Mortgage protection insurance. which is a life insurance policy designed to pay your mortgage in the event of your death.

Information on this cover is set out below:

For further details complete our Enquiry form or call now and we can complete a full application over the phone. Please lo call 1850 320 920 and talk to one of our consultants.

The following information is for guidance only. Full details will be contained in your policy booklet.

Mortgage payment protection insurance explained

Mortgage Payment Protection 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 involuntarily redundant.

Should you be self-employed , Mortgage Protection Insurance will cover your mortgage repayments if you are unable to work and remain so for 30 days or more due to accident or sickness.

Why do I need it?

Protecting your mortgage payments ensures you avoid running into arrears on your mortgage.

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 involuntarily redundant you are entitled to make a claim subject to the terms and conditions of your policy.

How long can I claim for?

Monthly 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 PAYE workers).

Thereafter, you will be entitled to an amount equal to the monthly mortgage benefit( see limits below) for each consecutive 30 day period that you remain out of work due to an accident, sickness or redundancy 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.

How much is the monthly benefit?

The benefit is the lower of the following:

How much does it cost?

The cost depends on whether you are taking out a new mortgage or covering an existing mortgage payment.

Mortgage Payment protection insurance costs €6.64 (New Mortgage) and €10.07 (Existing mortgage) per €100 mortgage repayment per month

For example if you are taking out a new mortgage and your monthly repayment is €1,000 the cost of cover will be €65.50 per month.

Am I eligible?

To be eligible you need to be at least 18 and less than 60 years of age, have been in full-time employment for at least 6 months immediately prior to the policy start date.to be an Irish Citizen, working and residing on the Republic of Ireland and have a residential mortgage agreement in force..

Can I apply if I am unemployed?

No, you must have been in full-time employment for at least six months immediately prior to the policy start date.

Who are the underwriters of this policy?

This policy is underwritten by Assurant Solutions, a multi-billion US based Insurance group.The policy has been arranged through PIBA who are the leading Irish Broker organisation..

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, our claims assessors will assess each claim and decide what information is required to process a claim.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.

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

Should you need to make a claim you need to notify Assurant at the earliest opportunity. .

Can I claim more than once?

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

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 Insurance 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:

Redundancy Unemployment benefits will not be paid if;

Please note that the above is only a guide and full details of the policy terms are in the policy documentation.