Mortgage Repayment Protection
Delivering peace of mind
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.
How it works
With Mortgage Repayment Protection from insure.ie, 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 €3,000 or 65% of the gross monthly income of the claimant(s) whichever is less.
Features & 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
- Claims are settled fairly and promptly
- Pay your premium monthly at no extra cost
- Up to 120% 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
All cover ceases for persons at retirement or at the expiry of their mortgage term. No benefit will be paid to or on behalf of persons who are not eligible.
Worked Example
Sean and Marie with a monthly mortgage repayment of €1,250 can expect to pay:
| Single | Joint | Joint | |
|---|---|---|---|
| Cover Options | 100% of monthly repayments covered | Each partner opts for 50% of monthly repayments covered | Each partner opts for 100% of monthly repayments covered |
| Cost per month | €34.37 per month | €34.37 per month | €68.75 per month |
This is a flexible protection, which allows you to select an appropriate level of cover up to 120% of the full monthly mortgage repayment. Basic cover begins at €150 per month and can be increased in units of €50, up to a maximum of €3,000.
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 90 days of the effective date of this insurance in respect of a New Borrower
- within 180 days of the effective date of this insurance in respect of an Existing Borrower
- prior to the effective date of this insurance in respect of a Switch Borrower
- 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).
The above list is not a complete list of exclusions. For more information please refer to the policy document.
Right of withdrawal
You have the right to withdraw from this policy, provided you have not made a total loss claim, within 14 days of the latest of:
- the starting date of cover, or
- the date on which you receive the full terms and conditions of your Policy.
Withdrawal effectively means that no policy was ever in place, and you may exercise this right by notice in writing to insure.ie, quoting your policy number. Should you exercise this right we will refund you any part of your premium you have paid less an administration fee.
Please note that the right of withdrawal does not apply if the insurance policy under which insurance cover is provided is for less than 1 month.
How to Apply
Make sure you fully understand the covers you have chosen. If you need any further information, clarification or a quotation please ask us at
insure.ie. To proceed simply complete The Mortgage Repayment Protection Policy proposal form and return it to:
insure.ie
The Insurance Centre
Unit 7A / 7B Sandyford Business Centre
Sandyford
Dublin 18
Definitions
Single Cover
Where Single Cover is selected in the Mortgage Repayment Protection Proposal Form, insurance benefits will apply to that insured person only.
Joint Cover
Where Joint Cover is selected in the Mortgage Repayment Protection Proposal Form, insurance benefits will apply to each insured person in the proportions selected in the Proposal Form.
New Borrower
New Borrower means You apply for this insurance when taking out Your mortgage or within 90 days of Your mortgage draw down date.
Existing Borrower
Existing Borrower means You apply for this insurance more than 90 days after Your mortgage draw down date and You have no other payment protection insurance in respect of this mortgage.
Switch Borrower
Switch Borrower means You apply for this insurance more than 90 days after Your mortgage draw down date and this insurance is replacing existing payment protection insurance in respect of this mortgage.
Self-employed
Self-employed means either:
- actively working for profit in an occupation or business activity alone or in association with others and paying Class S PRSI in the Republic of Ireland
- being a director of (or have a shareholding in) a private limited company with an issued and fully paid share capital of less than €1,270.
Normal Occupation
"Normal Occupation" means Your full time gainful employment, (i.e. working 18 hours or more per week), including self-employment, and any similar gainful occupation which You may be reasonably expected to undertake bearing in mind Your knowledge and training, as carried on by You immediately prior to the commencement of Your Disablement (as applicable to employed, state employed and self-employed persons), Redundancy (as applicable to employed persons other than state or self-employed persons) or Hospitalisation (as applicable to state and self-employed persons).
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