Mortgage Repayment Protection

Who can apply?
Mortgage Repayment Protector is available to all new and existing mortgage holders residing in Ireland. Applicants must be between the ages of 18 and under 60, in full time employment (defined as working not less than 18 hours per week) and have been so continuously for the past 6 months.

What's covered?
Mortgage Repayment Protector covers your monthly mortgage repayments up to an amount you decide under the following cases:

Disablement and Sickness
Disablement means total disablement from engaging in or giving attention to your normal occupation resulting from accidental bodily injury or sickness.

Redundancy
"Redundancy" means a period notified to You or commencing:

(a) at least 90 days from the effective date of this insurance in respect of a New Borrower.

(b) at least 180 days from the effective date of this insurance in respect of an Existing Borrower.

(c) after the effective date of this insurance in respect of a Switch Borrower.

Redundancy must be as a result of one of the events listed below. These vary depending upon the type of employment contract held by You when Your Normal Occupation ceased.

1). If You were employed under a permanent contract, Your redundancy must have resulted solely from termination of Your permanent contract of employment by Your employer due to:
(a) the fact that Your employer has ceased or intends to cease to carry on the business for the purpose of which You were employed or has ceased or intends to cease to carry on that business in the place where You were so employed.
(b) the fact that the requirements of that business for You to carry out work of a particularkind or for You to carry out work of a particular kind in the place You were so employed, have ceased or diminished or were expected to cease or diminish.

2). If You were employed under a fixed term contract, Your redundancy must have resulted from the early termination of Your fixed term contract by Your employer and benefit is limited to the remainder of such fixed term if this is less than 12 months.

Redundancy insurance benefit is not available if You are State or Self-employed.

Confined to Hospital or Hospitalisation

"Confined to Hospital" and "Hospitalisation" mean You being confined to hospital as a full time inpatient upon the recommendation of a registered medical practitioner,solely and directly as a result of:

1). accidental bodily injury caused during the term of insurance,

or

2). sickness or disease first manifested during the term of insurance.

Hospitalisation benefit is only available if You are State or Self-employed.

*Please note that this is a general outline of the Mortgage Repayment Protection product. For correct terms and conditions please contact our office for a full brochure to be issued to you prior to an application being completed.