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Loan
Payment Protection
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We recognise that your mortgage repayment is probably your largest monthly outlay. However, have you considered what would happen if you were unable to meet these monthly repayments if your financial circumstances altered due to you being out of work through accident, sickness or involuntary unemployment?
Unfortunately these events happen all too frequently and we at realise the financial burden that you would be put under. That is why we recommend payment protection cover. This policy allows you to meet the monthly outgoings and brings you peace of mind during and difficult times.
Our payment protection policy provides you with a monthly benefit when you are out of work. This amount will be credited to your account ensuring that yoru repayment will be made for your bank.
- Product options
- How does it work
- Eligibility
- Benefits
- Hosptialisation cover for Self & State Employment
- Cost
- Accident
- Sickness
- Unemployment
- How to apply
- Claims
- Important Information
- What is not covered
- PAYMENT PROTECTION QUOTATION
How does it work
If you are prevented from working for more that 30 consecutive days due to accident sickness or involuntary unemployment, a monthly benefit will be paid for a maximum of 12 months provided that you are not working in that period. * if you return to work during the last month of a claim the benefit will be calculated on a weekly basis.*
Eligibility
The accident, sickness & involuntary unemployment policy is available for customers who are:
- 18 and over but under 60
- Resident in the Republic of Ireland
- Working when you apply for cover
- Not aware of any sickness, disease, condition or injury arising in the last 12 months that may cause you to claim for disability benefits.
- Not aware of any sickness, disease, condition or injury arising that may cause you to claim for critical illness benefits
- Not aware of any impending unemployment
Selecting Benefits
We recommend that the benefit should be at least enough to cover you monthly mortgage repayments. In addition you can add up to 20% of this figure to help pay for any monthly insurance premiums. These could include Home & Contents Insurance, Mortgage Protection or Serious illness premiums.
Please note the maximum monthly cover amount is €2,000
If you insure in joint names, you have the option to select the level of cover required on each insured for the following options.
- 50/50
- 100/100
- 50/100
- 100/50
Example: if a join policy was taken with 50/50 cover, 50% of the monthly benefit would be paid if either insured processes a valid claim.
Hosptialisation cover for Self & State Employment
Self and State Employment applicants are covered for hospitalisation cover. This cover replaces the involuntary unemployment cover offered to PAYE applicants. If you are hospitalised for 7 consecutive days due to Accident or Sickness, a benefit will be payable on the eight day of hospitalisation.
Cost
The cost of the cover depends on the option of cover selected and your employment type. For example, the cost of cover for a PAYE worker is €4.00 per €100 monthly benefit. This includes the 2% government levy.
Example:
Monthly Benefit |
Premium |
€500 |
€23.75 |
€600 |
€28.50 |
€700 |
€33.25 |
€800 |
€38.00 |
€1000 |
€47.50 |
Accident
We will pay the appropriate benefit if the insured person suffers accidental bodily injury. Bodily injury does not include sickness or disease or any naturally occurring condition or degenerative.
Sickness
Unfortunately sickness can occur at any time and may prevent you from attending work. Examples include appendicitis, stress, depression or post operative complications.
Involuntary Unemployment
This refers to any period of work during which the insured person is redundant under the terms of the Redundancy Payments Act 1967 and any subsequent amendments. You have to be continuously employment for two years ( 104 weeks) or more to qualify. A full copy of the redundancy payments acts 1967 is available for the department of Enterprise, Trade and Employment.
How to apply
Simply fill out
the forms in our office or contact Kieran Sammon or Clare Quinn on 065 6844448.
Claims Procedure
If you wish to make a claim, you can contact and a claims form will be issued to you for completion. All claims will be processed by Cardif Pinnacle.
All claim payments will be made to and will be credited to your bank.
Important Information
This policy covers accident, sickness and involuntary unemployment as defined. It does not cover voluntary unemployment.
The content of this web page is a summary of cover available under the Payment Protection Plan. The terms & conditions book is available on request.
Premiums are paid monthly from your current account by direct debit.
Unpaid premiums will be included as arrears on you mortgage account.
All claims repayments will be made to and will be credited to your mortgage account. payment protection plan is underwritten by GE financial insurance,
What is not covered
General Exclusions.
No benefit will be paid for any claim resulting from:
- AIDS or HIV related conditions
- War, invasion, act of foreign enemy, hostilities ( whether was declared or not), civil was, civil commotion, rebellion, terrorism, revolution or military or usurped power;
- Ionising radiation or radioactive contamination from nuclear fuel or nuclear waste or any risk from nuclear equipment;
- Any restrictions caused by the law of any country or order by any government;
- Your involvement in a strike or lock-out;
- You misconduct - including fraud, dishonesty or anything that led to or might have led to a disciplinary procedure being taken ny your employer;
This is a summary of the general exclusions on this policy.
