Payment Protection Insurance (PPI)

• Your home is your most important asset, to protect it you may wish to consider the benefits of Mortgage Repayment Protection. It provides peace of mind if you unexpectedly become ill, suffer an accident or lose your job.
• Often referred to as “Mortgage Protection”

Occupation covered

The “Normal Occupation” covered is full time gainful employment, (working 18 hours or more per week) This includes self-employment and any similar gainful occupation which you may be reasonably expected to undertake. However you must bear 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 hospitalization (as applicable to state and self-employed persons).

In the event of a claim the maximum amount payable is the monthly benefit specified in the schedule or 65% of the gross monthly income of the claimant(s), it will be based on which ever one is less.

Features and Benefits

• As an employee, you qualify for accident, illness, hospitalization and involuntary unemployment benefit.
• As a State employee or self employed person, you qualify for accident, illness and hospitalization benefit.

• Flexibility to avail of single or joint cover.

• No medical examination is required at application stage.

• One simple application form to secure cover.

• Pay your premium monthly at no extra cost.

• Up to 120% of your monthly mortgage repayment protected.

• Right to withdrawal within 14 days of cover.

• Claims will be settled fairly and promptly.

Policy Conditions:

• Mortgage payment protection for new borrowers must be put in place within 90 days of your mortgage draw-down date.
• If you are a Switch Borrower and already have an existing mortgage payment protection policy, you can apply at any time.

• For redundancy claims you must be receiving benefits from the state and registered with an approved employment agency.