Your home is at the very centre of your life and if you have a family it is even more important that your home is protected against the loss of your earnings or livelihood. Unlike other expenses, you cannot simply "cut-back" on paying your mortgage, so if you are concerned about losing your job, or you are worried about how your mortgage would continue to be paid if you fell ill for an extended period of time, then a Mortgage Repayment Protection Policy is ideal for you.
If you have a mortgage and did not take Mortgage Payment Protection at the time of getting the mortgage, it is increasingly difficult to get this cover on the market. As one of Irelands leading Financial Advice companies we can get you cover. Due to Irelands unemployment rising from 4% in Late 2007 to 13.5% in 2010, insurers have increased premiums substantially and a lot have exited the market due to the number of claims in recent times, however we can get cover for you should you need to protect your mortgage.
Being made involuntarily redundant has now become a major worry for many people in Ireland and it is fast becoming a financial priority to have this insurance, covering this risk! The premiums are not guaranteed and can be increased or decreased at any stage, once you receive 30 days notice in writing.
Because of our historic love of being a property owner, a lot of the Irelands population now find themselves in a difficult situation, trying to cope with large mortgages and lower wages or in some cases, no wages.
This is why we are offering this innovative mortgage payment protection insurance, which will cover your mortgage repayments in the event of being made involuntarily redundant and/or suffering a lengthy illness. In simple terms, this mortgage repayment cover helps protect consumers against defaulting on mortgage repayments so you can concentrate on finding a new job or recovering from your illness while your mortgage insurance pays your mortgage.
Mortgage Payment Protection For All
Financial Architects were involved in the design of this product with the IBA (Irish Brokers Association) and we were one of the first Financial Services companies to offer this product to clients across Ireland. We are Qualified Financial Advisors, with Qualifications in Insurance, Mortgages, and Pensions so we can use our expertise to best look after you. This mortgage repayment insurance is very affordable. For example, the average mortgage repayment amount that our clients are covering is €1,000 per month, yet the monthly cost for mortgage repayment protection covering unemployment is only €97.50 per month. So for a small % of your monthly income, you can get peace of mind.
Mortgage Protection vs. Mortgage Payment Protection:
Although many people are referring to this product as "Mortgage Protection", this is not strictly correct. Mortgage Protection is normally associated with life assurance/critical illness cover on a mortgage so that the mortgage is cleared in the event of an untimely death or being diagnosed with a serious illness. Mortgage Payment Protection provides mortgage repayment cover in the event of you losing your job or becoming ill. Most significantly, it is designed to provide cover for a given period of time (up to 12 months, depending on the chosen cover) and so is an extremely cost-effective cover where short term protection is required to find a new job or to recover from a serious, but short-term illness.
Eligibility: You must:
Be aged between 18 and 60 years of age.
Work at least 18 hours per week.
Live in Ireland.
Have a mortgage on your property , which is solely occupied by you with no business carried on there.
Not know of any impending redundancy, unemployment or impending medical treatment or advice.
Be in good health and have not suffered from any serious illness over the past 12 months.
Mortgage Repayment Protection Maximum Cover:
This mortgage repayment insurance provides cover that allows you to apply for the lesser of:
€1,500
OR
65% of your Net (After tax) monthly income
OR
100% of your mortgage repayments
Click on the examples button (bottom left) to see how this works in practical terms.
Tax And Social Welfare Issues Relating To Mortgage Repayment Insurance:
Mortgage Payment Protection is paid for up to one year tax free. It also does not currently affect entitlements to Social Welfare. So if your mortgage repayments cost €1,000 per month, the policy will cover this payment for you and you can still claim your social welfare entitlements of €203 per week (approx) for up to one year.
Cheap Mortgage Protection Insurance:
This Mortgage Protection/Redundancy Insurance is very competitive at a cost of only €97.50 per month for every €1,000 repayment you wish to protect (based on unemployment, accident and sickness cover).
Calculate Your Mortgage Payment Protection Premiums:
Use our handy calculator on the left to work out the cost of covering your mortgage. Simply select the product you would like followed by the amount of cover you require. Then choose the cover type. Finally, click "Calculate" and you will be amazed at just how affordable achieving peace-of-mind can be.
When you are ready to proceed and sign up for mortgage repayment cover, just call us on
01 802 7669 / 70 or visit the Apply Now page, where you can send us your details.
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