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Terms & Conditions |
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, your business failing 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.
Being made involuntarily redundant has now become a major worry for many people in Ireland and it is estimated by some that unemployment may peak as high as 15% in 2010! This makes the risk of being made redundant a very real possibility. Furthermore, if you are self-employed, the risk of your business failing is also a worry.
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 being hospitalised 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 new and existing clients across Meath and Ireland. This mortgage repayment insurance is very affordable. For example, the average mortgage repayment value that our clients are covering is €1,400 per month, yet the monthly cost for mortgage repayment protection covering unemployment is only €85.26 per month.
Most importantly, this mortgage payment protection product is available to both employed and self-employed individuals. So for the first time, business owners can protect themselves against the loss of earnings because their business fails.
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 12-24 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.
Mortgage Repayment Protection Maximum Cover:
This mortgage repayment insurance provides cover that allows you to apply for the lesser of:
€2,000
OR
75% of your after tax monthly income
OR
110% 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 affect entitlements to Social Welfare. So if your mortgage repayments cost €1,400 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 €33.40 per month for every €1,000 repayment you wish to protect (based on unemployment only cover).
Flexible Mortgage Repayment Cover:
This ground breaking new flexible product can also offer payment protection mixed with Critical Illness cover, Hospitalisation cover, and Accident and Sickness cover. You can add or subtract the benefits that you want or do not want.
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 and any additional benefits you would like. 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 or alternatively download a printable application form to complete and fax to us.
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