Mortgage Repayment Protection

Delivering peace of mind

Your home is your most important asset - have you ever considered the benefits of Mortgage Repayment Protection? It delivers peace of mind if you unexpectedly become ill, suffer an accident or lose your job.

How it works

With Mortgage Repayment Protection from AonInsure.ie, if you are unable to work for more than 30 days due to accident, illness or involuntary unemployment your mortgage repayment may, if you continue to be unable to work, be paid for up to 12 months. The maximum monthly amount payable is €3,000 or 65% of the gross monthly income of the claimant(s), whichever is less.

Features & benefits

• As an employee, you qualify for accident, illness and involuntary unemployment benefit
• As a State employee or self-employed person, you qualify for accident, illness and hospitalisation benefit
• Flexibility to avail of single or joint cover
• No medical required at cover application stage
• Claims are settled fairly and promptly
• Pay your premium monthly at no extra cost
• Up to 120% of your monthly mortgage repayment may be protected
• One simple application form to secure cover

Check your eligibility for Mortgage Repayment Protection cover

You are eligible for this insurance if:

• You are over 18 and under 60 years of age
• You are currently in full-time employment or self-employed (defined as working not less than 18 hours per week) and have been so continuously for the past six months
• You are living and ordinarily resident in the Republic of Ireland
• There is a mortgage on a property solely occupied by you and your family as a permanent residence with no business carried on there
• You don't know of any impending redundancy, unemployment or impending medical treatment or advice
• You are currently in good health and have not suffered from any serious illness over the past year
• Your existing repayment protection policy has been in force (claims-free) for at least 12 months prior to switching to this Policy. This requirement only applies if you are a Switch Borrower
• There have not been voluntary or compulsory redundancies in your place of employment over the past 12 months
• Your working hours have not been reduced by over 20% per week in the last 12 months

Note: 'You' and 'Your' above refer to all persons to be insured. All cover ceases for persons at retirement or at the expiry of their mortgage term. No benefit will be paid to or on behalf of persons who are not eligible.

Worked Example

Sean and Marie with a monthly mortgage repayment of €1,250 can expect to pay:

This is a flexible protection, which allows you to select an appropriate level of cover up to 120% of the full monthly mortgage repayment. Basic cover begins at €150 per month and can be increased in units of €50, up to a maximum of €3,000.

Main exclusions

As with all insurance policies some exceptions apply. Below are the main exclusions to the Mortgage Repayment Protection Policy; please take some time to study these:

1. Disablement or Redundancy of less than 31 days' duration and periods of Hospitalisation of less than 11 days or where medical evidence has not been provided.
2. Benefits will not be paid for any period after you reach the age of 65 or the date you reach retirement if earlier.
3. Redundancy which is notified to you or commencing:
   1. within 90 days of the effective date of this insurance in respect of a New Borrower
   2. within 180 days of the effective date of this insurance in respect of an Existing Borrower
   3. prior to the effective date of this insurance in respect of a Switch Borrower
4. Redundancy which is a normal seasonal occurrence in your occupation or which is known by you to be impending at the effective date of insurance.
5. Redundancy following a contract of employment of a fixed term, casual, occasional or intermittent nature.
6. Where you are made redundant but are not in receipt of State assistance and not registered with an approved employment agency.
7. Any recurrence of an illness or disability that you were aware of in the 12 months prior to the commencement of cover.
8. Claims arising from normal pregnancy and/or childbirth.
9. Claims arising from HIV-related illness.
10. War and similar risk, self-inflicted injury or any wilful act by you.
11. Disability claims arising from the influence or effect of alcohol or drugs (other than drugs taken under medical supervision and not for the treatment of drug addiction).

The above list is not a complete list of exclusions. For more information please refer to the policy document.