Mortgage Payment Insurance

Mortgage Payment Insurance - Key Features

The Society can organise cover for accident, illness, redundancy and hospitalisation for any mortgage that is on the borrowers' main residence.
The scheme has been designed to give the option of covering one or both parties to the mortgage. It is important to note that if you opt for joint cover the amount payable under any claim will be in proportion to the amount contributed to the household income by the insured person at the time of the claim.
You choose the amount of monthly cover required in units of €100. The maximum cover available is the amount of your mortgage repayment plus 20% to allow for mortgage related insurances and future interest rate fluctuations etc. This is subject to an overall limit of €1,500 per month. Benefits may be paid for up to 12 months.
If you are self employed you will not qualify for redundancy cover. For this reason in addition to the accident and sickness benefits self-employed people also qualify for hospitalisation benefit. This means that if you are hospitalised for more than 10 days the benefit is payable. This could mean you could claim double benefit in certain circumstances.

The Main Exclusions

The first 30 days of disability or redundancy are not covered but you may receive benefit for the following 12 months.
Redundancy, which is voluntary, seasonal or arising within three months of the commencement of cover.
Claims arising after the borrower's 65th Birthday (or in the case of redundancy claims after normal retirement date if this is earlier).
Disability occurring while the borrower is under the influence of drugs or alcohol.
Any recurrence of an illness or disability the borrower was aware of in the 12 months prior to the commencement of cover.

By proceeding further you are deemed to have read and accepted our Terms & Conditions and Privacy Policy. This site is best viewed using Internet Explorer 6.0+. Certain documents on this site require Adobe Acrobat Reader. Irish Nationwide Building Society is regulated by the Financial Regulator. Registered Office: Nationwide House, Grand Parade, Dublin 6. Registered No. 14B Dublin.