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Loan
Payment Protection
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We recognise that your mortgage repayment is probably you largest monthly outlay. However, have you considered what would happen if you were unable to meet these monthly repayments if your financial circumstances altered due to you being out of work through accident, sickness or involuntary unemployment?
Unfortunately these events happen all too frequently and we at realise the financial burden that you would be put under. That is why we recommend payment protection cover. This policy allows you to meet the monthly outgoings and brings you peace of mind during and difficult times.
Our payment protection policy provides you with a monthly benefit when you are out of work. This amount will be credited to you mortgage account in Building Society ensuring that you repayment will be made for you.
- Product options
- How does it work
- Eligibility
- Benefits
- Hosptialisation cover for Self & State Employment
- Cost
- Accident
- Sickness
- Unemployment
- How to apply
- Claims
- Important Information
- What is not covered
- PAYMENT PROTECTION QUOTATION
Product Options
There are three options of cover available.
- Premier - Cover of up to 12 months if you are out of work due to accident, sickness or involuntary unemployment
- Premier Gold 1 - Cover of up to 12 months if you are out of work due to accident, sickness or involuntary unemployment. In addition, the policy includes cover on permanent total disability and critical illness cover for up to 24 months
- Premier Gold 1 - Cover of up to 12 months if you are out of work due to accident policy includes cover on permanent total disability and critical illness dent, sickness or involuntary unemployment. In addition,cover to pay off your outstanding loan balance (subject to a maximum of €166,269).
If you are prevented from working for more that 30 consecutive days due to accident sickness or involuntary unemployment, a monthly benefit will be paid for a maximum of 12 months provided that you are not working in that period. * if you return to work during the last month of a claim the benefit will be calculated on a weekly basis.* Additional cover available under Premier Gold 1 and Gold 2.
Eligibility
The accident, sickness 7 involuntary unemployment policy is available for customers who are:
- 18 and over but under 60
- Resident in the Republic of Ireland
- Working when you apply for cover
- Not aware of any sickness, disease, condition or injury arising in the last 12 months that may cause you to claim for disability benefits.
- Not aware of any sickness, disease, condition or injury arising that may cause you to claim for critical illness benefits
- Not aware of any impending unemployment
Selecting Benefits
We recommend that the benefit should be at least enough to cover you monthly mortgage repayments. In addition you can add up to 25% of this figure to help pay for any monthly insurance premiums payable to . These could include Home & Contents Insurance, Mortgage Protection or Serious illness premiums.
Please note the maximum monthly cover amount is €2,540
If you insure in joint names, you have the option to select the level of cover required on each insured for the following options.
- 50/50
- 100/100
- 50/100
- 100/50
Example: if a join policy was taken with 50/50 cover, 50% of the monthly benefit would be paid if either insured processes a valid claim.
Note: The payment protection monthly benefit will not be automatically adjusted to reflect your loan repayment if it were to change throughout the term of your loan. If the monthly benefit exceeds 125% of you loan repayments at any time throughout the policy, the maximum benefit payable will be 125% of you loan repayment up to a limit of €2,540.
Hosptialisation cover for Self & State Employment
Self and State Employment applicants are covered for hospitalisation cover. This cover replaces the involuntary unemployment cover offered to PAYE applicants. If you are hospitalised for 7 consecutive days due to Accident or Sickness, a benefit will be payable on the eight day of hospitalisation.
Cost
The cost of the cover depends on the option of cover selected and your employment type. For example, the cost of cover for a PAYE worker is €4.00 per €100 monthly benefit. This includes the 2% government levy.
Example:
Monthly Benefit |
Premium |
€300 |
€12.00 |
€400 |
€16.00 |
€500 |
€20.00 |
€600 |
€24.00 |
€700 |
€28.00 |
Accident
We will pay the appropriate benefit if the insured person suffers accidental bodily injury. Bodily injury does not include sickness or disease or any naturally occurring condition or degenerative.
Sickness
Unfortunately sickness can occur at any time and may prevent you from attending work. Examples include appendicitis, stress, depression or post operative complications.
Involuntary Unemployment
This refers to any period of work during which the insured person is redundant under the terms of the Redundancy Payments Act 1967 and any subsequent amendments. You have to be continuously employment for two years ( 104 weeks) or more to qualify. A full copy of the redundancy payments acts 1967 is available for the department of Enterprise, Trade and Employment.
How to apply
Simply fill out
the ESB Building Society payment protection application form, section F on your ESB loan application form to apply for cover. Cover comes into effect on the cheque issue date of your mortgage and your monthly premiums will included with your mortgage repayment to .
Claims Procedure
If you wish to make a claim, you can contact and a claims form will be issued to you for completion. The claims form should be returned to GE financial Insurance. All claims will be processed by GE Financial Insurance who can be contacted on 061 714850.
All claim payments will be made to and will be credited to you mortgage account.
Important Information
This policy covers accident, sickness and involuntary unemployment as defined. It does not cover voluntary unemployment.
The content of this web page is a summary of cover available under the Payment Protection Plan. A specimen of the terms & conditions book is available on request.
Premiums are paid monthly to with your monthly mortgage repayment.
Unpaid premiums will be included as arrears on you mortgage account.
All claims repayments will be made to and will be credited to your mortgage account. payment protection plan is underwritten by GE financial insurance,
What is not covered
General Exclusions.
No benefit will be paid for any claim resulting from:
- AIDS or HIV related conditions
- War, invasion, act of foreign enemy, hostilities ( whether was declared or not), civil was, civil commotion, rebellion, terrorism, revolution or military or usurped power;
- Ionising radiation or radioactive contamination from nuclear fuel or nuclear waste or any risk from nuclear equipment;
- Any restrictions caused by the law of any country or order by any government;
- Your involvement in a strike or lock-out;
- You misconduct - including fraud, dishonesty or anything that led to or might have led to a disciplinary procedure being taken ny your employer;
This is a summary of the general exclusions on this policy.
