Redundancy & Income Protection

Redundancy Cover  |  Income Protection

Redundancy Cover

The insurer of this policy is Pinnacle Insurance plc. Cardif Pinnacle is a trading name of Pinnacle Insurance plc.  Pinnacle Insurance plc is authorised by the Financial Services Authority in the United Kingdom and regulated by the Financial Regulator in Ireland.  Mortgage Repayment Protection covers the mortgage repayments if you are off work as a result of accident, sicknesss, redundancy or hospitalisation.

To be eligible for cover under this policy you must at the start date:

• Be aged between 18 and 65;
• Live and work in the Republic of Ireland; and
• Have been in full-time employment or self employed immediately prior to the start date of the policy.

What are the benefits and features of this policy?

By signing up to Mortgage Repayment Protection you will be taking care of your mortgage repayments if you become unable to work as a result of accident, sickness, redundancy or hospitalisation.  You may choose to cover up to an additional 20% of your mortgage repayment for other mortgage related expenses such as life assurance premiums and buildings and contents insurance premiums.  If you have a joint mortgage each borrower will be covered for the percentage of the monthly benefit shown in the schedule.  The two amounts must add up to 100%

If you are in full time employment and are unable to work as a result of redundancy, or as a result of accident and sickness and you remain continuously unemployed for 30 days or more, you will be entitled to an amount equal to the monthly benefit (up to a maximum of €2,000).   Thereafter you will be entitled to an amount equal to the monthly benefit for each consecutive period of 30 days.  Benefit will be paid for a maximum of 12 months per claim, or for an aggregate of 24 monthly benefit payments in respect of disability claims and for an aggregate of 24 monthly benefits in respect of redundancy claims.

If you are state employed or self-employed and become continuously hospitalised for 5 days or more, you will be entitled to an amount equal to the monthly benefit (maximum of €2,000).  Thereafter you will be entitled to an amount equal to the monthly benefit for each consecutive period of 30 days.  Benefit wukk be paid for a maximum of 12 months per claim, or an aggregate of 24 monthly payments n respect of hospitalisation claims.

What is NOT covered by this policy?

There are some situations that you are not covered for.  These generally involve anything you already knew about when you took out this covwer or that is caused by deliberate or illegal acts on your part.

The most significant exclusions of this policy are as follows: 

Disability claims resulting from:

• Any medical condition you knew about at the start date
• Any medical condition for which you had sought treatment or advice in the 12 months before the start date even if it is not diagnosed
• Any condition of mental, psychiatric or nervous origin, including stress, anxiety, depression, unless treated by a consultant psychiatrist
• Backache or related conditions unless there is supporting medical evidence such as X-ray or MRI scan confirming the condition
• Self inflicted injury, being under the influence of, or being affected by, alcohol and drugs unless prescribed by a doctor
• Normal pregnancy conditions
• Any claim arising within 30 days of the start date

Redundancy claims:

• You knew that you would be made redundant
• You are unemployed or are told that you will be made unemployed within, 60 days of the start date for new borrowers and 120 days for existing borrowers
• You resign, or for any period for which you were paid wages in lieu of notice

Hospitalisation claims:

• Any disability or redundancy exclusion

Please note that there may be exclusions that are significant to you, so you need to check the policy document for full details.

Income Protection

Your income is your most important asset...

Are you protecting your income, the one thing that pays for everything? Do you realise the real value of your income?

Have you ever thought about what would happen if you were unable to work and your income ceased?

With Income Protection you can protect your income and guarantee up to 75% of your salary if you are unable to work due to illness, injury, disability or accident, allowing you to maintain your lifestyle and pay your bills. Protect Your Income.

Are you aware that…

• The average person will earn over €2 million during their working life?
• The current state benefit is only just over €8,600 p.a.
• And if you are self-employed you are not entitled to the state disability payment.
• Although some employers offer sick pay for up to 6 months, many do not – and there is no obligation on your employer to do so.
• An employer is entitled to dismiss an employee on the basis of illness or disability, once due process is followed.

These are all reasons why an Income Protection plan is so important and is appropriate to anyone earning a salary – both the self-employed and employed
Please call us today for a competitive quote.

House Insurance

The mortgage lender will require a home insurance policy to be taken out to cover the rebuilding cost in the event of damage from fire, subsidence, heavy storms. The rebuilding cost will be stated on the valuation report carried out on the property. Contents cover is not required by the lender but is recommended in conjunction with building cover to project against fire and burglary.
Carey Corbett Financial Solutions will compare quotes from Ireland's leading insurers to get the best deal for you.  

Types of Home Insurance Cover:

• Primary Residence or Family Home cover
  This is a home insurance product which allows you to protect both your buildings and the contents in your home. Accidental damage on buildings, contents and personal possessions cover outside the home is very important. Cover includes fire brigade charges, alternative accommodation, door locks, contents of garden and much more.
• Investment Property
  Carey Corbett Financial Solutions have specific products that allow you cover your investment properties and even protect you from missed rent.
• Holiday Home in Ireland
  To ensure you get the best cover and a competitive price for the insurance of your holiday home, allow us to search for the best deals available.