None of us want to think about those unpredictable events in Life, but we have to...

Think about how will you protect your living and keep up your mortgage payments in the event of unemployment, sickness or injury? With Redmond Mortgages & Pensions, we will recommend an Insurance Plan so you will be covered for those unexpected circumstances.

Today is the time to:

Protect your Life
Protect your Family
Protect your House
Protect your Income

Taking out an Insurance policy is an important financial decision that all of us should consider throughout our lives. Your Redmond Mortgage & Pensions Specialist will talk you through the available options to ensure that you get value for money and the best insurance products to suit you.

The purpose of a Mortgage Protection policy is to provide a lump sum of money to repay the outstanding balance on your Mortgage, should you die. In most cases your Mortgage Protection policy will be assigned to your Mortgage lender, as security for your Mortgage loan.
If you are taking out a mortgage or re-mortgaging your house, your lender will insist that you purchase Mortgage Protection Cover. .
You can choose between:

Mortgage Protection Life Cover

This cover provides a lump sum payable on death that decreases over the term of the contract.

Mortgage Protection Cover with Accelerated Serious Illness Cover

You have the option of including Serious Illness Cover with Mortgage Protection Cover. This provides a lump sum on the earlier of death or the diagnosis and certification of a prescribed serious illness
Even if your lender does not require you to arrange life cover like this there's no question about it, a Mortgage Protection policy brings you greater peace of mind.

Life Assurance cover means that you'll always have the peace of mind of knowing that should you die your family's financial needs - which may include household bills, school fees, motor expenses and other on-going living costs, will be taken care of. A Life Assurance policy offers security when you need it most, and is the most cost-effective way of all for you to insure your life and protect your family.
Term Assurance offers:

• A lump sum, payable if you die within the term of the policy
• Options to choose how much cover you want and how long you want your cover to last
• An indexation option to help maintain the real value of your cover against the negative effects of inflation
• Ultimately, the peace of mind that comes from knowing that should you die unexpectedly, your family's financial needs will be looked after

Having Serious Illness Cover in place will give you peace of mind. It provides a lump sum payment on the diagnosis and certification of a prescribed Serious Illness. There are several options to consider when taking out a Serious Illness Policy.

Standalone Serious Illness Cover

This cover provides a lump sum payment on the diagnosis and certification of a prescribed serious illness.

Accelerated Serious Illness Cover

This cover provides a lump sum on the earlier of death or the diagnosis and certification of a prescribed serious illness.

Terminal Illness Benefit

Applies to Accelerated Serious Illness Cover only. On diagnosis of a terminal illness an advance payment of the benefit can be claimed.

The following conditions apply:

• 80% of the benefit may be paid in advance up to a maximum of €2million.
• A life expectancy of 12 months or less must be diagnosed.
• 20% of the benefit will be paid on subsequent death.
• Premiums continue to be paid during the remaining period.

Terminal Illness Benefit

On diagnosis of a terminal illness, an advance payment of 80% of the death benefit will be paid, up to a maximum of €2M. Payment is conditional on the life assured having a life expectancy of 12 months or less. A further 20% of the benefit will be paid on subsequent death during the term of the policy and premiums will continue to be paid during the remaining period.

Your Income is your greatest asset!

We don't usually think of our current income and future earnings as an asset. However, this is what pays for Mortgage, bills, children’s education, insurances and so on…

Think about if you no longer had this income, how would you pay for everything? Now think about Income Protection.

Why Protect your Income

Do you realise that 1 in 6 of Irish workers will be out of work due to sickness or disability for more than 6 months over the course of their working life.

Accelerated Serious Illness Cover

This cover provides a lump sum on the earlier of death or the diagnosis and certification of a prescribed serious illness.

Sick Pay Coverage

Applies to Accelerated Serious Illness Cover only. On diagnosis of a terminal illness an advance payment of the benefit can be claimed.

• There is no obligation on your employer to provide sick pay
• In the private sector, 85% of employees would be fully dependant on the state benefit after 6 months of absence
• The public sector offers full pay for 6 months and half pay for 6 months

Social Welfare Benefit

• The State Disability benefit pays just € 10,286 per year to an individual
• A typical family with one adult working, one adult dependant and 2 children would qualify for just € 19,610
• If you are self employed then you are not entitled to any benefit

If you have a Mortgage your Lender will require you to have sufficient House Insurance in place to cover the re-building costs of your property. Whether it is a requirement from your Lender or not, it is important that such cover is in place to protect your Home and it’s Contents. This will give peace of mind should the unexpected happen and your property is damaged or your contents and valuables are lost or stolen.

House Insurance covers both buildings and other permanent fixtures, such as:

• Outbuildings
• Fixtures and fittings
• Interior decorations
• Fences and walls

How much buildings cover should I choose?

The amount of cover you choose, or the sum insured, is very important and often misunderstood. You should base this on the rebuilding cost of your home, not the market value. Buildings cover is index-linked, which means that your cover will increase in line with increases in rebuilding costs.

Contents cover

• Covers household goods and any personal belongings that are kept in your home
• Covers contents belonging to you and any member of your household

Contents cover is offered on a ‘new for old’ basis, which means that in most cases stolen or damaged items will be replaced with new items.

How much contents cover should I choose?

You have a choice of two options:

Contents cover as a percentage of buildings cover

• Choose from 20%, 30%, 40% or 50% of your buildings cover

For example, if your buildings are insured for €200,000 and you choose the 30% option, you’ll get €60,000 contents cover.

Individual contents cover

• This represents the total value of all your contents, as a separate sum insured
• You must insure for a minimum €23,000