Mortgage Insurance (Rep. of Ireland only)

Mortgage Insurance applies to former INBS customers only.

IBRC is an agent for RSA, Aviva, Irish Life, Caledonian Life, and Friends First for insurance purposes.

1. Home Insurance
2. Mortgage Payment Insurance
3. Term Assurance

1) Home Insurance

The customer can arrange their own Home Insurance or IBRC can arrange cover under IBRC’s Block Policy, which is offered at very competitive rates. The premium will vary depending on the amount of cover. The policy is renewed annually by IBRC and is index-linked in line with the House Building Cost Index prepared by the Department of Environment giving you peace of mind. We also provide the additional convenience of including your insurance premiums with your mortgage repayments.

The cover can also be extended to include contents and all risks for specified and unspecified personal effects in one package.

If at any time the home is extended, or modified, or improved in a manner which may affect the rebuilding cost, the sum insured should be adjusted accordingly.

IBRC also offers cover for Residential Investment Properties and fire cover for properties under construction.

2. Mortgage Payment Insurance

Mortgage Payment Insurance - Key Features

• IBRC 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  

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

3) Term Assurance

Term Assurance - Key features

(A) Annuity / Repayment Mortgage

The customer can arrange their own Mortgage Protection Assurance or IBRC can arrange cover under a Group Scheme. We provide the additional convenience of including the premiums with your monthly mortgage repayment. The policy also has the options of a convertible Term Plan and Specified Illness Cover. Below is a list of the various options available:

Option 1 - Decreasing Life Cover Only

This is the least expensive cover option available:

The benefits of the cover are guaranteed.

The cover amount decreases in line with the reduction in the amount outstanding on your mortgage, assuming that all mortgage repayments are met.

The basis of cover is either single or joint life (this means that cover is paid out on the first death and the cover on the other life assured then ceases).

Option 2 - Convertible Term Life Cover Only

The benefits of the cover are guaranteed.

The cover amount does not decrease throughout the term of the mortgage. This means that once the amount of the mortgage begins to reduce there will also be a surplus that will be paid to your legal beneficiary in the event of a claim.

The basis of cover is either single or dual life (this means that if the cover is paid out on one of the lives assured that cover continues on the other life assured).

At the end of the term, cover can be continued regardless of health at the time.

Option 3 - Decreasing Life and Specified Illness Cover

The cover operates in a similar way to option 1 in that the cover basis is single or joint life.

Specified Illness Cover means that your mortgage will be paid off if you are diagnosed as having one of 25 specified illnesses.

The cover amount decreases in line with the reduction in the amount outstanding on your mortgage assuming that all mortgage repayments are met.

Option 4 - Convertible Term Life Cover and Accelerated Specified Illness Cover

The cover operates in the same way to option 2 in that the cover basis is single or dual life.

The cover amount does not decrease throughout the term of the mortgage. This means that once the amount of the mortgage begins to reduce there will also be a surplus that will be paid to your legal beneficiary in the event of a claim.

Specified Illness Cover means that your mortgage will be paid off if you are diagnosed as having one of 25 specified illnesses.

The benefit is 'accelerated'. This means that any Specified Illness payout leads to a corresponding reduction in the life cover benefit.

At the end of the term, cover can be continued regardless of health at the time.

Option 5 - Convertible Term Life Cover and Independent Specified Illness

This is the most expensive option but provides the most comprehensive cover.

The cover operates in the same way to option 4 in all respects except:
The Specified Illness benefit if paid out does not reduce the life cover benefit. There are independent benefits i.e. each life covered could receive payouts from both the life and the Specified Illness Cover.

(B) Endowment Mortgage:

You must pay directly to the Life Insurance Company the life premiums. Repayments to IBRC will only be for interest payments as the proceeds of the policy are expected to repay the capital sum borrowed at maturity of the loan.

Please note that insurance policies used to fund endowment mortgages aim to repay the mortgage in full but in most cases this is not guaranteed. In the event of a shortfall the onus is on the borrower to clear the mortgage and IBRC does not accept any responsibility for any shortfall in policy proceeds.

If you have an endowment mortgage and you are worried about a shortfall in your funds, contact your endowment policy provider (the company who sold you the policy)