The Loan Protection Plan aims to repay any outstanding home loan on your death. This means that you are safe in the knowledge that the roof over your partner and children’s heads is safe even when you are no longer around.
Your Plan will pay out a lump sum (the “Death Benefit”) should a person insured by it die while cover is in place. The Death Benefit reduces roughly in line with the way your loan balance reduces, considering that you make repayments over time. The Plan will end after the Death Benefit has been paid.
The Plan could be pledged to your debt provider, ensuring that the loan is paid off quickly and directly after your death. It also offers the option to designate one or more beneficiaries.
Moreover, the Funeral Expenses Benefit is a free benefit which offers the beneficiaries the option to receive part of the Death Benefit immediately to cover funeral expenses, up to a maximum of €2,500.
|Type||- Reducing term Protection|
|Minimum Premium||- €4.00 monthly|
|Age of insured person||- Between 18 and 70|
|Period of cover||- Between 5 and 57 years|
|Applicants||- Single or joint|
|Standard Benefits||- Death Benefit
- Funeral Expenses Benefit
|Additional Benefits||- Accidental Death
- Permanent Total Disability
- Critical Illness