COVID-19: 3-Month Mortgage Protection Payment Waiver

FAQs

COVID-19 Three-Month Mortgage Protection Payment Waiver

If you’re taking a 3-month mortgage payment break, you can also take a 3-month mortgage protection waiver as long as you have a non-unit linked mortgage protection policy with Bank of Ireland or New Ireland Assurance and you won’t have to pay the 3 months’ premiums at a later date.

Payment waiver criteria

You can apply for a 3-month mortgage protection payment waiver if:

  • You have a non-unit linked mortgage protection or term assurance policy assigned to a residential mortgage;
  • You’re paying your mortgage protection premium monthly by direct debit;
  • You’ve been granted a mortgage payment break from your lender and can provide evidence of this;
  • Your policy must be in force on or before the 1st of March 2020.
  • Your mortgage protection policy is with Bank of Ireland Life or New Ireland Assurance.

Applications are open until Friday 17 July 2020. Bank of Ireland Life reserves the right to withdraw this offer at any time.

Term Assurance Policies

If you have a term assurance policy which is not assigned to a mortgage, you will be covered for 30 days after you stop paying your premiums. After 30 days, you will no longer be on cover but you will have a further 60 days to reinstate your policy without having to provide up to date medical information.

If you would like to apply for a 3 month mortgage protection payment waiver, or have a query in relation to your Term Assurance policy, please contact us on info@bankofirelandlife.ie or contact your Wealth Manager who will be happy to assist you.

Terms and Conditions apply. If we agree to make a change that you request, we are assuring you that we will not be enforcing the terms of your policy, if the policy provides otherwise and in so far as the terms of the policy apply to the change requested and made by us. It is important to understand however the options being presented to help you in the short term are not to be taken as a general waiver of Bank of Ireland Life’s rights under the policy in the future. Policy conditions will continue to apply in full and the rights and obligations of both Bank of Ireland Life and the policyholder will remain the same under the policy.