Mortgage Protection booklet - Irish Life

If you stop making payments, all cover under the plan will end and we
will not refund any of your payments.
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP
UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN
SECURED ON IT.
3. WHAT ARE THE PROJECTED BENEFITS UNDER
THE POLICY?
The following premium and benefit details are for a typical Life Mortgage
Cover Plan. The figures will vary based on each individual’s personal
details and choice of protection benefits. The figures below are based on
the following details.
Protection Benefits: Life Cover of €200,000
Accelerated Specified Illness Cover of €200,000
Cover is on a joint life first death basis.
Lives Covered: Male, non-smoker aged 38 next birthday.
Female, non-smoker aged 37 next birthday.
Premium: €105.49 per month payable by direct debit.
Term: The term of the plan is 20 years.
The plan provides protection benefits up until the end of the 20-year
term. Benefits decrease on a monthly basis in line with how the capital
outstanding on a mortgage would reduce each month over the mortgage
term using an interest rate of 6% pa. The plan does not acquire a cash or
surrender value at any stage.
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ILLUSTRATIVE TABLE OF PROJECTED BENEFITS AND CHARGES
A B C D E = A + B –
C – D
Year ¤ ¤ ¤ ¤ ¤
Total
amount of
premiums
paid into
the policy
to date
Projected
investment
growth to
date
Projected
expenses
and
charges to
date
Projected
cost of
protection
benefit to
date
Projected
policy
value
before
payment of
taxation
1 1,266 0 235 1,031 0
2 2,532 0 427 2,105 0
3 3,798 0 576 3,221 0
4 5,064 0 685 4,379 0
5 6,329 0 752 5,577 0
6 7,595 0 778 6,817 0
7 8,861 0 778 8,083 0
8 10,127 0 778 9,349 0
9 11,393 0 778 10,615 0
10 12,659 0 778 11,880 0
11 13,925 0 778 13,147 0
12 15,191 0 778 14,413 0
13 16,456 0 778 15,678 0
14 17,722 0 778 16,944 0
15 18,988 0 778 18,210 0
16 20,254 0 866 19,388 0
17 21,520 0 1,100 20,420 0