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RPI is a policy which meets your loan repayments for a specified period of time if you are out of work due to Accident, Sickness, Redundancy/Critical Illness.*
- Redundancy cover applies to private employees only
- Critical Illness cover applies to Government Employees/Self Employed only.
- You can insure your existing loan
- Anyone working 18 hours or more per week, aged 18 or over and will be less than 70 when the policy ends is eligible for cover.
- Cost is the same for all borrowers and is independent of age or gender
- No medical is required
- Breadwinner Clause - Using this clause you can attach cover to your earning partner if you are not earning yourself. If he/she becomes unable to work due to any of the insured events, your loan repayments will be met by RPI.
Prior knowledge of impending redundancy
Alcohol/Drug Related Conditions
*A complete listing of exclusions is to be found in the policy document.
How much does RPI cost?
For a loan of €5,000 repayable weekly over 3 years repayments are as follows:
With RPI: €40.65
Without RPI: €37.33
A difference of €3.32 per week.
This example is for illustrative purposes only. Premiums may differ depending on the Credit Union's interest rate.
When acting as an insurance intermediary Monaghan Credit Union limited is regulated by the Central Bank of Ireland.