R.P.I.
What is RPI?
Repayment Protection Insurance is a policy which meets your loan repayments for a specified period of time if you are forced out of work by any of the following events:
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If you are a private employee you can claim accident sickness reduction in hours or redundancy
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If you are state or self-employed you can claim accident sickness or critical illness.
Who is eligible?
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Members aged 18 – 70 years
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People in full time employment – 18 hours per week
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Not aware of any impending disability or redundancy
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Breadwinner or Borrower
Can I insure my existing loan?
Yes, you can avail of RPI by topping up your loan for the premium amount.
What are the benefits of RPI?
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Your major worries when borrowing are removed
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Your loan repayments are made for you if you are off work due to accident sickness reduced hours redundancy or critical illness
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You don’t need to dip into your savings to keep up your repayments when you are unable to work
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The Breadwinner clause is included(see below)
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The cost is the same for all borrowers regardless of age or sex
What is the Breadwinner Clause?
A unique feature of the policy allows the nonsalaried member attach the insurance cover to their earning spouse. If the members earning spouse is unable to work due to any of the insured events, the members loan repayments will be met by the insurance cover.
Are there any exclusions?
As with all insurance contracts there are situations where the insurance company is unable to make payments. Here is a brief listing of some exclusions
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Pre existing illness
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Prior Knowledge of impending redundancy
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Voluntary redundancy
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Self inflicted injuries
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Dismissal
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Alcohol/Drug related conditions
A complete listing of the exclusions can be found in the policy document.
REPAYMENT PROTECTION INSURANCE
