Accident, Sickness & Unemployment insurance (ASU), can also be referred to as mortgage payment protection and will provide you with an income to meet your outgoings if you are off work sick, have an accident or are made redundant.
It pays out a monthly benefit to cover your mortgage and other related costs. You may choose the amount of benefit you would like to receive, although there are some limits on the maximum amount. The premium will be a percentage of the amount of monthly benefit you would like to receive.
Benefits are usually payable for a maximum of 12 months. This is worth taking out if you’ve taken out a mortgage or re-mortgage after October 1995, as you are unlikely to get any help from the state with your mortgage payments if you get into trouble.
A good idea if you think making your mortgage payments would be difficult if you were made redundant or too ill to work and you don’t have any other protection to cover household bills. It may be useful to think about if you don’t have a job which has sick pay or you’re self-employed.
Book a free appointment with one of our expert Protection advisers now to help you plan for life’s uncertainties. Use the handy online booking calendar or get in touch through our contact page.
Information regards taxation levels and basis of reliefs are dependent on current legislation, individual circumstances are not guaranteed and may be subject to change