ASU - Accident, Sickness & Unemployment

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Providing you with ASU advice.

ASU - Accident, Sickness & Unemployment Protection Cover. (Also known as Payment Protection Insurance)

Accident, Sickness & Unemployment Cover will only provide cover for 1 or 2 year period. Cover is usually linked to directly to your mortgage & loan repayments and associated costs. Maximum monthly payments paid by the insurer are much less than what can be received from Income Protection Insurance.

Accident, Sickness & Unemployment policies are easier to arrange and often have no underwriting needed to activate to policies. Usually, once a quote is accepted the Accident, Sickness & Unemployment Insurance Policy can go on risk immediately and the cover policy documents can be emailed to clients.

This benefit which is also known as Payment Protection Insurance has traditionally been sold by the credit providers alongside a mortgage, loan or credit card products. The Competition Commission intends to ban lenders from selling PPI/ASU at the point of sale giving the customer the opportunity to shop around for often much cheaper payment protection cover from brokers and advisers.

Benefit is not limited to the cost of mortgage repayments and there are policies available for rental tenants and self-employment status.

Policies can also be deferred as to when the policy will pay, this will reduce the monthly premium costs.

This really the minimum Protection of income that most people should have in place should they commit to a large loan or mortgage. Cover is also available for tenants and self-employed, but this is restrictive and not available on all policies, so please speak with one of our Advisors.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it. Think carefully before securing other debts against your home. Buy to let (pure) and commercial mortgages are not regulated by the FCA. No broker fee is charged typically; as commission received from the mortgage lender pays our minimum fee of £495 and any shortfall will be charged only on completion of your mortgage. Vincent Burch Ltd. is an Appointed Representative of JLM Mortgage Services Ltd., authorised and regulated by the Financial Conduct Authority, (FCA), registration number: 300629.

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