ASU – Acccident, Sickness & Unemployment
FOR Accident, Sickness & Unemployment ADVICE, CALL: 01603 340 644
Accident, Sickness & Unemployment Cover (ASU) – 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. This gives 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. 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 is 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.