Accident, Sickness & Unemployment Insurance
Accident, Sickness & Unemployment insurance (ASU), sometimes referred to as mortgage payment protection, can 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 monthly benefit you would like to receive through the policy, though there are some limits on the maximum amount. The premium on the policy is usually a percentage of the amount of monthly benefit you would like to receive and benefits are usually payable for a maximum of 12 or 24 months.
Some policies will also allow you to choose whether you want to receive benefits for accident & sickness only, unemployment only or all three. Most policies will also have a ‘deferment period’ This is the time you have to wait to start receiving benefits from the Accident, Sickness & Unemployment policy after you have become ill, had an accident or become unemployed. Again, this can vary from having no exclusion period to 30, 60 or 90 days. In some instances, this can be even longer.
Alternatively some Accident, Sickness & Unemployment policies have a waiting period after which time the claim is paid in full. With a 30 day waiting period, on the 31st day of unemployment or disability the claim is back dated to day 1 and paid in full.
These policies can provide valuable protection at very reasonable costs: and as they are annually renewable contracts similar to car insurance the premium could increase significantly from year to year especially after a claim. In some instances the renewal of cover could be declined.
At Carter Lee, we have a reputation for sourcing the most appropriate and cost effective policies designed to protect you and your family in case of accidents, sickness and unemployment.
For more information about Accident, Sickness & Unemployment cover, call Carter Lee on 01792 416260 or email us with your specific enquiry at firstname.lastname@example.org.