Whether you own your own home or are renting you still have monthly commitments to meet to maintain a roof over your head and that’s not to mention the other outgoings you will have to meet. A Mortgage Payment Protection plan is designed to ensure that you are able to continue to make your mortgage (and other related expenditure) payments in the event of accident, sickness or unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU. These plans usually pay benefits for up to two years however, if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable.
With a confusing array of products available that offer differing levels of cover and premium, it is vital that you get advice from an expert. ASU policies also have restrictions and you may not be covered if you know you are already at risk of redundancy or have a pre-existing medical condition.
Our adviser will be delighted to talk to you and explain all of the choices available and will recommend a policy that is tailored to your specific needs. It may be that you require a longer term solution so please see our Income protection page
As with all insurance policies, conditions and exclusions will apply.
Accident, Sickness and Unemployment Cover typically costs £4.71 a month for every £100 of monthly benefit. This is based on a 36-year-old customer choosing £850 of accident, sickness and unemployment monthly benefit with claims paid after a 30-day deferred period.
The cost of this insurance depends on a number of factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.
There are other providers of Short-Term Income Protection and other products designed to protect you against loss of income. For impartial advice about this type of insurance, please visit the website www.moneyadviceservice.org.uk’