Accident, Sickness & Unemployment Insurance
This is also called payment protection or ASU cover. It is generally a 12 month policy that is designed to pay your monthly mortgage amount and associated insurances should one of the above happen to you.
They are designed to cover you if you lose your income because of redundancy or sickness, therefore if you are employed we advise you to check your employment contracts to see what your employer would pay you and for how long if you are off sick, and to also look at your chances of being made redundant and whether you think you would be able to find a new job quick enough. If you are self employed you need to consider how long you could afford to take off work if you were sick or had an accident, because your income may stop if you cant perform your job. With regards to redundancy and being self employed you generally have to go bankrupt for this to pay out. We again have access to a wide range of insurance companies and will find the best one 4 U, they generally pay out after 30 days and for up to 12 months. We highly recommend these because the Government generally does not help you with your mortgage payments for the first 9 months and after this it will depend on your circumstances.