ASU Protection
(Accident, Sickness and Unemployment)
Why do you need ASU
Becoming unemployed can cause many
problems, not least the fact that there simply may not be any
money to pay the bills. Most people will agree that their home
is their most important material possession, yet if mortgage
payments cannot be made, the security of a home can be taken
away.
You cannot rely on state help to
cover your mortgage payments if you cannot work. There is no
help for the first nine months of unemployment or disability
for mortgages taken since October 1995. Existing borrowers only
qualify for benefit if they qualify for Income
Support.
The Benefit period is the length of time
you can claim monthly payments for, and these vary for each
policy. You can select the time period you want to be covered
(1 year, 2 years etc) but the longer you want the cover for,
the more expensive the premiums will be. There is always an
Initial Exclusion period at the start of the contract, during
which time no claim can be made. This normally applies to
unemployment only and is 30, 60 days or longer.
Most policies also have an excess period,
for each & every claim. An amount of days 30, 60 or more
which are excluded from the claims payment. For example with a
60-day excess, and a claim for 65 days, 5 days are
paid.
Alternatively some 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 & paid in full.
Most providers will cover your mortgage
payment and a little extra for mortgage related bills, such as
pensions, insurances etc. They usually offer an extra 5, 10 or
even 25% but may have conditions on what this money can be used
for.
The Finance House
search
Only a quarter of homeowners are thought
to have a payment protection (or ASU) policy in place. ASU
cover can be taken out at anytime during the term of a mortgage
provided you qualify under that particular provider’s
conditions.
The Finance House can help you find the
best rates from quality selected insurers. There may be
some cheaper but that isn't a lot of use if they do not pay out
in the event of a claim. You can search in
a few minutes and you receive a
comparison table ordered by lowest monthly premium. It is
then possible to fill out an application and apply for the
policy online.
 Search here if you are aged between
18 and 49
Search here if you
are aged over 49
| 
