Protect your income with Accident, Sickness and Unemployment Insurance
Imagine losing your job through no fault of your own.
Imagine not being able to pay your bills or your mortgage
Now's the time the act.
Accident, Sickness and Unemployment Insurance (ASU) will provide you with a monthly income if you are unable to work if you are off sick, are made redundant or have an accident.
As the monthly payments tend to cover mortgage repayments too, Accident, Sickness and Unemployment insurance can also be known as Mortgage Payment Protection Insurance (MPPI). Benefits are only paid for 12 or 24 months as most claimants are able to find work again after this time.
While you are able to claim state benefits if you are unable to work, these don't amount to much - if you currently have a reasonable income, the paltry sum you might receive from the government may not be enough to cover your monthly outgoings.
If you are unable to work through accident or sickness, to claim state benefits you may be asked to undertake a series of Work Capability assessments to ascertain if you could take another job.
Accident, Sickness and Unemployment Insurance is the best way to reassure yourself that your current standard of living is maintained should you be unable to work. The policies available give you several choices:
- Accident and Sickness only
- Unemployment only
- All three
There will be a deferment period (sometimes known as waiting period) with Accident, Sickness and Unemployment Insurance, which is the time you have to wait before receiving benefits. For example, you can choose to wait 30, 60 or 90 days. Obviously, the longer the deferment period, the less you have to pay on your monthly premiums.
There are situations in which you won't be covered for Accident, Sickness and Unemployment Insurance.
Stress and back problems are not covered. Neither are any AIDS related illnesses or conditions related to normal pregnancy. Problems due to drug or alcohol abuse are not covered. If you lose your job due to any criminal activity, you can say good-bye to any benefits paid to you by ASU also. If you have a dangerous job, you may find it difficult to get Accident, Sickness and Unemployment insurance.
If you are between 18 and 60 years of age, and you are a UK resident, then you are able to apply for income insurance. You must be in regular employment for at least 16 hours per week.
If you should become unable to work, then you will be paid a tax-free sum monthly, usually for either a 12 or 24 month period, depending on the policy you have chosen.
Premiums for unemployment insurance are generally not that high (with some policies you pay less than £10 per month) so you are not going to break the bank trying to protect yourself and your family from potential future loss of income. Just remember to discuss your options with a trusted insurance agent, and to shop around for the best deals. As you may have realised, there are a lot of different options available to customers, and you need to make sure your accident, sickness and unemployment policy is tailored to your own particular requirements.
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