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Accident, Sickness and Unemployment Insurance

What is accident, sickness and unemployment insurance?

Accident, sickness and unemployment insurance, also known as ASU, pays a percentage of a person's mortgage payments if they are unable to work due to an accident, if they are sick or if they have been made redundant.

The insurance will continue to provide you with payments for up to two years or until you have returned to work. Usually the payment will start between 30 days and 60 days after you claim, this is usually so that the insurance can verify what you claim. What's important to understand is that most policies will not give unemployment cover to casual, part-time workers or the self-employed.

What are the terms?

Terms and conditions naturally vary from policy to policy but here are a few of the most common:

  1. There is often a delay before the unemployment element of the cover starts
  2. Once you make a claim, usually there is a waiting period (often 30 or 60 days) before the policy starts to pay out
  3. Policies usually pay out only for a limited period, e.g. 12 or 24 months
  4. Most policies will not cover any claims related to health problems that already existed when you started the policy. Typically, this extends to illnesses and conditions you were treated for, or should have been aware of, during the 12 months (and sometimes longer) before the policy started
  5. Some illnesses may be excluded altogether

Do you need accident, sickness and unemployment insurance?

  1. Yes, if the cover clearly applies to you, e.g. if you are a permanent, full-time employee in good health
  2. Yes, if you have no other means to repay the mortgage
  3. No, if you have other sources of income to repay the mortgage
  4. No, if cover would not apply to you, which is possible if you are a contract worker, part-time employee, self-employed or have existing health problems
  5. No, if you already have enough cover (perhaps through permanent health insurance [PHI] or through your employer)

How much does it cost for ASU?

The premiums can vary from company to company and the price can change depending on what exclusions are in the policy as well, we suggest that you look into all of the possible drawbacks or contact a professional IFA to get professional advice

What can we do for you?

When you contact us we will collect your information and make sure that we can get you the exact level of cover that you need. We will then contact all of the different providers so that we can get you the best possible deals. After we have established what the best deal is, we will then help you fill out the different forms and paperwork.