Mortgage Accident Data
ASU, Commonly known as Accident, Sickness and unemployment service(ASU) is one of the most common protection products as a mortgage payment is often someone’s biggest commitment. This can give you peace of mind knowing that, in the event of redundancy or illness, your mortgage payments will be made and your home will be safe.
ASU is sometimes referred to as Mortgage Payment Protection Insurance (MPPI). This type of insurance is becoming ever more important in these uncertain times, people are more fearful of the risk of being made redundant or how they would cope if they were unable to work through illness.
It basically will pay you an income to ensure your mortgage payments and associated costs can be maintained for a period of time should you lose your income through accident, illness or redundancy. This could then prevent you from falling into arrears on your mortgage and potentially losing your home.
It can be set up in three ways depending on your needs and circumstances. Accident & Sickness only, Unemployment only or a combination of both as Accident Sickness & Unemployment cover.
Most standard mortgages do not have any protection insurance included, so it’s important to decide what kind of separate cover you need. Usually payments are made for up to a maximum of 12 months, but if you would like to be covered for longer than this you may want to consider taking out income protection.
This accident & sickness element of this cover can be particularly useful for self-employed people who have no sick pay or people in occupations with a higher risk of injury or illness (e.g. Construction workers, Scaffolders, LGV drivers, Emergency Services personnel etc.) that may not be eligible for other types of income protection.
As with all insurance policies, conditions and exclusions will apply.
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