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Accident, Sickness and Unemployment Insurance (ASU) - aka Mortgage Payment Protection Insurance
What is Accident Sickness and Unemployment cover?
ASU (Accident, Sickness and Unemployment) or MPPI (Mortgage Payment Protection Insurance) is a policy that provides you with a tax-free monthly income if you're unable to work as a result of an accident, sickness or redundancy. ASU is designed as a short term insurance policy and benefits do not tend to be paid for more than 1 or 2 years. Policies are often linked directly to mortgages, loans or income; these are called Mortgage Payment Protection, Loan Payment Protection and Income Payment Protection respectively.
Sounds like a good idea but do I need ASU/MPPI?
You feel great, you're in the prime of your life and haven't taken a sickday in years. Your job is secure and accident and sickness cover is the last thing on your mind. But read some of the marketing literature put out by the product providers and a much bleaker future is portrayed.
According to them, your future follows one of two paths:
1. You die prematurely, leaving your family on the breadline;
2. You get a life-threatening disease that leaves you unable to work, forcing your partner into becoming the main provider and your children into leaving school young & heading for a life on the wrong side of the tracks or worse! ...the law.
Hopefully, the reality will be closer to your own vision.
Nevertheless, because nothing in this life is certain, the Insurance Providers have designed a range of lifestyle protection products that allow you to insure against everything from sickness and unemployment through to death.
So what will my Mortgage Payment Protection Insurance do for me?
Mortgage Payment Protection Insurance is designed to do exactly what it says on the tin. It will protect your Mortgage or Rent repayments if you suffer from an accident, sickness or from involuntary redundancy.
It will payout a set amount (Up to 150% of your mortgage/rent payment) each month to ensure you can keep a roof over your head and also provide a little extra to pay other bills as well.
Policies vary, but in most cases you can choose to cover yourself for a 12 month or 24 month claim period just in case the problem you are suffering from is longer term.
I'm Self Employed, am I eligable for Mortgage Payment Protection Insurance?
YES! Contrary to popular belief you are still eligible to protect yourself with Mortgage Payment Protection and Accident Sickness and Unemployment cover even if you are self employed.
The situation with the Accident and Sickness side of your cover does not change if you are self employed however the unemployment element does change slightly.
For those who are employed (rather than self employed) the making of an unemployment claim is reasonably clear cut. They must be outside of an initial exclusion period and of had no prior knowledge of the redundancy when they took the policy. For those who are self employed most insurance companies will require that you completely stop trading and register with the appropriate government agencies before a mortgage payment protection insurance unemployment claim can be made.
This may sound extreme but for a vast majority of people, if they are at the stage of needing to make an unemployment claim, their situation is fairly dire and wrapping up the business is probably highly likely anyway. Protection from the Mortgage Payment protection insurance policy at least means they can continue to ensure that payments are made on time whilst they seek future employment.
Top Quote UK is one of the Internet's leading brokers in protection products, as protection specialists we search the market in seconds, finding you the best deal and the cheapest possible quote. You can get an Instant Quotation Online or by speaking to one of our qualified financial advisor's by calling us free on 0808 1782 777.
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