Accident, Sickness, and Unemployment Insurance

Parkview Mortgages are highly experienced professional advisers in Accident, Sickness & Unemployment Insurance.

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What is Accident, Sickness & Unemployment Insurance?

Accident, Sickness & Unemployment Insurance (ASU) is policy designed to protect mortgage payments, rent payments or loan payments if the event of unforeseen unemployment or after suffering an accident or sickness.

There are three types of cover available
  • Unemployment only cover,
  • Accident and sickness only cover, or
  • Combined accident, sickness and unemployment cover.

What Does This Accident, Sickness and Unemployment Insurance Cover?

What this policy offers
  • Cover up to the combined amount of the mortgage payment (including Life cover and Home insurance), rental payment and/or loan payments, plus 25% extra cover (subject to maximum limits).
  • Flexible waiting periods before receiving benefit, which can be selected at outset (known as the qualification period).
  • Option for payments to be made ‘Back to Day One’ from the date of unemployment or accident and sickness.
  • Benefits payable for up to 12 months in the event of a claim.
  • Cover available for new and existing borrowers subject to an initial exclusion period.
  • Cover available for those transferring like-for-like cover from an existing provider – with no initial exclusion period.
  • Guaranteed annual price – so the premium will not increase during the 12 month term.

Different Types of ASU Cover

Single and joint cover
If a mortgage, rent agreement or loan is in a sole name, single cover is available to insure the whole monthly payment.
If a mortgage, rent agreement, or loan is in joint names, there are the following options:
  • The main income earner can take out single cover to insure the whole monthly payment;
  • The secondary income earner can only insure a proportion of the whole monthly payment. This must be the same as the proportionate contribution made to the combined income, and will be assessed at the time of any claim; or
  • If both parties to the mortgage, rent agreement or loan are eligible for cover, split cover in joint names is available to insure the whole monthly payment. If one person makes a claim, we will only pay out part of the monthly benefit in proportion to the average gross monthly incomes, calculated over the 12 months immediately prior to the claim period.
If there are different people named on separate agreements, a separate policy for each agreement is needed.

Its important to make sure you have an Accident Sickness & Unemployment Insurance policy which fits your individual needs. We work with insurers from across the market to find the most suitable insurance policies to match your insurance needs.

Contact Parkview Mortgages today for a fee free no obligation insurance review.

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