Accident Sickness Unemployment Insurance
What is Accident Sickness Unemployment Insurance Cover?
Accident Sickness and Unemployment Insurance cover (ASU) provides a monthly benefit should you be unable to work as a result of illness, accident or lose your job through not fault of your own such as involuntary redundancy. Some policies provide income insurance and others the monthly benefit must be linked to the monthly payments on a debt such as a mortgage plus related expenses. Mortgage linked ASU polices are typically called Mortgage Payment Protection (MPPI).
The nature of the cover is to offer short term financial support. Premiums and the policy terms are typically reviewable monthly meaning the insurance company can alter the cover or premium without your consent just by giving you notice. Income protection insurance offers better terms as cover cannot be cancelled no matter how many claims you make, however does not cover unemployment so you would need two separate policies to be fully covered.
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Accident Sickness + Unemployment Insurance
Compare over 35 quotes in less than 30 seconds for Accident Sickness & Unemployment Insurance. Provides a replacement tax free income typically for 12 or 24 months.
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Unemployment / Redundancy ONLY Insurance
Compare over 35 quotes in less than 30 seconds for Unemployment Insurance. Provides a replacement tax free income typically for 12 or 24 months.
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Fixed Premium Accident Sickness and Unemployment
Premiums rates are guaranteed never to increase. Protect your income with quality accident sickness and unemployment cover. Max benefit £4,166 per month. Mortgage NOT Required.
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What Unemployment Providers DON'T Want You to Know?
All Accident Sickness with redundancy insurance policies have a set waiting period (excess) before you can make a claim on the cover. This is typically 30 days with benefits paid back to day 1. However when you first apply for cover the unemployment part has an additional clause which means that this part of the protection is inactive for a set number of months as a result of an "initial exclusion" period to ensure that you cannot claim or put in a claim that is notified to you in this period of first starting your cover.
Example:
Applicant takes out a Accident Sickness & Unemployment policy on 1st
Dec 2009. The policy had an initial exclusion of 120 days. Unfortunately
their company has on the 3rd Feb. announced that they will be restructuring
and as a result redundancies are likely. If the applicant was made redundant
as a result of the restructuring NO benefit would be payable as the claim
resulted from a change within the first 120 days of the policy starting.
The terms offered by insurance provider under the initial exclusion vary widely, with the best policies stating that you should not be notified officially or unofficially of redundancy and the worst stating the above plus any unemployment which arises from any program of job losses, any departmental or company restructure, or merger with another company, announced by your employer before the start date of your policy, or within 120 days after the start date of your policy. This type of cover should be avoided!
Why Do I Need Unemployment or Sickness Protection?
If you have arranged you mortgage after Oct 1995 under current DSS regulations you would not be eligible for any mortgage interest support from the government for a period of 9 months. Those that are eligible the DSS will only pay the interest only element of your loan for the first £200,000 of your mortgage.
If your partner works more than 16 hours per week you are unlikely to get any financial support from the DSS.
Its easy to see how quickly you can get into financial difficulty, even if you can access your savings, why should you when the cost of protecting your mortgage payments is so affordable.
Accident Sickness and Unemployment insurance cover has therefore been designed to provide you with temporary cover should you become ill have an accident or become unemployed as a result or redundancy and will normally pay the benefits for a claim period of 12-months.
What is Not Usually Covered?
Accident Sickness and Unemployment Insurance does not usually cover any medical conditions you know about at the start of the policy. It will not cover every type of illness. You cannot normally claim for unemployment if you:-
- Resign
- Accept voluntary redundancy
- Lose your job because of something you do that breaks the conditions of your employment contract
- You get notification of redundancy within the initial exclusion period
You usually have to have had the policy for a certain period of time before you can claim from 30 days to 120 days referred to as the (initial exclusion). It is therefore important you read the policy summary and the policy document to check exactly what is and is not covered.
What You Need to do if You Are Made Unemployed / Redundant
As soon as you are made aware that you are to be made redundant contact the Job Centre for advice and to sign on as seeking work at the earliest opportunity. As most providers will not start processing your claim under unemployment insurance cover until you have registered as seeking employment with the job centre.
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iPod Touch Prize Draw Rules
QuoteMe4 will be giving away an iPod touch. To participate in the prize draw all applicants must:-
- 18 years or over
- A UK citizen or legal resident in the UK
- Have a new policy either insurance or investment
- The policy must be live at the time of the draw
- You must have given us feedback on your buying experience
- Prize draw winner must automatically grant QuoteM4 the right to use their family name in the announcement. In most cases QuoteM4 will display the winners family name on the websites and promotional emails.
- Only one entry per person permitted
- Winners will randomly chosen and will be notified by email and/or telephone
- The next price draw will take place on the 10th of Sept 2010
- By entering the prize draw, participants agree to accept and be bound to all the terms of the prize draws and decision of the company
- QuoteMe4 reserve the right to disqualify a winner that does not comply with prize draw rules
- QuoteMe4 reserve the right to withdraw, suspend or cancel the prize draw competition at any time without a notice
Prize draw winners:
- June 2010 - Mr Bradbury from Suffolk
- Oct 2009 - Mr Sinclair from Essex
- Dec 2009 - Mr Jacobb from London
More Information on Accident Sickness Redundancy Insurance
