ASU Cover

How will you afford the bills in the event you become unemployed or are unable to work, Most people will agree that their home is their most important possession. However, in the event you do not keep up payments your home could be taken away.

There is no state help for the first nine months of unemployment or disability for mortgages taken since October 1995. Existing borrowers only qualify for the benefit if they qualify for Income Support.

You can buy an insurance policy to protect your mortgage payments in the event you have an accident or become ill and cannot work, if you become unemployed, or to provide full cover for both situations. The terms and conditions under which you can claim differ with every policy, so you should always check them very carefully.

The Benefit period is the length of time you can claim monthly payments for, and these vary for each policy. You can select the time period you want to be covered (usually 1 year or 2 years) but the longer you want the cover for, the more expensive the monthly premiums will be.

There is always an Initial Exclusion period at the start of the contract, during which time no claim can be made. This normally applies to unemployment only and is 30, 60 days or longer.

Most policies also have an excess period, for each & every claim. An amount of days 30, 60 or more which are excluded from the claims payment. For example with a 30-day excess, and a claim for 35 days, 5 days will be paid.

Some policies have a waiting period after which time the claim is paid in full. With a 30 day waiting period, on the 31st day of unemployment or disability the claim is back dated to day 1 & paid in full.

Most providers will cover your mortgage payment and a little extra for mortgage related bills, such as pensions, insurances etc. They usually offer an extra 5, 10 or even 25% but may have conditions on what this money can be used for.

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