Find out what we can do to help you with your finances. Get in touch with us today!
A Mortgage Payment Protection plan is designed to ensure that you are able to continue to make your mortgage (and other related expenditure) payments in the event of accident, sickness or unemployment. It is often referred to as Accident, Sickness and Unemployment cover or ASU. These plans usually pay benefits for up to two years however, if you are seeking a plan that pays for a longer period, then Income Protection Insurance is generally more suitable.
Accident, Sickness & Unemployment cover typically costs £4.71 a month for every £100 of monthly benefit. This is based on a 36-year-old customer choosing £850 of accident, sickness an unemployment monthly benefit with claims paid after a 30 day deferred period.
The cost of this insurance depends on a number of factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.
There are other providers of short-term income protection and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk
This type of plan is designed for those who are worried about being able to continue their mortgage payments in the event of losing income due to accident, sickness or unemployment.
It is extremely important that you take independent financial advice before taking out this type of plan as they are not always the best nor cheapest option.
This is why it is important to get professional advice from one of our experienced consultants.
As with all insurance policies, limitations and exclusions will apply.