In the past, it was well known that you could take out a mortgage for example and then take out another policy to cover you in case you lost your job. Those policies were commonly referred to as ASU or accident, sickness and unemployment policies.
However, in more recent years, those polices did not cover you for unemployment and in the main only covered you for accident and sickness only.
A new product has come on the market that now again covers for unemployment.
The new policy is a protection product that covers for unemployment as well as accident and sickness. It will pay up to a maximum benefit of £2,000 per month and it will pay out for a maximum period of one year. We believe that this product could be a very positive safety net for many of our existing clients.
What does this new mortgage protection insurance policy offer?
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 the 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 6 or 12 months in the event of a claim
Cover available for new and existing borrowers subject to an initial exclusion period.
Guaranteed annual price - so the premium will not increase during the 12-month term.
The cover can be single or joint and is flexible to meet modern demands of people who maybe joint or sole mortgagees or joint or sole renters etc. including flexibility where there is a main breadwinner and so on.
Please contact us if you would like to find out more about this product to give you and loved ones the security that you deserve.
077 8026 8027
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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