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Broker help - ASU Insurance Cover

Income Protection ~ Typical Key Features  v ASU Insurance 

  • Designed to pay out an Income not lump sum on accident or sickness
  • Usually has a waiting or deferred period from 4/8/13/26/52 weeks 
  • PHI Benefits are currently paid out tax free on claim until you return to work or plan end date
  • Income Insurance Benefits may be level or inflation linked 
  • Medical evidence may be required and a medical examination for those with health issues
  • Premiums may be guaranteed or reviewable
  • Cover may be based on maximum of, say 50% to 65% of your before-tax gross earnings
  • If self employed terms usually based on annual net profits
  • Waiver of Premium (where the Insurer waives/protects & covers your premiums after a deferred period of 4/8/13/26 weeks due to sickness or accident)

If you are an employee and you fall ill, your employer might pay you your full pay for a few weeks or months. By law, an employer currently must pay most employees statutory sick pay for up to 28 weeks, though this will probably be a lot less than your full earnings. After that, you would probably have to rely on state benefits. If you are self-employed, you won't have this option.

Is it [ASU] Accident Sickness Cover or Mortgage Payment Cover ?

Accident, Sickness & Unemployment insurance (ASU), can also be referred to as mortgage payment protection or redundancy insurance and will provide you with an income to meet your outgoings if you are off work sick, have an accident or are made redundant. It pays out a monthly benefit to cover your mortgage and other related costs but for a limited period.

You may choose the amount of benefit you would like to receive - although there are some limits on the maximum amount. The premium will be a percentage of the amount of monthly benefit you would like to receive. Benefits are usually payable for a maximum of 12 or 24 months unlike PHI Income Insurance which may pay up to when you retire at age 65-70.

Some policies will also allow you to choose whether you want to receive benefits for accident and sickness only, unemployment only or all three. Most policies will also have a 'deferment period' - back to day 1 cover, 30 days or longer. This is the period of time you will have to wait after losing your source of income until you may claim the policy benefit.

Why not just take out Critical Illness Cover instead of ASU Insurance ?

Critical illness life assurance cover (CIC) - pays out a tax-free lump sum if you are diagnosed with a life-threatening condition for example cancer, heart attack, stroke, diabetes etc; listed in the policy - is a possible cheaper and simpler alternative to Income Insurance. But there are lots of common situations when CIC would not pay out - for example, if you had back problems or a stress-related illness. Additionally, not all occurrences of the critical illnesses listed are covered, for example some early stages of cancer are not covered. Ideally you should have both plans if your budget allows this. For more information on this & costs get Critical illness cover quote or talk to a professional broker.

 

 

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This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice. 
For protection we offer products based on a fair and personal analysis

By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.

 For products with an investment element we will introduce you to an authorised adviser. We act as introducers for Accident, Sickness and Unemployment and Mortgage Payment Protection Insurance plans. We may also introduce you to other selected professional partners for other protection or legal products as deemed appropriate. Online Dispute Resolution (ODR) - https://webgate.ec.europa.eu/odr/main/index.cfm?event=main.home.chooseLanguage. Financial Ombudsman. https://www.financial-ombudsman.org.uk We nominate to fundraise for Great Ormond Street Hospital Charity.

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