Think IFA guide to ‘ASU Cover’
If you are left unable to work through compulsory redundancy, illness or an accident then the last thing you need is to be worrying about is how you are going to pay the mortgage or bills.
ASU cover is designed to pay a percentage of your regular monthly income for you whilst you focus on getting back on your feet.
It Won’t Happen to Me!
So why should you take out income cover?
Based on official statistics 2.7 million people have been made redundant since 2008, which is around 1 in every 10 employees. (*Source: Chartered Institute Of Personnel & Development (CIPD))
A further 2.6 million are claiming incapacity benefit according to the BBC (Source: BBC Website) and HSE figures show that 1.1 million workers suffered a work-related illness in 2011/12 whilst 212,000 workers suffered injuries which forced them to take more than 3 days off work. (Source: HSE / Health & Safety Executive)
No-one likes to think that anything could happen to them, but as these statistics show, your financial security could be put at risk at extremely short notice. Hindsight is a wonderful thing, so rather than look back thinking “If only…” perhaps you should look back and think “thank goodness I did!”
Do I Need Accident, Sickness and Unemployment Cover?
If you fit the following criteria, then you would most certainly benefit from having ASU cover in place:
- If you are a permanent, full-time worker
- If you have no underlying medical conditions that you know of
- If you have no other means to pay the mortgage, loans or bills
What do I Need to Know About ASU Insurance Policies?
Before you take out accident, sickness and unemployment cover, you should check with your employer to ensure that a similar policy is not already in place for you.
Policies can normally only be claimed for around one or two years at the most.
ASU insurance cover only starts to pay out once you have been off work for a fixed period of time – normally one month although this can vary dependent upon the provider.
How Can I Get Cheap ASU Cover?
Premiums vary from company to company and depend upon a variety of exclusions contained in the policy, such as the length of the cover and so on.
Comparing costs is one way to get cheap cover, but you need to make sure that you are still getting a good deal with the policy terms and conditions.
Chatting to an independent financial advisor can help you to get the most suitable ASU cover at a competitive price.
For a friendly, no obligation chat with an independent financial/insurance adviser please contact us or you can click the quote button below to instantly compare ASU cover quotes online.
*Source: Chartered Institute Of Personnel & Development (CIPD)