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Typical examples of when and how to use
ASU cover to protect against accident
sickness and unemployment. |
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Although to some these
examples may seem straight forward,
however on a regular basis we see
clients that have ASU cover but they
have various elements of it set up
incorrectly. Not every example will
apply to all situations it depends on
the policyholders attitude to risk and
thoughts on their employability.
1st example of ASU cover.
- John in a factory worker with no sick
pay except SSP (Statutory sick pay).
However he lost his job around 2 years
ago due to redundancy. However he found
another suitable employer within a week.
John has never been out of work and
believes his excellent work record and
hard working attitude would allow him to
find another job quickly if he became
redundant again.
One suitable solution would be for John
to take accident and sickness cover
only. This would be best done on a 30
day wait period with pay back to day 1.
So if John is sick or has an accident
after 30 days he will get the sum
assured every month. The pay period
would be set for 2 years or 24 months as
this would allow John extra time to
recovery from the accident or sickness.
Another ASU cover solution would be as
above but with Unemployment cover added.
This would all depend on John's opinion
buy as stated above he believes
unemployment is not a problem and he
thinks he can get another job quickly.
2nd example of ASU cover.
- Mary has worked as a care
assistant for 10 years for the same
employer. She receives sick pay at full
rate for 3 months. She has no savings.
Mary is aware that if made redundant she
will get 10 weeks wages as a redundancy
package. For this reason Mary would like
her ASU cover to cover both accident
sickness and unemployment. However she
wants all 3 of the benefits to start
after 3 months. She could live off the
redundancy package and sick pay for the
first 3 months but after that she would
need an ASU policy.
How much cover would John and Mary need.
If the policy was a MPPI or (mortgage
payment protection policy) then the
maximum sum assured would be either of
their mortgages plus mortgage related
expenses such as endowments, insurance
etc. However if they took a standalone
ASU policy then they could also cover
other expenses such as Council Tax,
Loans and Credit Cards, Maintenance
Payments, Child Care, Bills, Pension
Contributions etc.
Above are just typical scenarios of when
and how to use ASU cover for different
situations. However to ensure that you
get the right cover for your situation
it is best to speak to a financial
adviser. Fill out the form on the right
to get ASU cover insurance quotes now. |
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**Take out life insurance before 31st
December 2010 and receive a £25.00 gift voucher. Voucher sent
once 3 months premiums are paid. If you
cancel within this period the voucher
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