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Redundancy Cover

Since 2007, Unemployment cover has become more popular as more and more people seek to protect mortgage/rent payments.

Unemployment cover can be combined with Accident and Sickness (ASU) and is also known as Mortgage Payment Protection. Accident Sickness and Unemployment cover is a short term policy designed to protect the mortgage payment. It usually pays out at 100% up to 125% of the mortgage repayment. The policy usually covers up to 12, 18 or 24 months.

Accident, sickness and unemployment can also be taken out separately; i.e. Unemployment cover can be taken out itself.

Many people take out ASU because:

• The mortgage is often the most important payment
• State welfare in not enough to cover payments
• The expectation is that any financial problem is only going to be short term, in the hope that new employment will resume.
• ASU is easy to buy as underwriting is limited and any previous conditions are often excluded.

However you must not be aware of any impending redundancies. Exclusion periods apply from the start of the policy.

If you would like to know more, please submit your details and one of our insurance brokers will call you to discuss your requirements. We are ‘whole of market’ and work with a range of insurers from well-known house names such as Aviva, Abbey, Legal & General, Paymentshield and Zurich, amongst others.

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