Accident, Sickness and Unemployment (ASU)
This type of protection can provide a regular income if the insured is unable to work due to accident, illness or unemployment. Benefits are payable after a deferred period, typically one month and will be paid for a maximum specified period of one or two years, which will be defined at the outset of the contract.
This insurance gives the insured financial protection for the structure of the property. The lender will confirm the sum insured and will normally make it a condition of the mortgage offer that the property is insured at all times. Many policies are index-linked, increasing the level of cover each year.
Although it is not a legal requirement to insure the contents of the property it is advisable to do so. Contents insurance will typically cover your belongings against fire, theft, flooding and accidental damage.
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