Mortgage Payment Insurance

MPPI or ASU
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Accident Sickness and Unemployment

If you had an accident, fell sick or were to be made involuntary redundent (unemployed) you might struggle to meet

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your monthly mortgage and other commitments. The result would be very onerous as mortgage arrears can lead to repossession and give you a poor credit history. To protect yourself with Accident Sickness and Unemployment insurance also known as ASU or mortgage payment protection insurance, it may help you for up to one or two years until you are able to return to work.

There is a good chance that you will require the protection offered by this type of policy throughout your working life especially during the time you have an outstanding mortgage liability. depending on the provider of the policy it may be possible that the cover could commence after a 4 week period (known as the deferred period) However the premium that would be payable would be more expensive than a policy with a longer deferred period.

You may just take out the accident and sickness parts of the policy for example if you were self employed then this would be more applicable to meet your needs. You can also place a partner on the policy at a split percentage of the monthly pay out depending on what they earn compared with your earnings.

A brief outline of the policy benefits generally as follows.
You must have been working generally full time for at least six months. And not claimed recently and not know of any pending redundancies. The policy can only be valid when you have a mortgage in place and will be calculated in relation to your monthly mortgage payments. Past accidents, injuries or illness should be notified to the insurer. You should check the specific product providers policy documentation for an explanation of the level of benefit and terms and conditions that apply as these may differ between providers.

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