ASU cover has been developed to provide people with financial cover if they are unable to work for a variety of different reasons. Once you have been accepted by the Insurer you would have access to a proportion of your income if you are unable to work due to:
Losing your job (providing this is through no fault of your own) • suffering from an illness which means you are too sick to work• you are injured in an accident and are unable to work because of the injury.
An ASU policy would typically pay a proportion of your income for up to 12 months which can help you cover your outgoings. These policies should not be confused with policies that only pay out on specific debts such as Mortgage Payment Protection and Payment Protection Insurance.
Are you eligible for cover?
If you live in the UK and are between the ages of 18 and 60, you should easily be able to obtain a quotation for Accident, sickness and unemployment cover. There may be a stipulation as too how many hours per week you work in order for you to qualify for a policy of this type.
What type of cover do you want?
You could be offered two options of ASU:
Back to Day One cover which is designed to pay your claim back to the first day once you have been unable to work due to accident or sickness or have been unemployed for longer than your waiting period. After this time it will automatically refer to paying your claim at a daily rate monthly in arrears until you are no longer entitled to receive the benefit.
Standard cover which is designed to pay your claim at a daily rate once you have been unable to work due to accident or sickness or have been unemployed for longer than your waiting period. It will pay your claim at a daily rate, monthly in arrears until you are no longer entitled to receive the benefit.
Be aware of exclusions applicable with ASU
ASU cover does have terms and conditions associated and as a guideline it will not cover some or all of the following:
Pre-existing conditions •claims relating to self-inflicted injury• drug or alcohol abuse• accident or sickness due to cosmetic surgery or beauty treatments• Symptoms associated with pregnancy• some back and neck conditions• long term mental health conditions• unemployment you were aware of or should have reasonably known about at the policy inception• termination of employment within a probation period.
This list of exclusions is not exhaustive and you should check with your Insurance provider the terms and conditions applicable for the cover they offer before you decide on the policy you want to purchase.