Unemployment insurance advice

Commodore Finance Ltd

Unemployment (ASU) Including
Accident & Sickness Cover

Accident, Sickness and/or Unemployment cover (ASU) sometimes known as Mortgage Payment Protection Insurance (MPPI) is a contract, which is designed to cover your mortgage or rent repayments and sometimes other associated household bills in the event of an injury occurring from an accident or illness preventing you from working. Cover is also available should you become Involuntary unemployment.

We all have a tendency to obtain insurance for our car; our home and even take out extended warranties on any new Television set that we buy. However when you step back and look at matters, other than your home, you should ask, “What is your biggest asset”?

Well the answer is easy, “It’s your ability to get up in the morning and go to work each day and earn your salary. From this you pay for everything. So without your income to pay for these things, ask yourself a very simple question. “How will I maintain my bills and commitments with no income”?

So if your home being your biggest asset its highly likely that your mortgage will be your biggest liability, so you need to ensure that if you lose your job or become ill that you can at least meet your mortgage repayments. Its no hidden secret that you home may be repossessed if you do not keep up the repayments on your mortgage.

Some may say that if we are off work due to illness, accident or unemployment the state will help with my mortgage repayments; this may no be the case:

If you have taken out a new mortgage since October 1995, the State will provide limited assistance towards maintaining mortgage repayments:

· No help is provided at all towards mortgage repayments during the first 9 months of any unemployment or illness for anyone who took out a mortgage after 1st October 1995.

· After that period, financial help may be available only on the first £100,000 of the mortgage, and payments will only cover the interest payments only.

· No financial help is provided if your partner works more than 16 hours per week.

· No financial help is provided if you have more than £8,000 in savings.

Typically this type of policy will pay the benefit chosen for either a 12 or 24 month period and should not be confused with Income Payment Protection (IPP) which is a policy designed to pay you up to 75% of your salary until you return to work or reach the age of 65. For further information on this product please click here.

When should I consider this type of policy?

· If you are aged 18 or over

· Live in the UK

· Have a mortgage or rent agreement

· If you work more than 16 hours per week

Why come to us for quotes?

1. We can advise you correctly in relation to the levels of cover that you are both entitled to and require.

2. We can advise you correctly in relation to the providers who have the best claims experiences and process

3. We can take the responsibility. By using a team of advisors to source the most appropriate product you at least have some financial comeback should anything go wrong.

4. We can source the most appropriate and most competitive covers for your individual needs saving you precious time to spend with your family!

*Please note that whilst you are able to quote online immediately using the above button, I must stress that this is not an exhaustive list of providers due to the large scale of our panel so it may therefore be best to speak to one of our team with your requirements and we can send you full no obligation quotations within 48 hours.

Factors that may invalidate any claim you make may include (this list is not exhaustive):

Your claim may not be paid for any pre-existing medical conditions. (This is a condition or symptom that was prevalent before the start of your policy.
Your claim may not be paid for any pending unemployment if you knew the company were likely to make you redundant at the start date of your policy.
The policy will more than likely not pay for pregnancy or childbirth unless there are complications.
If you are made unemployed voluntarily or due to seasonal work possibly.

Learn about Income Protection

• www.knoxinsolvency.co.uk

• www.swainhohnson.co.uk

• www.fsa.gov.uk

Commodore Finance Limited is an Appointed Representative of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Services Authority

You should note that by clicking on any of the links to the left you are departing from the regulatory site of Commodore Finance Limited. Neither Commodore Finance or Personal Touch Financial Services Limited is responsible for the accuracy of the information contained within the linked site.

Need advice and help? That’s exactly why we are here, if you want to meet with us then we can arrange that in no time at all, we can even come to you in the comfort of your own home.