Mortgage Payment Protection Insurance
Mortgage Protection Insurance otherwise known as ASU or Accident Sickness & Unemployment insurance is not compulsory, but anyone with a mortgage should consider taking it out.
Becoming unemployed or being unable to work due to sickness or a accident can cause many problems, the likelihood is we could find it difficult to pay the mortgage along with the monthly household bills.
Most people would agree your home is the most important material possession we have, yet if mortgage payments cannot be made, the security of a home could be taken away.
Some may think that you could rely on any savings you may have or State benefits to pay the mortgage if you were unable to work due to redundancy or sickness.
The facts are that there is no help from the State for the first 13 weeks of unemployment or disability for mortgages taken since October 1995 and the State benefits for people in this situation are limited, and means tested, so if you have savings you would be expected to use them first.
For a monthly fee Mortgage Protection Insurance otherwise known as ASU or Accident Sickness & Unemployment insurance could safe guard you and your family should you be affected by redundancy or sickness.
