Getting an accident, sickness and unemployment quote
Most of us complain about how far our income stretches with our next pay cheque the highlight of the month. However, have you ever considered what would happen if you found yourself unemployed or too ill to work and therefore without an income? How on earth would you cope? If life is a financial struggle while you are working, what would you do without an income at all? The only thing that you can be sure of is that in that position, many of us would struggle to cope with the level of financial commitments we have (even with government-funded support systems). And the additional stress that could come from striving to pay off their debts such as loan or mortgage repayments on top of day to day costs such as food, would no doubt have a very negative effect on our ability to find another job or recover. Getting an accident, sickness and unemployment quote, however, is a step in the right direction to protecting yourself against unexpected events.
What is accident, sickness and unemployment insurance?
An accident, sickness and unemployment insurance policy is designed to help those who find themselves out of employment through no fault of their own, such as via involuntary redundancy, or because of illness.
For what usually works out to be a few pounds per month for every hundred pounds of cover required, your income can be insured (typically for between 12 and 24 months). The resulting payout is tax-free, and designed to help keep your monthly debts covered if the unexpected occurs. That means that, if you are hit by unforeseen circumstances, you can know that your necessary outgoings are protected for enough time to let you get back to work.
The terms of an accident, sickness and unemployment insurance (or ASU for short) policy can vary among the different providers, so it is important that you fully investigate the policy features and benefits each time you get an ASU quote.
Cover if you become a carer
For example, some generous providers also offer financial protection should you have to leave your employment in order to become a full time carer for a loved one. This additional benefit is known as carer cover, so check out the policy terms and conditions to see if this is covered when you get your accident, sickness and unemployment quote.
As discussed above, a typical policy will run for between 12 and 24 months depending on the provider. There would also be a waiting period before you could make a claim on accident, sickness and redundancy insurance and again this varies. With some providers it could be 30 days after the covered event happens and with other it might be as long as the 90th day.
If you decide a choose a policy that imposes a 90 day waiting period before you can make a claim on your incapacity and redundancy insurance cover, you do need to consider how you would cope without any financial assistance for this period of time.
get a quote for accident, sickness and unemployment insuranceDifferent types of cover
Accident, sickness and unemployment insurance is also known as payment protection insurance – or PPI. There are three types of payment protection insurance available – mortgage payment protection insurance (MPPI); loan payment protection insurance; and income payment protection insurance. As the names suggest, the first two types of cover are debt specific, providing a monthly tax free sum that helps towards maintaining your mortgage or loan repayments, as well as associated costs. The latter provides a general income and does not have to be sued to cover specific debts. You can use the insurance monies for whatever reason you wish, such as groceries, fuel or even clothes for that all important job interview.
It makes sense to get an accident, sickness and unemployment quote for the type of protection most suitable for your needs. That is, you could get an ASU quote for a mortgage, loan or income payment protection insurance policy.
Levels of cover
While there are different types of cover, there are also different levels of protection too. You do not have to take the full package of accident, sickness and unemployment insurance – you can opt to cover yourself just against unemployment or just incapacity if this suits your circumstances better.
The most important thing is to choose a policy that will give you the protection you need at a price that suits your budget.
Of course, as with all forms of insurance, however, the values and benefits of accident, sickness and unemployment cover go beyond the financial help they can provide. Knowing that your affairs are covered in case of unemployment, redundancy or incapacity means that you can take the time to find alternative employment that’s suitable for you or recover without worry.
Not having to rush back to work too early prevents you from finding yourself stuck in a job that doesn’t match your skills, talents or ambitions. Or, in the case of illness, allows you to make a full recovery. Additionally, it’s important to note that most people would not qualify for enough government-funded financial aid to cover their debt repayments if they found that, for whatever reason, they were unable to find new work successfully or were too ill to work, despite the fact that many believe they would. As a result, the majority of the population should view getting an accident, sickness and unemployment policy not as a replacement for state help but instead as a means by which you can make sure all of your monthly financial repayments and commitments can be kept under control.
In summary, it’s easy to see that the benefits of ASU cover (both the peace of mind and decreased financial burden of debt repayments, should you find yourself unable to work), combined with the relatively low policy price you can get if you go to a standalone insurance provider and don’t just rely on your bank’s standard policy, make this a valuable investment in your economic future. It could save you a lot of unnecessary worry should you be the victim of circumstances beyond your control.
Why not get an accident, sickness and unemployment quote today? It costs you nothing and will highlight just how cheap peace of mind can be.
get a quote for accident, sickness and unemployment insurance