If you are concerned about the security of your job and want to make sure you will not be financially disadvantaged if you were suddenly out of a job, then ASU Insurance (which stands for Accident, Sickness and Unemployment insurance) may help you achieve peace of mind.
The policy was created to help protect your income by paying a monthly tax free income if you were to lose your income under involuntary circumstances, particularly, in the event of accident, sickness or unemployment.
It is often referred to as payment protection insurance – PPI for short.
Depending on the provider you choose, the income is paid for 12 to 24 months. Typically this income will be a percentage of your regular salaried income.
Main benefits of protecting your income
Peace of mind is one of the main benefits you will receive. In addition if you are off work due to illness, you can concentrate on your recovery. You won’t have to worry about your bills falling due, bad credit, or creditors knocking at your door.
The tax free cash can be used to pay your mortgage, rent, monthly utilities etc. It gives you the opportunity to find new employment without being financially fraught during the transition period.
ASU insurance may prove to be very beneficial if taken at the right time. If you don’t plan ahead and wait to take out a policy only when you need it most, it may be too late to obtain it.
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