ASU insurance (which is short for Accident, Sickness and Unemployment insurance) provides you with an income to meet your monthly commitments if you were to suddenly find yourself out of work or unable to work. The reasons for unemployment must be involuntary so it typically covers accident, sickness and redundancy.
On successful completion of your claim, a tax free lump sum is paid for between 12 and 24 months depending on the rules of the provider. If you were to go back to work before the specified time, then the tax free income will cease.
Policies can often be obtained from independent providers at attractive premium rates.
Industry issues you should know about
Over the last half decade, there has been much press interest and talk relating to mis-selling in the payment protection insurance market place and this arose because some providers were not taking the time to explain the policy conditions to potential customers or offering cover to those who were not actually eligible for cover.
The situation is now much improved following intervention by various Government-approved bodies. However, you can doubly make sure that the ASU insurance cover is the most appropriate for you by reading the terms and conditions of the policy and asking any questions before making your purchase.
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