There are many types of cover out there to help with loss of income. A popular form of cover is accident sickness and unemployment or ASU as it is more commonly known. Of course, some insurers may split it up into sickness insurance, unemployment insurance and accident insurance. It can also come under the guise of Mortgage Payment Protection and Payment Protection Insurance also - but effectively they’re the same policy. An ASU policy typically provides you with up to 2 years of payout(s) if you have been made redundant or been made unemployed for a number of reasons. It also covers you in the unfortunate event of an accident or you becoming sick to the extent that you are no longer able to work and receive income. All of the aforementioned covers are part of the Income Insurance group.These policies are often provided by the employer in certain industries or can also be taken privately for a small monthly fee. It is important to remember that the policies and level of cover offered by the insurers differs greatly. One of the main things to look out for is the time involved between making a claim and actually receiving payment. This can be up to 3 months in some cases!
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