Mortgage protection product guide

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Accident sickness and unemployment (ASU)

ASU provides a tax-free monthly income designed to cover the cost of a loan such as a mortgage if you are unable to work through illness, incapacity or unemployment (not through dismissal or voluntary arrangement).

The benefits can be up to approx 60% of your current gross income but as the benefits are free from tax they will not be far from your current income.

Benefits are usually paid for 12 or 24 months at a guaranteed level.

How much cover?

You can decide how much protection you require; usually you can cover upto 125% of the cost of your monthly mortgage premium that will allow you to include the cost of your insurance policies.

Deferred Period

The policy will pay out a monthly benefit following a deferred period where nothing is paid. There is usually the choice of a 12 or a 24 moth deferred period. If you chose a 12-month deferred period the premium is likely to be more expensive than if you chose 24 months.

How much will it cost?

This will depend on the amount of cover you require, how long you need the benefit paid for, your age, occupation and length of the deferred period.

If you have taken out a mortgage since 1st October 1995, the state will not contribute towards your mortgage if you are unable to pay it until after 39 weeks, how would you manage?

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