Is Accident Sickness Unemployment Worth It?Mortgage Payment Protection Insurance, also known as Accident Sickness Unemployment Insurance, is an optional insurance that you have to purchase in order to ensure that you can pay your mortgage payments while you are not working either due to accident, sickness, or unemployment. You have to make sure that you have purchased the Accident Sickness Unemployment Insurance in advance of an incident. It doesn't work if you become ill or have an accident and then purchase the Accident Sickness Unemployment Insurance, but that's typically the case with almost all insurance plans. Like a few insurance policies that are available, in order to be insured under the policy, all you have to do is pay a small monthly payment. The small payment that is required to keep your Accident Sickness Unemployment Insurance is just a small price to pay, in case you become unemployed, as you won't loose your home because you can't pay the mortgage payments. If you are already employed, the company may have a system that covers you in cases of accidents and sickness, so in this case it's pretty unlikely that you'll be covered for Accident Sickness Unemployment Insurance as well, being that it would be a redundant policy. If you're between the ages of 18 and 65, you are eligible to apply for Accident Sickness Unemployment Insurance, but you have to be living and working in the United Kingdom. In order to be approved for Accident Sickness Unemployment Insurance, you have to be a full time employee with at least 6 months and 16 work hours a week with the company. If you're not a full time employee, you can still be eligible for Accident Sickness Unemployment Insurance if you're self-employed and work at least 16 hours a week for profit with a business for at least 6 months. If you're self-employed and are interested in Accident Sickness Unemployment Insurance, you have to be paying NI and be liable for your income taxes under schedule D. Otherwise, in order to be eligible for Accident Sickness Unemployment Insurance, you need to be a contractor with the same employer for at least 6 months and have had your contract renewed at least twice or be a contractor on a yearly contract that has been renewed at least once. In this case, if your contract is terminated early, your Accident Sickness Unemployment Insurance will be canceled when your contract term is up. Accident Sickness Unemployment Insurance can be a great benefit to invest in, on the just in case that you become ill or injured and your employer doesn't pay the off-time. The Accident Sickness Unemployment Insurance will make sure that your mortgage is paid, so that you can continue living in your home. |