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Accident, Sickness & Unemployment Cover

Accident sickness and unemployment cover protects your mortgage repayments if you become ill or injured through work or if you have lost your job. This is also sometimes referred to as sickness accident and redundancy cover.

Mortgage Payment Insurance

Accident & Sickness (Disability) Cover

This is designed to help you meet your mortgage payments if you are unable to work for a period of time due to sickness or accident. This would normally pay out a monthly sum sufficient to cover the mortgage payment and associated costs for a defined period of time, usually 12 months at a time, sometimes as long as 24 months.

The deferred period can be altered to take into account any employers sick pay benefits that you may have. 30, 60, 90 and 180-day options are available.

Unemployment Cover

This type of cover will pay a monthly sum should you become unemployed, through no fault of your own. It works in a similar manner to Accident & Sickness cover but pays out for Unemployment instead.

Both Accident & Sickness and Unemployment cover can be combined into a single policy. Our insurance advisors can help you to find the best sickness and redundancy cover to meet all of your needs.

Income Protection

Income Protection is intended to insure your income (i.e. a higher amount of cover than is available under a normal accident & sickness cover policy) should you be unable to work to accident, sickness, or disability.

The two other main differences are that it can be taken out irrespective of whether there is a mortgage to protect and cover would often pay-out for full-term (ultimately this could be a continuous pay-out until retirement age so a very long period of time).

In addition, there are numerous other options available such as indexation (so the benefit has the same ‘buying power’ in the future), deferred periods from 4 to 104 weeks and split benefit periods.

Cover can also be taken at reduced levels or so that it will pay-out for a shorter period and thus the cost of cover is considerably reduced too.

Please call us so that we can talk you through the options for accident, sickness and unemployment cover and/or income protection insurance on either, Herts: 01442 252 040 or Beds & Bucks: 01525 877 650 or Mobile: 07710 770 969. You can also email us at advice@sbms-online.co.uk

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.

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