Accident, Sickness & Unemployment Cover
Being prepared to meet your financial obligations in case of an accident, sickness or redundancy can prove to be invaluable should the need arise. Talk to us about how we can help you achieve a peace of mind when such unexpected situations arise.
Protecting Your Income
The One That’s Right for You
Helping you to meet your Income Protection needs with the right policy
Accident, Sickness & Unemployment (ASU)
Policy that pays out following any of the above.
Regular monthly payment for a fixed period
Unemployment criteria is usually based on involuntary redundancy.
Usually a short term solution rather than long term
Income Protection
Policy that pays if you are unable to work for health reasons.
Will pay until you are able to return to work (no time limit)
Likely to include a more comprehensive medical check compared to ASU
Long term solution compared to ASU
FAQ’s
See below some frequently asked questions relating to the features and differences between ASU and Income Protection
How much of my income can I get cover for using ASU & Income Protection?
The maximum can vary from one lender to another. Many providers will allow you to specify a percentage between 50% and 70% of your income.
Are the payment payments from ASU and Income Protection Tax Free?
Yes they are.
Are ASU and Income Protection available to Employed and Self Employed?
Yes they are, however, for ASU, Self Employed indivduals may not qualify for the Unemployment cover. This is different with Income Protection as Self Employed individuals will be paid out in the event of being unable to work due to sickness or injury.
Will Income Protection pay out if I am made redundant from my employment?
No it will not. It is designed for situations where one is unable to work due to health reasons. ASU on the other hand will pay out in situations where one has been made redundant (involuntarily).
How long will ASU typically pay out for?
12 months is the most common period that most providers will offer, however it can be a little longer with some providers. It unlikely to pay out for longer than 24 months. Income Protection might be more suitable to protect for long term income protection.
Whole-of-life insurance
A policy that will last for the whole of your life, this will ensure that your loved ones are guaranteed to receive a benefit. However, as there is a guaranteed benefit the premiums are higher in comparison to Term Insurance policies (above).
