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and Unemployment Insurance (ASU) - This is an insurance policy that
is taken out by the borrower(s) and provides a monthly income in the
event of an ASU/Redundancy which may then be used to service the
monthly mortgage and associated bills i.e insurances. As with most
insurances the terms of the policy differ depending on the plan offered
by the insurers. For example most policies have a period before
payments commence and this could be 30,60 or 90 days. The terms of
these policies and cost vary considerably from company to company.
Depending on your circumstances the plan may be effected on one or all borrowers covering the full or half the mortgage amount each. Generally this type of is paid for on a monthly basis or however it may be paid for with a lump sum for a period of years.The benefit will normally only be payable for a period of time i.e 6,12 or 24 months or until the borrower returns to work. Some lenders make it compulsory to purchase an ASU policy when taking a specific mortgage, therefore it is important to establish the cost and that the policy is required if you wish to take out a mortgage with compulsory ASU.
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