There are more than two million people of working age that have been laid off work for a period of more than six months and so the issue of Payment Protection Insurance (PPI) otherwise known as Accident Sickness and Unemployment cover (ASU) has never been more relevant.
The 2005-2006 statistics published by the Health and Safety Commission on work-related health and safety in Great Britain states the following facts:2.0 million people suffer from an illness they believed was caused by or made worse by their current or past work 523, 000 of these were brand new cases within the 12 months 146, 000 other injuries to employees were reported 328, 000 reports injuries occurred 30 million working days were lost overall 24 million working days were lost due to work-related ill health, and 6 million due to workplace injury.
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Many insurance critics label it a waste of money with borrowers often paying five times over the odds for policies taken out with a loan however what they fail to see is how unemployment protection can provide a vital cover in case you fall ill, suffer from an accident or become unemployed. The advantage of having unemployment cover is priceless. It can offer you the peace of mind at a decent price.
When you have unemployment protection, you need not worry that your debts would be left unattended because your insurance policy will make sure that your debt repayments would be covered. Yes, there is state assistance and separation pay but both are limited and this can leave you open to a huge problem if the unexpected happens.
Anyone over the age of 18 can apply for an unemployment insurance cover and are a resident in the UK, Channel Islands or the Isle of Man. You must also be in employment or self-employed for at least 16 hours a week and have been so for the last 6 months.
With accident, sickness and unemployment policies (ASU), you pay for an amount of monthly cover which is usually between £0 and £2,000 and in the event that you become unemployed for reasons beyond your control or unable to work, you will get that amount of money each month to spend as you please. These policies however normally has a maximum cap or a set period of time for about a year or until you return to work, whichever happens first. It also can pay a cash lump sum if you die or rendered disabled during the policy.
The amount of benefit you would be receiving can be chosen by you although there are some limits on the maximum amount but the premium will be a percentage of the amount of monthly benefit that you would like to receive.
Most policies will have a 'deferment period' which is the time you have to wait out before you start receiving benefits from the ASU insurance policy and it this can vary from having no exclusion period to 30, 60 or 90 days, even longer in some cases.
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