I pay my son's mortgage as well as my own. Would I be able to claim for this on ASU insurance if I were to lose my job?
I'm trying to decide if ASU insurance is something that would be beneficial to me - i.e. if I could cover all my financial outgoings (including both mortgages).
An stand-alone ASU policy will simply pay out a set benefit amount if you have a valid claim. The amount of benefit that you are able to ahve will be determined by the insurer and will be detailed on the policy document. It is up to you what you use the money for.
However, if you actually have a payment protection insurance policy rather than ASU then the benefit of the policy is often paid directly to the lender and the PPI is linked to the loan amount and monthly repayments. | 12.22.10 @ 16:52