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ASU policy for mortgage payments
Elise2608
Posts: 5 Forumite
Can an ASU policy be taken out solely to protect certain payments eg car loan, mortgage payments etc, so that the payments were paid direct?
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Comments
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ASU provides you with a replacement for your earnings. It isn't specific to any particular payment.
The much-maligned PPI may be the type of policy you really are looking for.
Why does making payment direct matter? Are you trying to preserve your right to benefits, maintenance payments or similar and are concerned payments under the policy could be seen as 'income'?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
no. You can get standalone cover where you pay the premiums and the benefits of any claim are paid to your current account. Out of which you make the repayments to the other things.Elise2608 said:Can an ASU policy be taken out solely to protect certain payments eg car loan, mortgage payments etc, so that the payments were paid direct?
Generically, there used to be versions that could pay to a specific product directly but the tied PPI market dried up. There is hardly any availability in the whole of market currently either.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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