If two people are jointly named on a mortgage jar, you can choose to protect one person for the
monthly benefit, or split the ASU cover evenly for both applicants.
For single applicants, ASU cover is allocated solely to the one applicant.
Your cover options can be updated later by contacting Pinnacle Insurance plc
once your policy is in place.
Example:
John and Jane apply for a joint mortgage. Jane is the main income earner in their household and their regular mortgage payment is £400 per month.
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If they decide to take ASU cover with an allocation of 125% single cover in Jane’s sole name,
in the event of Jane being unable to work because of a disability (ie, accident or sickness) or unemployment,
the ASU monthly benefit payable would be £500 (i.e. the regular mortgage payment and an additional 25% to help
with mortgage-related expenses). If John was unable to work instead of Jane, no payment would be made under the ASU policy.
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If they decide to take ASU cover with an allocation of 125% joint cover for both John and Jane, in the event of either
John or Jane being unable to work because of a disability (ie, accident or sickness) or unemployment, the ASU monthly benefit payable would
be £250 (i.e. the regular mortgage payment and an additional 25% to help with mortgage-related expenses allocated
equally to either party).
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If they decide to take ASU cover with an allocation of 100% joint cover for both John and Jane, in the event of either John or Jane
being unable to work because of a disability (ie, accident or sickness) or unemployment, the ASU monthly benefit payable would be £200
(i.e. the regular mortgage payment allocated equally to either party).
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