Accident,sickness and unemployment is a type of insurance policy that will pay out if a mortgage holder is made redundant, has a serious accident and is unable to work or contracts a serious illness. The types of illness and accidents covered will vary between insurers. The money paid out is in instalments rather than a lump sum and covers the time spent off work. Sums of money paid out include an equivalent income or to meet mortgage repayments.

See also: Financial Services, Life Assurance