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Brilliant New Transit Van – what should it make you think about?

April 25th, 2012

What will you be thinking of when you see the new Ford Transit?

This is the new Ford Transit that is looking less like a van and more like the big-brother-body-builder of the Ford Fiesta. A close up of the front of this brilliant new van will be appearing very soon in the rear view mirror of cars obeying the speed limit in the outside lane of UK motorways and dual carriageways. ‘Cometh the hour cometh the white van man’ – this will be the speed machine of choice for thousands of drivers. Companies too will be pleased to add the sleek lines of the new Ford Transit to their fleets.

It is brave of Ford to launch a new van in the depths of a European recession, especially now the UK is officially experiencing a double dip. Van sales are the most reliable barometer of economic activity as demand for them is entirely driven by the financial health of individual firms within the economy.

Why is this important for employees of businesses and especially for their driver employees? Quite simply, if your firm is buying the new Transit, they must be doing well. And with luck and a following wind, your job will be OK too. If however your van fleet is past its prime, or if you are still driving a high mileage van from the previous generation of Transits… you might want to think about the message this sends out. Maybe your firm is suffering in the recession. So just for your own piece of mind, you might want to think about what you would do if your employer made cut backs and you found yourself out of work.

If you would be in trouble because your savings would soon be eaten up by bills and other outgoings, now is a good time to think about Income Protection Insurance. Driving jobs for transport companies are notoriously linked to the ability of these firms to secure the renewal of their existing contracts. Competition is cut throat right now. So if your company uses light delivery vehicles, check out if the new Transit appears outside your, or your competitors premises!

As specialist suppliers of short–term Income Protection Insurance, i:protect are able to offer an easy to buy and affordable Lifestyle Protection policy for people employed by transport companies. We also cover self-employed individuals who run their own business, including owner drivers. For people who may have some savings put by, but would struggle to pay their mortgage if they were out of work for any time, check out i:protect Mortgage Payment Protection Insurance. It is the cheapest way to pay the bills of anyone who is unable to work due to accident, sickness or unemployment. If for any reason i:protect cannot help, look up British Insurance, they are always more expensive but will usually cover those individuals i:protect are unable to accept.

Move over Doblo, Trafic and Vito, the new Transit is coming through. If you keep seeing this new Ford passing you and wonder why your firm are not replacing their older vehicles, check out i:protect Redundancy Insurance, you might be needing it! This cover is well worth having especially before the economy really starts to pick up and transport firms begin to look for more drivers again. Tip; critically you must not wait until your employer is in trouble or begin to make cut backs, by then it is too late to buy this cover. Think about this every time you see a new Transit van, although you just might want to think about it sooner than that…

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Proud to Sponsor Kings College Cricket – i:protect news

April 25th, 2012

This year i:protect are sponsoring the Kings College First XI cricket team

Following Mortgage Payment Protection specialist i:protect’s sponsorship for fund raising to support the development of cricket and rugby for youngsters in North Somerset, i:protect are now helping to sponsor the First XI cricket team of Somerset’s Kings College Taunton.  

This school has recently gained the status of being A Centre of Cricketing Excellence which has been reflected in the last three seasons of cricket. Last season the school was placed second among all schools in the Wisden Almanac. The 2010 team were ranked third and in the previous year they were first and gained the prestigious award of Wisden Cricket School of the Year 2009. 

A lot of the schools success has been attributed to the excellent facilities and coaching staff throughout the school. Now i:protect are proud to announce our own small contribution to support the amazing wealth of talent developed by the school over recent years: 

- Jos Buttler, now a full England international who shot into the limelight 2011 in his first full season as a county professional with Somerset.

- Following the success of the 1st XI season in 2010, Alex Barrow and Craig Meschede also gained full county professional contracts with Somerset.

- All three played for Somerset in the County Championship against Sussex in 2011

The school has also been awarded the status of being one of the first MCC Foundation Hubs, an initiative which will allow local young cricketers access to the brilliant coaching and facilities.  This is an achievement that i:protect are very pleased to be associated with. It has been a huge success and continues to emphasise the growing reputation of cricket at King’s. The school is also highly regarded within ECB development, thanks to the hundreds of cricketers who represent their counties in the King’s College summer cricket festivals. Their proud parents will also see i:protect sponsorship banners at the cricket field during this year’s festival. 

Pictured above is a member of the first 11 squad i:protect are sponsoring this year.   

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State Benefits For Working Families

April 16th, 2012

 

Working families on low incomes are facing an increased financial protection gap

Read a great article today about State Benefits for working families. It is such a complicated subject, I found this summary really useful.

See link at the bottom of this page

Of course, as the author concedes, entitlement to State Benefits is tightening. For example, they refer to there being a 16 hour minimum for weekly working hours to get qualify for Housing Benefit, however, this has recently been increased to 21 hours.

The gap between what the State now pays in benefits and the amount people need each month just to exist is widening. This in turn is leading increasingly to people looking for private alternatives to cover unforeseen financial problems. Typically, redundancy or an extended period off work for medical reasons, can create huge financial issues for working families. Traditionally, everyone was encouraged to save, however the Benefits System penalising people with savings. An unintended consequence of the sub £16,000 threshold for receiving most State Benefits is that families in work will have no incentive to save as this could disqualify them from the Benefits they currently receive. As a result, many lower income families have very little to fall back on if things go wrong.

Currently i:protect offer a very competitive short-term Income Protection policy that will pay out if a policyholder cannot work due to accident sickness or unemployment. Although it is fair to say that some people on very low incomes could not find another £20 to £30 per month to pay for this cover, many can. Even for policies with the highest benefits our premiums are less than a premium Sky TV package. Indeed, for the average policy, i:protect charge less than the price of a couple of packets of cigarettes each week. I mention this as, unlike earnings, the benefits paid under our protection policies are not taxed. Furthermore they do not attract National Insurance contributions. Therefore, what an i:protect customer selects as their policy benefit is the amount they receive when they claim.

If Mr Smith had a policy that paid him £1,500 per month, over a full year this would pay out £18,000. It is worth Mr Smith thinking in terms of this sum being in his bank account should he need to draw upon it if he could not work. Yet, if he saved this up for himself, his family would be disqualified from receiving State Benefits whilst working.

There are an increasing number of people who privately admit they are struggling to pay their bills as their finances have been squeezed following years of minimal wage rises but soaring inflation. For those who have been forced to use up their savings to meet every day expenses, i:protect Lifestyle Protection and Mortgage Payment Protection polices are excellent products to fill their financial protection gap. No longer able or willing to hold on to savings ‘for a rainy day’, individuals and families have a viable insurance alternative to avoid debt misery if their wages stop coming in.

http://www.moneywise.co.uk/cut-your-costs/family-life/benefits-youre-entitled-to-working-families

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What is the Poverty Line?

April 10th, 2012
 

It is easy to fall below the poverty line if sickness or redundancy strikes

…the poverty line in the UK today is:

  • Single adult, no children: £165 per week
  • Couple, no children: £248 per week
  • Lone parent, 1 child: £215 per week
  • Lone parent, 2 children: £264 per week
  • Lone parent, 3 children: £314 per week
  • Couple, 1 child: £297 per week
  • Couple, 2 children: £347 per week
  • Couple, 3 children: £396 per week

These are the UK official limits defined for the threshold where anyone earning/receiving less than this per week is below the poverty line.

How much money do you need each week? Well, more than this for sure…

For people who are unemployed they would receive (for the first 6 months at least) £67.50 per week Job Seekers Allowance. For anyone who was medically unfit to work the payment made under the Employment Support Allowance is the same (Source www.dwp.gov.uk).

If you are in work but lack enough savings to fall back on if you could not earn for several months, you could very quickly find yourself on the wrong side of the Poverty Line. Anyone, especially those with families, might like to think about an i:protect Mortgage Payment Protection policy or Lifestyle Protection policy. Either will pay out monthly with the policyholder receiving benefits equivalent to £375 per week. Combined with State Benefits, this insurance means the policyholder never has to fall below the poverty line. The policy pays out for up to a year giving most people plenty of time to recover form an injury or to find another job.

Of course being on the poverty line is no fun, but the pressures of being below are known to create mental health problems for adults and falling educational achievement for their children. Its not a place anyone with an i:protect policy has to fear. Premiums are typically around £30 to £40 per month.

Do you pay a mortgage each month? Click here for a quick price check

Are you a tenant or mortgage free? Click here to see how little this cover could cost you

No need to worry about falling below the poverty line because i:protect makes it easy to do something about it right now  before it is too late.

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What does your product do for me and why should I buy it from you?

March 29th, 2012

Informed buyers can use the internet to check out companies and find the best value

“What does your product do for me and why should I buy it from you?” 

Every business must be able to meet this challenge and answer these three questions: 

  • Does the product meet a need or desire of the customer?
  • Is the amount paid by the customer justifiable for their perception of benefit gained?
  • Why should they buy it from you and not elsewhere?

At i:protect we think we meet this essential criteria for our customers. What we lack is the ‘firepower’ of the big brands and multi-national corporations to get the attention of the wider public. Equally, one of the main reasons people are charged much more for the same products that i:protect sells is precisely because these big companies spend a small fortune on marketing. 

The cost of promotion and paying others to persuade that customer to buy, can add hideously to the premium they charge. It can easily cost 4 times more, yes really 400% more to buy the same cover via a High Street brand than directly from i:protect. However, in an internet enabled world, financial products that meet a genuine need are being opened up for people who traditionally could not afford to buy them.  

Most of us know how the budget airlines like Easy Jet completely over took competing traditional airlines. The no-frills carriers grew and prospered because they reduced the cost of flying to a level where millions more people could afford to travel abroad. In the world of financial protection products, particularly Mortgage Payment Protection and short-term Income Protection (Lifestyle Protection Insurance), i:protect are taking the same approach to affordability. The word is spreading and these are the reasons why…
 

The top six reasons why people buy their Mortgage Payment Protection and Lifestyle Protection Insurance from i:protect:
 

  1. Some of the lowest prices in the UK – confirmed on the independent and unbiased Financial Services Authority; Money Advice Service website price comparison tables for Mortgage Payment Protection Insurance.
  2. Not available through commercial price comparison websites, brokers or other middlemen – a genuine direct to public provider not cutting the quality of the product just cutting out price boosting expenses and commission.
  3. A specialist that underwrites every policy – looking at the information submitted with every application to check that the customer can claim on their policy before offering cover. This sets i:protect apart from their fellow low cost competitors that only check the application is valid after their policyholder submits a claim. 
  4.  Treating customers fairly is at the heart of the i:protect business – this extends well beyond how policies are sold, it also includes handling customer’s claims. Confirmed by the independent The Review Centre website, i:protect scores top for customer service in this sector. Furthermore, there are countless numbers of satisfied customers many of whom have sent in unsolicited testimonials that can be read on the i:protect website.
  5. Because i:protect have been checked out by trusted independent consumer organisations – i:protect features in the highly respected Money Saving Expert buyer’s guide for Mortgage Payment Protection Insurance as ‘the cheapest provider up to age 45′. More people than ever buy this product from i:protect after consulting consumer champion Martin Lewis’ Money Saving Expert website.
  6. Delivering value to customers since 2007 – most importantly i:protect has covered thousands of people during the worst recession since the 1920’s. Unlike some high profile providers during this time, i:protect have continued to offer low cost cover and maintained this vital insurance for our loyal customers. Most importantly, in addition to paying claims every day, i:protect does not charge any more premium just because a customer has made a claim on their policy.

The message is getting out there that genuine value and honest customer service, means more than mega bucks marketing. 

For an increasingly well informed buying public, i:protect offers UK citizens a breakthrough in the cost of financial protection products. Just as Easy Jet have competitors like Ryan Air who might undercut their fares, i:protect cannot guarantee to be the cheapest every time. However i:protect offer a distinct combination of value and dependability that others find hard to beat. 

Whether it is cover to meet mortgage repayments and other bills, or simply to receive a payment of up to £1,500 per month whilst out of work, policyholders can rely on i:protect. Our products pay out for up to a year in the event customers are unable to work due to accident, sickness or unemployment. 

Aimed primarily at working people who have significant monthly outgoings, but little in savings. This insurance offers a financial safety net during a gap in earnings due to redundancy or if an unexpected medical condition prevents the policyholder from working. For a typical policy with £1,000 per month benefit, the monthly premiums would start at between £15 and £25 per month; depending upon the age of the applicant and the excess chosen.

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Financial Security for Families For Uncertain Times

March 21st, 2012

An updated and improved HD video about the benefits of short-term Income Protection Insurance and Mortgage Payment Protection is now hosted for i:protect on YouTube.

Whilst we are of course happy for customers to come straight to i:protect, we also encourage anyone interested in this type of low cost financial protection to seek guidance on-line using the Money Advice Service (MAS) website. I believe by being open and transparent about the pricing and flexibility of our products, customers will see that i:protect   compares extremely well with our competitors.

The unbiased and independent Money Advice Service will facilitate this open and fair comparison. Unlike the commercial price comparison websites, the MAS do not charge commission. They also offer ‘whole of market’ and not just the choice of a small fee paying panel. Indeed the number of providers on the commercial price comparison websites are dwarfed by those on the MAS comparison tables. Many are household names with others, like ourselves, specialist providers that offer outstanding value for money.

Check out the video and feel free to share it with those friends you feel might really need a bit more financial protection in their lives. These are times when it is neither quick nor easy to get another job.

Thanks for watching.

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How To Find The Cheapest Unemployment Insurance In The UK

March 21st, 2012

Independent and unbiased The Money Advice Service comparison tables offers consumers price transparency

The price of all Accident Sickness and Unemployment Insurance that is sold in the UK is listed in one place; the Money Advice Service website.

This was set up by the FSA as a service to consumers, it is completely independent and unbiased. Every provider of this insurance must register their products and prices with the Money Advice Service. Unlike the commercial price comparison sites, it does not get commission. This is because the Money Advice Service is funded by a levy on the financial services industry and offers complete price transparency.

The Money Advice Service should be the ‘go to’ place to find out about Unemployment Insurance. However, because it is such a big website, covering all types of financial matters, it is very hard to navigate. This is why i:ptotect have produced a short video guide for finding the lowest price Unemployment Insurance on the Money Advice Service comparison tables.

 

 

If you would like to see these screens in more detail go to the post immediately below this one and you will see each screen is displayed. After watching the video, just double click on the screen you want to see in close up.

 Worth knowing:

  1. Most Unemployment Insurance is offered in combination with Accident and Sickness Insurance (ASU cover). It pays out if the policyholder cannot work due to unemployment or if they are signed off by a doctor for a medical reasons.
  2. There are two fundamental types of policy; one linked to mortgage repayments and household expenses called Mortgage Payment Protection Insurance (MPPI) ; the other is a short-term Income Protection policy. The later is also called either Lifestyle Protection or ASU Insurance. It can cover other types of loan repayments, not just mortgages and household bills.
  3. The majority of providers apply a maximum benefit limit of £1500 to £2000 per month. Typically, most people taking this cover select about £1000 per month benefit on a policy that pays out for a maximum of 12 months.
  4. The cheapest cover is almost always Mortgage Payment Protection Insurance (MPPI) and is intended to cover monthly mortgage repayments and other household expenses – most will cover  up to another 25% more than the monthly mortgage repayment for paying other bills. The i:protect video guide shows how to find the MPPI price comparison tables.

 This type of cover is not intended for high earners who will probably have savings to get them through a period of unemployment. It is focussed primarily upon people earning nearer the national average wage who have little saved. The most likely buyer would find their mortgage repayment is their largest single monthly outlay. Other household bills such as utilities and fuel absorb the bulk of their income leaving precious little for savings. Even in a two income household, if redundancy meant 6 months unemployment looking for another job for one earner, huge debts would soon accumulate. Mortgage Payment Protection Insurance is designed to make up this shortfall in household income until the policyholder can get back to work.

The main difficulty people face when buying Mortgage Payment Protection Insurance is knowing who to trust in terms of finding a good deal. The Money Advice Service solve the price comparison dilemma and only providers authorised and regulated by the FSA can appear on their tables. This should give consumers far more confidence to buy at the best price. The i:protect video guide allows consumers to judge for themselves that i:protect offers some of the best value Mortgage Payment Protection Insurance in the UK.

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How i:protect can help you find the cheapest Redundancy Insurance

March 20th, 2012

How to find the cheapest Redundancy and Unemployment Insurance in the UK. 

Here are some screen shots from i:protects latest video on how to navigate and find the best prices on the Money Advice Service website. Can’t play on-line videos? Just follow the simple steps outlined in the caption at the foot of each page. 

1. Search on  ‘Money Advice Service’ or log on to the Money Advice Service website – http://www.moneyadviceservice.org.uk/  

2. Click on Tools and Planners

 http://www.moneyadviceservice.org.uk/tools/default.aspx  

3. Click on Compare PPI

http://tables.moneyadviceservice.org.uk/  

4. Complete your Age , UK residency and click 'Mortgage'

http://tables.moneyadviceservice.org.uk/Comparison-tables-home/PPI/Compare-Payment-Protection-Insurance/  

5. Complete product details, select Accident Sickness and Unemployment option (cheaper than Unemployment only!).

   

 
 
 
 
 
 
 

5. Complete the remaining details to reflect your requirements. For the cheapest select a gross benefit under £1,500 and answer 'no' to queastion 2 and 'single' to question 8. Then 'Sort by Monthly cost of PPI' for results.

http://tables.moneyadviceservice.org.uk/Comparison-tables-home/PPI/Compare-Payment-Protection-Insurance/Compare-Mortgage-PPI/Mortgage-PPI-results/  

6. Results displayed, look down the list for the right combination of cover for you. Click on the bold text in the middle of the product line to look at details of the individual product

 http://tables.moneyadviceservice.org.uk/Comparison-tables-home/PPI/Compare-Payment-Protection-Insurance/Compare-Mortgage-PPI/Mortgage-PPI-results/Mortgage-PPI-details  

7. On the individual product page you will see further details and a link to take you to the providers website and or telephone contact details

 

  

 

 

  

Use this information to select the right cover combination for you and then check the premium charged. You will be very surprised when going through these comparison charts just how much more is charged by some of the big brands for the same cover. Buying directly on-line is the quickest route to the lowest premiums. However, if you would prefer to speak to someone to buy over the phone, or want an advised sale through a broker, understandably the premium will be substantially higher.   

Bottom line – go to the specialist on-line providers if you want the keenest prices. 

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Family worries about redundancy solved with i:protect

March 19th, 2012

Some relish the prospect of extra cash from redundancy

Not so long ago people would speak in hushed tones and were almost grief stricken when telling you how they faced the prospect of redundancy. 

 However, since the traditional British job-for-life culture disappeared, now most people accept redundancy as an inevitable, if unwelcome, feature of their working life. As long as employees get a decent pay off, or have an emergency fund to draw upon when they are looking for work, this is not a problem. However, for people who do not have much saved, or do not qualify for much redundancy money, it is a very different matter. 

There are statistics recently published that confirm about half of families would run out of money after a few months and all of their sources of emergency funding exhausted after an average of 6 months. This is a dire position to be in and something an i:protect income protection policy could solve with a premium the equivalent to the cost of a packet our two of cigarettes each week. Not much to pay is it? 

But let’s consider the other group of people who don’t need this cover – that’s about half the working population, are you one of these? Let us see, is this your take on redundancy… 

Many in this group say they relish the prospect of some unexpected cash that comes with redundancy. These tend to be younger ambitious people, typically age 25 to 45 and confident of getting another job. Also the percentage of single people is higher in this group. Not only does this allow more flexible in terms of their location, they can also take more risks without the worry of financial dependents. 

Nevertheless, this does not mean that all over 50’s are more fearful of redundancy. There are huge numbers in this category. They are most commonly found in high pressure jobs, the professions and the public sector. The people I refer to are probably in line for a substantial pay off due to their salary and length of service. For the over 55’s, early retirement becomes an option, with the potential for the right package to guarantee their financial security for the rest of their lives. 

Most over 50’s in this category will still have sufficient fire in their belly, or the financial commitments to ensure, that they will want to work. Indeed, even those who could give up work will nevertheless remain keen to stay economically active, but on their terms. Being able to step off the corporate treadmill and work how and when they choose, often motivated by personal fulfilment, rather than the highest salary, is the flip side of the loss of ‘a job for life’. The phrase ‘there is no loyalty anymore’ cuts both ways. 

If you don’t recognise yourself in this privileged group, the chances are you could benefit from having an i:protect Mortgage Payment Protection policy if you are a home owner, or one of our Income Protection Products if you are a tenant. These can be tailored to kick in when your savings or emergency funds run low. For example, big savings in premiums can be achieved if you select your policy benefits to be paid after you have been out of work for 3 months. These payments will continue for a year, only ending sooner if you get another job. The comparison tables on the independent Money Advice Service website (set up by the FSA) confirm i:protect offer the cheapest I year policy Mortgage Protection Insurance with a 90 day excess period in the UK. 

I am indebted to Aviva for publishing their Family Finances report. It states that nearly a third (30%) of families said they didn’t need Income Protection Insurance. This tallies with the suggestion that the population is split between those who have savings and/or prospects and those who are more financially exposed if they were forced to stop working. This exposure is not just for every day household bills. 

Aviva report that ‘the typical UK family currently owes £7,944 in unsecured debt (credit cards, personal loans, hire purchase, overdraft, store cards etc) which they repay on a monthly basis. This is up from £5,360 in January 2011 and now stands at 32% of the typical annual household income (£24,792 – January 2012). They name card debt as the most significant source of unsecured debt with an average of £2,314 owed by UK families.’ 

At i:protect we are very clear who our products are designed for. The breadwinners of some 50% of UK households could sleep easier at night if they took out one of our policies. Check out this link to our home page for more details. Cheap insurance cover as an alternative to huge debts, being forced into relying upon payday loans or even eviction, has got to be worth considering during times like this with high unemployment. 

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Biggest Money Saving Action By A Regulator In History?

March 7th, 2012

The FSA have triggered the potential for up to 12 million UK citizens to save money

Banks and other providers of Payment Protection Insurance (PPI) are being instructed by the FSA to write to all of their customers who bought this insurance in the past, even if they have NOT claimed compensation for miss-selling.

It is probably the biggest money saving action by any regulator in history; the FSA are actively encouraging people to claim compensation and check for money saving alternatives.  

BBC News estimated on 6 March 2012 that this will result in 12 million letters being posted that will trigger:

  • 2 million new claims for compensation
  • £3 billion paid in compensation

However what the BBC did not mention was the potential for up to 8 million to now discover they are paying too much. Taking the BBC’s figures, there are likely to be up to 8 million people who have kept their policy for very good reasons. OK, many of these letters may relate to policies that have since expired or previously cancelled, however millions will still be in force. These will be held by people who realise this insurance gives them the essential financial protection they need for themselves and their family… but how much are they paying for it?

One of the biggest issues outside of the miss-selling scandal remains the price people are charged for this insurance by the major high street finance providers. Anyone with a monthly paid Mortgage Payment Protection or Loan/Income Protection Insurance policy, can switch their cover to any insurance provider they choose. Most people don’t realise this.

In view of the massive commissions taken by the banks they were hardly likely to draw this to their customer’s attention. Indeed, there is more than a suggestion many of the 12 million who did not claim compensation for miss-selling remain unaware they even have a policy. Through direct debits, premiums can be taken out of bank accounts along with, say, mortgage repayments and the customer is none the wiser.

The FSA are also demanding annual statements are sent out to all holders of PPI policies from April 2012. This is in addition to the 12 million ‘have you been miss-sold’ letters that will be arriving in UK homes some time soon. This combination should trigger a wake up call for up to 8 million people who were not miss-sold a Payment Protection Policy or Mortgage Payment Protection Insurance to check prices.

The FSA promote the use of the price comparison tables available on the independent Money Advice Service website. The FSA set up this service so they are very keen to promote it and oblige EVERY provider of this insurance to mention this on ALL of their promotional material, websites etc.

 At i:protectinsurance.co.uk we are quick to point out that the Money Advice Service tables confirm i:protect offer some of the lowest premiums around. We also make it easy for customers to switch and save money by offering a risk free on-line switching process. This is promoted through our Free to Switch product. However this switching process has been built in to our policy applications for many years. We make it easy for anyone to switch to a low cost protection product with identical cover AND with no break in unemployment cover. This is crucial.

The huge price differences between the High Street and on-line providers of Mortgage Payment Protection Insurance for example, offer consumers a genuine opportunity to save money. Our Free-to-Switch process allows anyone to check prices and switch cover with complete confidence.

If you receive a letter from your bank or mortgage finance provider about miss-selling you should also take the opportunity to see how much you could save by shopping around.

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