'Doubting Thomas' asks the questions most protection insurance providers are afraid to answer...
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Doubting ThomasThis is 'Doubting Thomas' he is a savvy on-line buyer and knows how to find a good deal. He is also aware that some web-sites promise the earth and don't deliver. With information from social media, consumer websites, internet forums and customer reviews available on line, buyers like Tom will check these out before doing business with a company. He will then investigate if their products have generated positive feedback from their customers. In short, he wants the recommendation of others before deciding if he should buy or look elsewhere. Unlike buying furniture or a car, with insurance there is nothing to you can physically examine. It is the reputation of the company and the service they provide to their customers that are the critical measures. See below the typical questions Tom would ask. |
Questions buyers like 'Tom' want answers to;
"Can I find a trusted independent recommendation for i:protect and their products?"
Martin Lewis independent consumer website MoneySavingExpert.com is probably the most well known and trusted authorities regarding financial products and services bought by consumers in the UK. The MoneySavingExpert Guide to Mortgage Protection Insurance specifically mentions i:protect under the section headed 'UK's Top MPPI Providers' as being the "cheapest for under 45s"
"I have checked the price comparison web sites, but know that a lot of the best deals are not available through them. How can I be sure i:protect offer me a good deal?"
Tom is right, not all of the best deals are on price comparison websites. In fact, for Mortgage Payment Protection Insurance for example, by far the majority of providers are not on 'Compare the Meerkat' or their competitors. Maybe this is because the comparison web sites charge a lot of commission for companies to offer their insurance products through their websites.
To compare ALL providers go to the Money Advice Service website, set up by the FSA, it offers independent and unbiased consumer advice. However to compare prices their technology is not the easiest to use. Therefore i:protect under our consumer education initiative @iprotectinsure, have produced a step by step pictorial guide how to navigate the Money Advice Service website and find the best deal for:
- Mortgage Payment Protection (MPPI)
- Short-term Income Protection (also known as Lifestyle Protection Insurance)
- Loan Insurance
The Money Advice Service provide the ONLY price comparison tables that really matter, because the commercial comparison sites offer products from little more than a handful of low price providers. Click to down load your free 'how to' guide here (please allow a few moments to download and then open this PDF file - size 1mb).
"I know i:protect offer me the best value, but are they any good?"
Check out the completely independent ReviewCentre.com website where feedback from i:protect customers is gathered and compared with leading competitors.
"If I have to claim will they just try of wriggle out of paying?"
Immediately i:protect would say 'certainly not' and there is a very good reason for saying this. The explanation is rather technical; i:protect 'underwrite at inception' this means they examine every application before the policy is taken out. They ask a lot more questions than average for this reason. It is central to i:protect's 'low cost with no complaints' model, that they do all that is humanly possible, to only place people on cover who they know could claim on their policy.
Their approach is in contrast to more 'old fashioned' providers who often ask for very little information before accepting an application. These companies then wait until a customer claims before going through their original application with a fine tooth comb. Along with the very biggest brand providers in the UK, i:protect differ in their approach from these 'old fashioned' competitors. Treating customers fairly is central to i:protect's approach.
Another way to answer this question is very simple - look through the unsolicited comments from i:protect customers who have had their claim dealt with by the claims department that deals with every i:protect claim. For the comments of people who have claimed please click here.
If I change my mind can I get my money back?
There is a 30 day no quibble full money back guarantee. It is clearly stated on the documents you can download and read before taking out the policy. The only exception being if you submit a claim, however it would seem unlikely that someone eligible to be paid up to £1,500 per month would cancel their policy and ask for their money back!
Because it includes accident and sickness cover, do I need a medical to buy this insurance? Do I have to say if I smoke or not?
No medical is required, neither does it matter if you are a smoker, i:protect do not ask this question. This is because you sign up to take out this cover on the strict understanding that no pre-existing condition is covered. This is very simple to understand you are not paid out for anything you are already suffering from before taking out the policy ... for full more detail this link takes you to the relevant part of the FAQ's where it is outlined in full detail.
Say I had the policy several years, but my circumstances changed and I no longer needed it, how hard it is to cancel? Are there any exit penalties or charges?
Every policy is paid by monthly direct debit. Just contact the i:protect team and they will stop your direct debit. There are no minimum premiums, exit penalty or loadings that are applied. Your direct debit stops and your cover stops the same day, it is as simple as that.
I have a policy with another company and would like to switch to you because your premium is much cheaper. But, will I lose out because a new policy would not cover Unemployment for the first 120 days? I have read about this problem in the Money Saving Expert Guide to Mortgage Insurance and don't want to risk it.
The Money Saving Expert Guide offers sound advice if you are dealing with an old fachioned provider or intermediary that does not offer a dedicated process to enable people to switch without a break in their cover. At i:protect this is built into the standard application process. Meet the acceptance conditions and buy like for like cover at a much lower cost.
Check out this dedicated 'Free to Switch' information on our website that explains how i:protect offer you a 'belt and braces' approach to ensure you can transfer without a break or simply stay where you are if you can't. Most importantly you don't pay a penny, or have to do anything, until we write to you to confirm your cover continues without a break in your Unemployment cover.
The 'Doubting Thomas' questions and answers were compiled by Dennis Haggerty FCII, Income Protection Insurance Expert from internet buyer research including interviews with i:protect customers undertaken for the @iprotectinsure consumer information initiative. "One of the principle issues the public has with insurance providers is their lack of straighforward answers to simple questions. I have tried to address this here without upsetting the lawyers...." Dennis Haggerty.
Any questions you would like to ask?
Please contact the i:protect customer services team or use this on-line contact form, please click here.