Press Releases
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Customers can protect their income and their homes with cover from www.iprotectinsurance.co.uk |
Press Releases
Free direct to public on-line sales system for Intermediaries to banish FSA worries
Issued 9 November 2009
Internet insurance specialist iprotectinsurance.co.uk provides a free solution for intermediaries to add Mortgage Payment Protection Insurance (MPPI) and short term Income Protection Insurance (IP) to their websites. Mortgage Brokers are also signing up to this because of the continuing uncertainty surrounding FSA regulation of these products. They can then leave on-line sales compliance to iprotect and concentrate on more profitable business.
This is an option for firms that want to sell MPPI and IP without the compliance concerns of their traditional sales model. Massive fines for mis-selling and plunging profitability have led both intermediaries and underwriters alike to think seriously whether they want to be in this market. The distributors of MPPI and IP now feel their point of sale model is under attack. The regulator having banned single premium contracts, then promptly made monthly contracts a liability to sell by blocking 2009 rate increases and product changes. Barclays High Court victory overturned the Competition Commission's 7 day rule, however, it is little consolation as the industry must still await the regulators response.
With such uncertainty in the market, intermediaries are unwilling to invest in systems especially as there remains the fear compliance costs will soon wipe out any profit. As an alternative to simply giving up selling these products, iprotect offer intermediaries their affiliate solution to tap into the recession driven demand for this insurance. With iprotect the sales process moves on-line and is strictly non-advised. However the customer is supplied with a wealth of information, buyers guide, links to helpful websites etc to help them complete the sales process.
The gross sales of MPPI and IP products have fallen to an historic low, however in contrast, on-line sales are at record levels. To secure their share of this on-line boom, the intermediary simply enables an iprotect link on their website free of charge. They will then earn a finders fee for every policy sold.
The forthcoming FSA driven annual statements are expected to trigger a great deal of shopping around for MPPI and Payment Protection Insurance generally. Any intermediary unable to offer a competitive on-line product will simply risk being bypassed. Dennis Haggerty the Marketing Manager for iprotectinsurance.co.uk commented "Our free affiliate package is an easy way for the Intermediary to opt into on-line sales to see if the internet works for them. Brokers can leave the compliance hassle behind and keep their clients happy with iprotect rates that compete with the best on Money Supermarket."
For further information please visit http://www.iprotectinsurance.co.uk/affiliate-scheme/
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Issued 5 November 2009
Internet insurance specialist iprotectinsurance.co.uk provides a simple bolt-on solution for intermediaries to add Mortgage Payment Protection Insurance (MPPI) and short term Income Protection Insurance to their websites. Several Mortgage Brokers have already signed up and many more are set to join them because of the continuing uncertainty surrounding FSA regulation in this sector.
It is an option for those firms that want to sell without the compliance concerns as tightening regulation has created a quagmire for brokers reliant upon their traditional sales model. Massive fines for mis-selling and plunging profitability have led both intermediaries and underwriters to think seriously whether they want to be in this market. Meanwhile, the recession has driven demand for products that are now more difficult to sell due to their regulation.
The traditional point of sale model, with the sale of an MPPI policy bundled with a mortgage sale, is under attack. The regulator having banned single premium contracts, then promptly made monthly contracts a liability to sell by blocking 2009 rate increases and product changes. The FSA proposed imposition of a compulsory 7 day ban on any MPPI sale linked to a loan was thrown out by the High Court. Despite Barclays victory in this case, it is little consolation as the FSA have yet to show their hand in respect of any revision to their proposed regulations.
With such uncertainty in the market, intermediaries will not invest in systems and some would rather stop selling MPPI altogether. Such a dramatic response is un-necessary for those willing to take forward the iprotect affiliate solution. With iprotect the sales process moves on-line and is strictly non-advised. However the customer is supplied with a wealth of information, buyers guide, links to helpful websites etc to aid the sales process. The intermediary simply enables an iprotect link on their website and thereafter earns a finders fee for every policy sold. For Mortgage Brokers iprotect provides an easy way to add a risk free quote-and-buy facility to their website free of charge.
The forthcoming FSA driven annual statements are expected to trigger a great deal of shopping around for MPPI and Payment Protection Insurance. Any intermediary unable to offer a competitive on-line product is likely to be simply bypassed. Dennis Haggerty the Marketing Manager for iprotectinsurance.co.uk commented "Our affiliate package is an easy way for the intermediary to opt into on-line sales to see if the internet works for them. If the business volumes are there, we can also offer bespoke solutions.. Brokers can leave compliance hassle behind as well as keep their clients happy with iprotect rates that compete with the best on Money Supermarket."
Summary of the iprotect offering for intermediaries
- It assumes the intermediary has a website that is used by their customers and attracts web traffic
- A link is provided by iprotect to place on the intermediary website. This is either for specific products such as MPPI or linked to their complete protection range (includes Lifestyle/Income Protection, Tenant Rent Protection, Gadget and Mobile Phone Insurance)
- Any web content promoting these products on the intermediary website is either supplied by or signed off by iprotect, as they take responsibility for compliance of the on-line sales process
- All fulfilment, premium collection, documentation, administration and claims are dealt with by iprotect directly with the customer
- Monthly sales figures are sent by email - high volume iprotect partners can have 24/7 on-line access
- No product exclusivity requirements
- No minimum volumes / threshold before the finder's fee is paid.
- Note iprotect will only do business with FSA register intermediaries
- A finders fee is paid for every sale - this varies depending upon the business type, volume and chosen business model. For example, a typical Mortgage Broker on the standard affiliate scheme would expect to receive £40 per MPPI sale
- This finders fee is paid within 28 days of the first direct debit being received
Summary - iprotectinsurance.co.uk offers a solution for intermediaries looking to generate income from MPPI and short term Income Protection by offering their clients an on-line alternative. Whilst iprotect does eliminate compliance concerns for the intermediary, their on-line product is not a substitute for an advised sale. There should be room for both.
Much depends upon whether the FSA see sense in terms of the regulation, or if they remain determined to separate the provision of a mortgage loan from the sale of an MPPI policy. If they achieve this despite the Barclays ruling, any intermediary without a price competitive product will see their clients lost to the low cost internet providers. The iprotect solution is good for the intermediary to counter this, especially because it can be deployed without any cost.
For further information please visit http://www.iprotectinsurance.co.uk/affiliate-scheme/
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Fear of Spiraling Claims For Unemployment Scares Insurers Into Demanding Record Premium Hikes
Added 15 October 2009
The much talked about green shoots of recovery have made precious little difference to the number of people looking for work in the UK. In fact the jobless total has increased. Financial commentators tell us that unemployment lags behind growth for some 12 to 18 months, so it seems at least 2.5 million of us will still be looking for work until the spring of 2011. By then we can only hope that new jobs will start to exceed those being lost.
Following the last recession in the early 1990's, the number of unemployed increased steeply in 1991 and remained consistently high until 1993. It then gradually declined until 1997 when finally returning to pre-recession levels. There is every reason to expect this pattern to be repeated once more. This is certainly the financial analysis being factored into the planning of leading UK protection insurance providers.
Underwriters are still counting the frightening cost of unemployment claims they have paid so far this year. These have leapt up. This is not just because their results are affected by the sheer number of people claiming. In fact it is the cost of individual claims that have rocketed as well, because once out of work, people take much longer to get another job. No surprise given the huge number of applicants chasing every vacancy. The Marketing Manager of a leading provider confided "We are paying five times more claims than we did this time last year and these numbers are set to continue for some time to come."
Insurers are now looking to charge the premium they need to continue paying this level of claims. There is further worry for consumers, due to the dire warnings about job prospects, some underwriters may decide to pull out of the market entirely. Potentially this could mean those remaining pile on yet more increases.
For the average family, unless they are one of the small percentage with substantial savings they can call upon, this type of insurance is no longer a luxury. Income or Lifestyle Protection insurance as it is often called, will pay them enough to meet their essential bills each month for up to a year. It can be bought from Banks and Building Societies, or much cheaper from specialist providers, particularly on-line. For anyone hesitating, it would be better to buy this cover now than face the prospect of paying much more, or even not being able to buy it at all.
To find out more search 'Lifestyle Protection Insurance' on-line or, try the leading consumer websites for money saving expertise and recommendations for buying Mortgage Payment Protection Insurance. Not all price comparison websites support these policies, however the largest feature 'Payment Protection' or 'Mortgage Insurance' and are very useful for checking prices.
Finally, with such premium volatility, expect major increases from January 2010 when insurers calculate their losses for 2009 and seek to rebuild their profit margins. If offered a fixed rate for a year, take it, this cover will not get any cheaper for at least the next two years or possibly more.
| i:protect are increasing premiums for some existing policyholders in January 2010, everyone affected will have already received a letter earlier this year. To give futher assurance regarding rate increases, unless these are beyond our control, for example the Government change the level of insurance premium tax, we will also make an additional undertaking; the premium charged for those policies will not change again for at least another 6 months. At iprotect we continue to monitor and reduce potential premium increases through careful management. We are confident that competitors will need to charge far more for the equivalent cover in 2010 preserving iprotects reputation for being one of the cheapest providers of MPPI and Lifestyle Protection Insurance in the UK. |
Government Employees are Next in the Firing Line
Added: (Mon June 1 2009)
Efficiency savings, cutting back of bureaucracy and reform of public services are just some of the phrases used by politicians to avoid actually spelling out the truth about jobs, A huge number of Government Employees are about to discover that they will very soon join the thousands of people in the building industry and financial services who were denied access to Income protection and Mortgage Protection Insurance because their jobs are at risk. Those people in building related industries, everyone from ground workers to estate agents, lucky enough to have secured income protection insurance before the bubble burst, are insulated from the financial consequences of widespread redundancies. Many of their friends and colleagues, who never bought this cover in time, are now worried sick about paying their bills.
The downturn for the private sector continues with over 2000 redundancies announced every week. Financial services, big ticket retailers, motor and engineering industries continue to suffer. However the cold wind of secession has yet to be felt by Civil Servants, Town Hall employees and anyone in public services. The Government may say they are waiting to see some green shoots of recovery before tackling the alarming budget deficit. More cynical observers may suggest it is the last throw of the dice that might keep a few more Labour MP's in their jobs after the next election. Either way, irrespective of the political hue of the next Government, 2010 will see an unprecedented cut back in public expenditure. It should be remembered that even the Thatcher Government only managed to slow down the rate of public expenditure. Whoever wins the next election will have to achieve an absolute reduction in real terms to tackle the enormous budget deficit - its going to be bloody.
Unlike those in the private sector, who just may begin to see some light at the end of the tunnel by 2010/11, for the public sector, that light is a fast approaching train. The gloves will be off politically with the next Government demonstrating it will balance the books before they are shredded by the international exchange traders or brought to book by IMF. The fact remains, with a combination of record borrowing and far less tax revenue from the battered private sector, there is no alternative.
For a long serving civil servant or town hall employee, the consequences of suddenly losing what was thought to be a job for life, will come as a terrible shock. When savings run out, bills turn red, letters get nasty and in as little as 16 weeks, mortgage companies can take repossession. The huge majority will incur £1000's in debt for deferred mortgage interest to hang on to their home. This could take a lifetime to repay and is no joke.
Income Protection Insurance is available as an alternative to anyone who does not have ready savings to keep paying the bills when they are looking for work. This cover will usually include a back to work service from re-employment experts. At least this cover can still be secured by people in steady work and not yet under threat of redundancy. For those in the public sector there remains a window of opportunity to buy this cover. The underwriters will close this as soon as Government plans become clear. The financial impact of not being able to get another job for months is something most people under 40 have never experienced in their working lives.
The more fortunate with safe jobs may be thinking they have no need for this cover. The greatest issue for so many employees these days concerns knowing if their job is truly safe. It is fair to say that anyone with the equivalent of six months wages in ready savings might consider the risk worth taking. After all, no one wants to pay for insurance they could survive without. However, the majority of low paid people in public services have nothing like this to fall back on. For those who qualify for this insurance, it is something to consider buying right now.
Some of the best income protection insurance deals are on-line. Money Supermarket and recommendations from consumer websites such as Money Saving Expert are a great place to start any investigation. Income Protection Insurance and Payment Protection Insurance are fundamentally the same. They cover the individual for up to 50% or more of their gross monthly salary that will be paid for up to a year to any individual who is unable to work due to accident, sickness or unemployment. Most importantly, it would pay enough for a family to get by financially. It is not subject to tax and does not preclude them claiming for state benefits.
Dennis Haggerty the Marketing Manager of on-line specialist iprotectinsurance.co.uk commented "By shopping around, it is still possible for the majority of working people to buy this insurance for under £10 a week paying £1000 benefit per month for time off work due to accident sickness and unemployment. This premium drops to just £7 per week for the under 25's"
From the senior managers in Whitehall down to the mostly unseen millions employed by local authorities and in the public services, the one thing they can guarantee is that jobs will disappear. To protect their families, or simply to cover substantial debt repayments, paying £10 per week for Income Protection Insurance may be well worth the peace of mind in these troubled times.
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Lifeline for People Reeling from Huge Increases in MPPI Premium
Added: (Wed Apr 22 2009)
Press comment about insurers imposing massive increases in the price of Mortgage Payment Protection Insurance (MPPI) continues unabated. The Guardian (14 April 2009) were particularly critical of the Post Office and negatively reported others raising premiums by 40%. Understandably, few people are willing to cancel their policy with redundancy hitting jobs across the country. This is the first time for years that so many families now appreciate the value of this insurance. During periods of unemployment the policy pays their mortgage and other bills. Will everyone who made the sensible choice to buy this cover, now be condemned to pay a fortune to retain it at the time when they need it most?
With some insurers either pulling out of the market and most imposing big rate rises, many existing MPPI policyholders may be thinking nobody wants their business. Most believe they will have to pay the additional 25% to 40% demanded rather than cancel their policy. However, for individuals not employed in financial services, property related occupations or in the depressed engineering sector, several underwriters remain willing to offer cover at highly competitive rates on-line. They are looking to attract people who feel disaffected by huge rate increases, following what is often years of faithfully paying substantial premiums. To find these direct-to-public providers, spend a few minutes on MoneySavingExpert.co.uk, that provides recommendations for MPPI providers, or compare prices on Money Supermarket for 'Mortgage Insurance'.
Of course, there are potential dangers simply taking out another policy as most have a 90 to 180 day initial exclusion period for unemployment claims. Anyone who already has Mortgage Payment Protection insurance, does not want to risk this gap in their cover. That is why specialist provider iprotectinsurance.co.uk now offer a service called 'Free to Switch.' This highlights the switching option offered on both of their Mortgage Payment Protection and Income Protection policies. Each customer will be offered exactly the same benefits as their existing policy without a break in their cover. After certain preconditions are met, iprotect send a written offer which the individual can decide to accept or decline. Most importantly, there is no need to disturb any existing arrangements until the customer decides to go ahead.
Anyone who is smarting from a steep rise in their Mortgage Payment Protection premium, should consider iprotect's 'Free to Switch' offer. It is a simple on-line process. They will match virtually any existing MPPI or Income Protection policy with a 12 month indemnity period, More importantly, as a provider of some of the lowest rates in the UK for this product, they offer their 'Free to Switch' customers substantial savings.
'Free to Switch' is available exclusively from iprotectinsurance.co.uk, a Wessex Group company (WIMS) authorised and regulated by the Financial Services Authority (FSA no. 306840).
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Smash the price of Mobile Phone Insurance with a Brilliant Alternative - click on this link
Added: (Mon Feb 23 2009)
A family could easily be paying £20 to £30 a month to insure their individual mobile phones. Covering them on a single policy will immediately cut the cost in half. Internet only provider iprotectinsurance.co.uk features a specific product called Phone PLUS that delivers even better savings for its customers.
Some Gadget Insurance providers allow you to insure four or five handsets for as little as £10 a month. The iprotectinsurance Phone PLUS product for example, will cover three handsets with a total value of £500 for £6.99 a month, or five with a combined value of £1000 for £9.99 a month. This is for full accidental damage cover, theft and breakdown. Just like regular mobile phone insurance, this also covers up to £1000 of unauthorised calls if any phone is stolen.
Whether bought outright, or on contract, a parent will almost certainly have paid for several phones and is therefore entitled to insure them all together. Furthermore, because it is a Gadget Insurance policy, there is the flexibility to insure a combination of phones, camera, ipod or laptop etc. All for the same price as a big name High Street supplier would charge to insure a single mobile. It is an easy and safe way to save money.
Dennis Haggerty Marketing Manager for iprotectinsurance commented. "Parents can easily save £20 a month by covering their family mobile phones on a single policy. Also, we find this insurance appeals to someone with a son or daughter at University because breakdown cover is included as standard. Dad can pay the premium for his daughter's usual gadgets, plus, most importantly, her laptop. Rather than feeling powerless following a panic phone call home about her broken computer, Dad can leave it to computer experts to sort out."
This is great reassurance for parents with children who are perhaps 200 miles away. They know their laptop, ipod, camera or mobile phone will be repaired or replaced by the insurance company within days.
Gadget Insurance offers good value for any family. Perhaps parents should think seriously about this type of cover if they have children at University. For any one else who just wants to save money and cover the increasingly expensive kit we all carry around these days, it is well worth checking out. Like most insurance, the internet is best to start looking for value.
Phone PLUS will soon be made available again exclusively on-line from iprotectinsurance. http://www.iprotectinsurance.co.uk/products/phone-plus/
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Click on this link Massive Increase in Income Protection Insurance Premiums - be quick to secure one of the few good deal
Added: (Wed Feb 18 2009)
Insurance Underwriters are getting worried. The drip feed of ever worsening financial news has exposed the Government's previously optimistic forecasts to be little more than political spin. Not such a problem for the insurers of houses and cars, but bad news if they offer policies for loss of income due to unemployment. Some people like to call this type of insurance 'redundancy cover' or 'unemployment insurance', the name the insurance industry like to use is Income Protection. No matter what it is called, it has become progressively more expensive. Those Underwriters are about to hike their rates again with due regard to the expectation that unemployment will rise to over 3 million this year.
However, there are exceptions. Some providers of Income Protection Insurance have yet to put up their prices, indeed one of the most competitively priced, iprotectinsurance.co.uk, have not increased their rates since 2007. How much longer can they afford to do it? Their sales reached record levels at Christmas and continue to rocket. Indeed, iprotectinsurance received so much business they found it necessary to withdraw from Moneysupermarket. They will not go back on until their Underwriters new rates go live on 2 March '09. Despite this, their existing ultra competitively priced products are still available on-line via their website. Anyone looking for Income Protection Insurance should move quickly to secure their cover before these rates go up.
For families concerned about job security, with premiums rising, now is the time to consider Income Protection Insurance. Of course, those households with readily accessible savings, usually said to be equivalent to 6 months net salary, have less to worry about. Regrettably, relatively few are in this envious position. The i:protectinsurance Income Protection cover is typical and replaces up to 65% of gross pay of someone who cannot work due to Accident, Sickness or Unemployment. This type of policy will pay out for up to a year for each valid claim. It is subject to a maximum benefit of £1850 per month, which is sufficient to pay the important bills.
The Marketing Manager for iprotectinsurance, Dennis Haggerty commented. "The most popular benefit level chosen by our customers is £1000 per month with premiums ranging from between £12 and £36 per month for people with ages ranging from 18 to 55. This gives someone up to £12,000 of cover over a year. Depending upon the excess they choose, our average 35 year old customer pays between £18 to £26 per month for this level of cover." Will it ever be this cheap again? Probably not.
Clearly, in the current economic climate, there has never been a greater need for people to think about this insurance. Acting quickly and not just thinking about it, could save them a lot of money.
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Slash the Price of Mobile Phone Insurance with a Brilliant Alternative
Added 26 January 2009
A family could easily be paying £20 to £30 a month to insure their mobile phones. However, covering handsets with individual policies is a waste of money. Insuring them with a single policy will immediately cut the cost by 50% or more. Whether bought outright or on contract, a parent will almost certainly have acquired these phones and is therefore entitled to insure them all together.
There is this a little known policy called Gadget Insurance that some providers allow you to use to insure four or five handsets for as little as £10 a month. Take iprotectinsurance for example, they have a specific version of their gadget policy called Phone PLUS. This covers three handsets with a total value of £500 for £6.99 a month,
or five with a combined value of £1000 for £9.99 a month. This is for full accidental damage cover, theft and breakdown.
Because it is a Gadget Insurance policy, anyone can insure their phones and cover their camera, ipod or laptop etc. as well. All for the same price as a big name High Street supplier would charge to insure a single mobile. Looks good value.
Dennis Haggerty Marketing Manager for iprotectinsurance commented. "Parents can save £20 a month covering all of their family mobile phones on a single policy. Because breakdown cover is included, this also appeals to anyone with their son or daughter at university. They would rather pay for their children to have a policy so the insurance company deal with any panic where a lap top is involved. Allianz underwrite our policy. They employ experts who quickly examine, repair or replace a lap top, which is great reassurance for parents with children who are 200 miles away."
Gadget Insurance offers good value and seems to have been designed with parents in mind, but has been overlooked until now. Perhaps it is because we all lead such busy lives that we have been easily led by those commission hungry sales types in mobile phone shops. Like most insurance, the internet is best to start looking for value. Google 'Gadget Insurance' or 'Phone Plus Insurance.'
Phone PLUS will soon be available again exclusively on-line from iprotectinsurance. http://www.iprotectinsurance.co.uk/products/phone-plus/
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Click on this link Paying too much for Payment Protection Insurance..... 15 January 2009 or read the article in full below
Paying too much for Payment Protection Insurance? Find out about big savings
Added: 15 January 2009
People can save 60% or more say iprotectinsurance.co.uk who want anyone with a Mortgage Payment Protection, Income Protection or Payment Protection Insurance to use their website to find out how. This was the reason they introduced iprotect-free-to-switch that informs customers how to make the choice that is right for them. People can compare their existing premium online and see for themselves how easy it is to achieve savings of £300* or more.
Why Free-to-Switch? Surely it is easy to take out another policy? If fact, there are several pitfalls.
By far the greatest barrier for cancelling an existing policy and taking out a new one, is the usual 120 day unemployment exclusion period imposed on new policies. In other words, nothing adverse can be announced connected with the insured person's employer (particularly news of future redundancies), within 4 months of taking of a new policy, otherwise any claim for subsequent unemployment will not be paid. Hence, potentially you could pay premium for 4 months for nothing. Therefore it is no surprise people have felt very reluctant to take out a new policy. They have stuck with their existing cover however much more it might cost them each month.
To ensure they remove this very real fear, iprotectinsurance waive the 120 day exclusion entirely for any customer simply seeking to duplicate their existing cover and save money. By answering just 5 questions on line customers know instantly if ipotect-free-to-switch can offer them a seamless transfer of cover. As a further safeguard, when choosing to go ahead, iprotectinsurance still insist existing cover is maintained until eligibility for a low cost option is confirmed in writing. Only when the customer receives their new policy will iprotectinsurance ask them to cancel their existing policy. Even then the person can change their mind within 30 days and still receive their money back in full. This approach is typical of how iprotectinsurance give customers confidence and illustrates how a previously difficult switching process is made as risk free and seamless as possible.
This Mortgage Payment Protection Insurance can meet the full cost of mortgage repayments plus up to a further 25% or other key expenses. It is subject to monthly maximum limit of 65% of the insured person's gross pay. If they cannot work due to Accident, Sickness or Unemployment, their policy will pay out for up to a year for each valid claim. It stays in force for as long as the monthly premium is paid.
Dennis Haggerty the Marketing Manager for iprotectinsurance.co.uk explained. "Even though savings of 60% or more can be made, there is a misplaced belief that this sort of insurance can only be taken out with a mortgage lender. This is a myth that commission hungry 'Advisers' have been happy to perpetuate over the years. In response to this iprotectinsurance introduced 'Free to Switch' a process that explains the benefits for customers to switch providers that is simple, easy to complete on-line and completely risk free."
Looking at Moneysupermarket.com premium comparison tables, iprotectinsurance products are always somewhere near the top for value. They are able to offer low prices by eliminating the usual costs associated with buying this type of insurance such as commission and an expensive sales force. Business is only done on-line with people who seek them out.
Free-to-switch is solely available from their website. To further encourage visitors, iprotectinsurance have produced free to download Buyers Guide and Top Ten Tips to buying Income Protection, Mortgage Payment Protection and Payment Protection Insurance.
The Competition Commission and regulation by the FSA have now called time on the sales practices of the High Street names selling Payment Protection Insurance and have imposed huge fines on those it considers wanting. Interestingly, the Regulator is now demanding that providers of this type of insurance will need to write to their customers annually informing them of how much they pay. With the FSA now actively promoting people to shop around, it is no surprise that iprotectinsurance want to take full advantage of this new premium comparison focus. They are ambitious to raise the profile of their 'Free to Switch' facility. Their timing could not be better as everyone is feeling the need to examine their outgoings. Making it easy to switch cover and save money should win them a lot of new customers.
*Average saving moneysavingexpert.com/mortgages/payment-protection-insurance
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Click on this link Rock Bottom Premiums..... 24 December 2008 or read the article in full below
Rock Bottom Premiums Including Unemployment Insurance Made Easy On-line
Added 24 December 2008
On-line specialist, iprotectinsurance.co.uk, supplying Accident Sickness and Unemployment Insurance exclusively on the internet, is expanding to reflect Britain's insatiable appetite for on-line bargains. Launching in October 2007 with just a single product, iprotectinsurance is now offering a range of six at rock bottom prices. Their key to success has been to concentrate upon people who are confident to buy on-line and cater exclusively for their requirements.
The wave of uncertainty spreading through the UK workforce - 80% fear for their jobs according to a survey by law firm Peninsula (press Association 23 November 2008) - has certainly boosted iprotectinsurance sales. The demand for Accident Sickness and Unemployment insurance, often called Income Protection or Lifestyle Protection Insurance, has been boosted by the recent high profile redundancies and recession led cutbacks now hitting both manufacturing and retail. Lifestyle Protection Insurance, the name iprotectinsurance use, is their best selling product. It replaces up to 65% of gross pay of someone who cannot work due to Accident, Sickness or Unemployment. This policy will pay out for up to a year for each valid claim.
Following their expansion into Mortgage Payment Protection earlier this year, iprotectinsurance found many new customers began seeking them out to make substantial savings on their existing policies. Dennis Haggerty the Marketing Manager of i:protectinsurance explained. "At first, many customers were reluctant to move their existing insurance, even though they could make savings of 60% or more. I believe, this is because, most people still think they can only take out a Mortgage Protection Policy with their lender and are obliged to keep it with them. In response to this we introduced 'Free to Switch' a process that explains the benefits for customers to switch providers that is simple, easy to complete on-line and completely risk free."
The iprotect 'Free to Switch' informs customers of the choices available from their on-line product range. When customers choose to go ahead iprotectinsurance still insist their customer maintains their existing cover until it is confirmed the customer is eligible for one of their low cost options. As part of making the transfer of cover seamless and as risk free as possible, iprotectinsurance waive the usual 120 day unemployment exclusion period imposed on new policies. To underpin this every policy comes with a 30 day money back guarantee.
It is clear iprotectinsurance want to promote the idea that everyone with Mortgage Payment Protection, Income Protection and Payment Protection Insurance should look to switch provider for a better deal as readily as they now switch electricity and gas suppliers.
Looking at Moneysupermarket.com price comparison tables, iprotectinsurance are always somewhere near the top for value. They are able to offer low prices by eliminating the usual costs associated with buying this insurance by not having any middlemen, not paying commission and their refusal to employ telephone sales agents. Therefore, they never ring up to sell this cover and neither do they send junk mail. Business is only done on-line with people who seek them out.
To encourage visitors to their web site, iprotectinsurance have produced a Buyers Guide and Top Ten Tips to buying this type of insurance. These are free to download and cover the important aspects of buying Income Protection, Mortgage Payment Protection and Payment Protection Insurance. They are supplemented by links to independent comparison websites, the FSA and a wealth of recent press coverage. This is designed to give background information to help customers choose the cover they need.
The Competition Commission and regulation by the FSA have now called time on the sales practices of the High Street names selling this insurance and have imposed huge fines on those it considers wanting. This is has proven to be timely for iprotectinsurance who want to stand out from the rest as a consumer oriented provider.
Interestingly, the Regulator is now demanding that providers of this type of insurance will soon need to write to their customers annually informing them of how much they pay. With the FSA actively promoting people to shop around, it is no surprise that iprotectinsurance want to take full advantage of this with their ambitions for raising the profile of their 'Free to Switch' facility. At a time when wallets are being squeezed, switching cover to save money may win them a lot of new customers.
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Dennis Haggerty FCII M IDMMarketing Manageriprotectinsurance.co.uk |