Press Releases
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Customers can protect their income and their homes with cover from www.iprotectinsurance.co.uk |
Press Releases
Go On-line to Beat the 7 Day Rule
Issued 23 August 2010
Highly competitive direct-to-public iprotectinsurance.co.uk are offering free bolt MPPI and short term Income Protection products to enable the intermediary to test if clients will visit their website and buy these products on-line.
It is a simple proposition. Because most IFA’s and Mortgage Consultants still doubt that they could direct sufficient customers /internet browsers to buy from their web sites, they will not invest in an on-line system. However, once the 7 day rule is imposed, not having these protection products on-line, will place them at a distinct disadvantage. Their clients can look on the web to get a quote during the 7 day period, if they go elsewhere the intermediary could lose them to a competitor.
Therefore iprotect offer to place their quote-and-buy link on the intermediary’s website. If this generates business the intermediary can judge whether it is worth developing further. Only a finder’s fee is paid by iprotect. However, it enables the Intermediary to retain that all important contact with their clients and enhance their website functionality at zero cost.
Sales will determine if there is a business case for the intermediary to further develop their website in terms of offering MPPI and Income Protection on-line in the future.
Proving if on-line is the way forward
The iprotect brand is owned by the Wessex Group who have offered their Broker Lifestyle System to intermediaries for several years. If the iprotect affiliate ‘bolt on’ generates sufficient volumes, Wessex will be quick to respond by offering the intermediary their white label customer quote and buy system. This is the next generation of their current Broker Lifestyle product, fully branded, with bespoke deployment and supporting traditional commission. It enables customers to buy on-line and, where required, the intermediary’s sales staff can simultaneously guide that customer through their on-line application. All other administration is handled by Wessex.
Testing the iprotect proposition - what is the process?
- Click on www.iprotectinsurance.co.uk/affiliates/affiliate-registration/ and register your interest in becoming an iprotect affiliate
- A full application follows and iprotect send through links to products. In addition to their logo, text and images for the Intermediary’s website can be supplied if required
- A standard TOBA is signed before on-line links are deployed and tested prior to going live
This process usually takes about 2 weeks. Thereafter monthly MI is sent by email in respect of the number a quotes, sales and finders fee paid etc.
For the intermediary, to test a quote-and-buy facility at no cost on their website, is certainly an advantage. Implementation of the 7 day rule remains a strong incentive. Wessex also see this as a way for them to establish a preferred list of partners with whom they would like to work as administrators in the future. Proven business volumes would enable them to offer the comprehensive support of their next generation Broker Lifestyle solution as a natural progression from their iprotect affiliate model.
For more details please contact Dennis Haggerty, Marketing Manager iprotect – email; dhaggerty@wessex-group .co.uk
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Mortgage Payment Protection and Income Protection Insurance to become even more Expensive
Issued 6 August 2010
Mortgage Payment Protection and Income Protection Insurance will become even more expensive as Underwriters learn how Government austerity measures will have a disproportionate effect upon UK employment patterns.
The price of Mortgage Payment Protection and Income Protection Insurance is not just linked to the monthly Office for National Statistics figure for people ‘unemployed and claiming benefit’. This number may remain broadly static for some time. Cynics say for the next few years there will be enough unemployment to hold down pay demands, but not so much that there will be riots in the streets! In fact the gross figure for people without work is less important for the Underwriter setting premiums for both Mortgage Payment Protection and Income Protection Insurance, provided employment patterns are relatively static. During such times this can be measured and insurance rates for the majority of people remain highly competitive. In a static market, providers focus upon offering the best rates to those people who have a better than average chance of either keeping their job or getting another one.
Every economy evolves with new industries that develop at same time as mature or established firms reduce their cost base to compete - typically through automation, market consolidation or simply shipping processes abroad. So, if market evolution is normal and competitive products were offered previously, what's changed? The stark reality is that the new Government has decided to put the UK into the economic equivalent of The Priory to wean us off a dependency upon public expenditure.
For at least 15 years the steady growth of the economy, along with buoyant tax receipts, has enabled public sector budgets to grow, especially in Health and Education. Equally a remarkable programme of inner city renewal has taken place with a multitude of grants and contracts that spread Government spending throughout the economy. David Cameron has declared a clear intention to re-balance the economy away from the public sector. Consequently the certainties of existing employment patterns are being swept away, especially in the inner cities with their disproportionate reliance upon the public purse.
At the same time this is likely to mean that Government departments will slim down their staff to match their reduced workload as the new administration swings away from 'big’ government? Consequently will we see the closure of whole government departments as the new administration moves to out-sourcing? Potentially legions of civil servants could be replaced by a small team of supply chain contracts managers.
Above all else, it is this rebalancing of the economy that creates such uncertainty for the Mortgage Payment Protection and Income Protection Insurance Underwriter. Their job is to accurately estimate employment patterns and redundancies in hundreds of industries, at least 2 years in advance. They then price in the likely cost of claims and work out what premiums people must pay now to cover their claims over the next 2 years. The only certainty the Underwriter has at this time, is an understanding that before people in the public sector move to the private sector, they will lose their current jobs.
How many new private sector jobs will be available for out of work public sector workers in our barely recovering economy? Then to what extent will the individuals existing skills have application in the private sector? Both of these factors will have an enormous impact upon the time it takes for people in this situation to secure new employment.
Most Underwriters have worked in large financial institutions and have seen massive change over the years following mergers and acquisitions. Often these drove savings of perhaps 10%. Now the government is talking in terms of cuts between 25 and 40 percent in their unprotected departments. Furthermore it is the effect on the private sector as big public spending projects are pulled or scaled back. These could send further shock waves through the whole economy reducing the number of available vacancies.
Therefore the sheer scale of change leaves every Underwriter in no doubt that unprecedented numbers will lose their current jobs. They can only guess how long those out of work will take to find another job. This is the hardest factor for underwriters to calculate - they are in uncharted waters and economically speaking surrounded by sharks!
The questions people are asking right now. “Have premiums already gone up this year?” Yes they have. “Will they go up again?” Most certainly, all Underwriters will be cautious when faced with so much uncertainty. “When should we hope things will improve?” When the 'new reality' for UK employment patterns has emerged. Only then will the Underwriters be able to make an accurate assessment and Protection Insurance rates can be stabilised.
With so much change, is this a good time for consumers to buy Income Protection or Mortgage Payment Protection Insurance? Dennis Haggerty, Marketing Manager for on-line specialist iprotectinsurance.co.uk commented “Yes it most certainly is. The longer people leave it the harder both Mortgage Payment Protection and Income Protection will become for them to buy. There are still competitive deals out there. Though Civil Servant and Local Authority workers will have to pay much more, if they can buy the cover at all. This is simply because their future employment prospects are so uncertain at this time.”
The Lloyds Banking Group have recently stopped offering this type of insurance. Far better value can be found on-line, however it is indicative that premiums are likely to rise because the number of providers willing to offer this cover has reduced. From July 2010 iprotectinsurance.co.uk, whilst not recently increasing premiums, they are now declining any further applications from people employed in the civil service or local authorities. This is an example of how the market is contracting in terms of the people Underwriters are prepared to cover. Fortunately they cover most other occupations.
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Unemployment Protection Premiums to Rocket
Issued 9 July 2010
Mortgage Payment Protection and short term Income Protection premiums are set to rocket as Underwriters digest 1.3m UK job losses are now forecast by the Treasury.
The impact of the budget cuts announced by the Chancellor George Osbourne will be felt most of all by the employees of private companies that had won recent tenders for major public projects. For example those companies who thought they would to be delivering the previous Governments flagship £55bn Building Schools for the Future programme. At a single stroke, the Education Minister Michael Gove cancelled contracts for 50% of these new schools. There are also thousands of contractors and subcontractors expecting to undertake work for other Government Departments and for Local Authorities who are now fearful the same fate awaits them. Treasury figures indicate between 600,000 to 700,000 jobs will disappear in the private sector by 2015 as a direct consequence of the cutbacks outlined in the budget.
Low cost provider of Accident Sickness and Unemployment Insurance (ASU), iprotectinsurance expressed dismay when learning of the forecast for 1.3 million job losses. It should be remembered that companies like iprotectinsurance pay out up to £1500 per month to people they insure who unable to work due to accident, sickness or unemployment. Currently some of their claimants take well over 6 months to get another job due to the high level of UK unemployment. Jobless figures for the first quarter were released by the Government in June confirming a rise to 2.47m (source ONS).
Responding to the Treasury prediction of 1.3m job losses, David Cameron said that 2.5 million new jobs will be created as a result of private sector growth by 2015. Unfortunately, for this to happen, the UK economy must grow at far more than 2% per annum. Because, unlike the Public Sector, efficiency in the private sector is remorseless, and consequently growth has to exceed 2% before any need is created for extra staff.
In view of the recession Mr Cameron’s statement would seem to be wildly optimistic. Indeed, John Philpott, chief economist at the Chartered Institute for Personnel and Development (CIPD), condemned this assertion and was reported saying "There is not a hope in hell's chance” when referring to 2.5m new jobs being created. The CIPD has estimated that there will be 725,000 jobs lost in the public sector alone by 2015, although John Philpott conceded the number would be lower if genuine public sector pay cuts are achieved. Unfortunately, the Unions including the strong Civil and Public Services Association will fight this tooth and nail.
Dennis Haggerty Marketing Manger for iprotectinsurance commented “George Osbourne’s budget cuts have created the perfect storm for unemployment. It is not just the number of Civil Service jobs that will be lost. The real worry is the knock on effect of the budget cuts in the wider economy, driving a fresh wave of redundancies in the private sector”.
Without doubt those made redundant will have to fight for a limited pool of private sector jobs.
Dennis Haggerty explained further ”It is the length of time that people take to get back to work that increases the cost of claims and this in turn forces up premiums. We help our customers find new careers, however I genuinely worry whether people who have spent their working lives in the public sector will cope with the requirements of private industry ... they could be out of work even longer.”
The independent Office for Budget Responsibility, set up by Mr Osborne, predicts that unemployment will peak this year at 8.1% and it will then fall in each of the next four years to reach 6.1% in 2015. However this is a long way off and a lot of people are going to lose their jobs in the short term.
Accident, sickness and unemployment cover is often bought as Mortgage Payment Protection Insurance by people when they arrange a new Home Loan. Others buy this cover independently as Lifestyle Protection or short term Income Protection Insurance. All pay out if the policyholder is unable to work. The cover can be bought relatively cheaply on-line with premiums for younger people typically about £30 per month to pay out £1500 per month for claims. However, for people in their late forties and above, these premiums can be double. This is not surprising as the Underwriters point out that, from middle age, people struggle to find work following redundancy and suffer from more health issues.
With so much bad news concerning employment, premiums are certain to go up and some Underwriters are already refusing to accept any applications from Civil Servants. Therefore anyone considering protecting themselves with this type of cover might want to arrange it sooner rather than later.
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New i:protect Insurance Portal for Web Savvy Buyers
Issued 30 March 2010
Summary: Specialist provider i:protect now offers a route to on-line niche insurance products that are largely overlooked by the price comparison web sites. They allow customers to bypass brokers and web based lead generation scams as well as those sales telephone calls that are an anathema to the on-line buyer. The i:protect web portal enables 45 different types of insurance policy to be bought directly from the insurance product providers. Every policy is offered at a discount price that is only available on-line.
Having established their reputation on the leading price comparison and consumer websites selling low price Mortgage Payment Protection and Lifestyle Protection Insurance, on-line provider iprotectinsurance.co.uk are now looking to do the same with a far wider range of products. They offer formidable value for money due to their internet only model. Using technology to drive down their costs they no longer need an expensive call centre to support sales administration.
Not everyone wants to buy on-line, however more people than ever are very happy to do so if it means saving money. At i:protect they see their future serving this growing customer segment and have sourced over 45 different insurance products that can all be bought on-line. They are now offering these through a web-portal for internet savvy buyers who see telephone sales as a hassle.
Dennis Haggerty, Marketing Manager for i:protect Insurance explained, ”We have identified the frustrations of people seeking an on-line quote, who then find they are dealing with organisations that just use the net to get their number to ring them. That is the very thing that most web users want to avoid. Have you noticed just how many leave false contact details on quotes these days? This is the reason why we assure our customers that we only offer them dedicated on-line products, no lead generation or call backs.”
There is certainly a place for a specialist in their field who can be relied upon to direct people to the products they want. At i:protect they offer a wide selection of insurance products for customers who prefer to make their own mind up when buying on line. They have also included those niche products that do not feature on the heavily advertised websites, yet still provide the value and on-line buying experience sought by their customers.
When asked to say why customers should go to i:protect rather than one of the price comparison sites, their Marketing Manager responded ”For the most popular insurance products the comparison websites are a great place to start, however, most simply don’t offer specialist products such as Income Protection Insurance. Also, they don’t have all of the best deals. For instance, we now offer a link to Aviva Direct motor insurance and they’re not on comparison sites."
The i:protect customer proposition is built around offering to save web buyers time and frustration searching the internet, not just for value but also for the internet only buying experience they are seeking. With this fresh approach i:protect look to attract new customers with their new website dedicated to the needs of the on-line insurance buyer.
There are now over forty different insurance products offered by i:protect. They provide these themselves or through affiliates. Their core product range of Mortgage Payment Protection, Income Protection and Gadget Insurance has now been joined by Motor, Home and Travel Insurance, Pet, Horse, Caravan and a large range of niche products. Cover for Tradesman and a comprehensive range of Businesses Insurance products are also offered. They confirm more are being added driven by customer demand.
This is an interesting take on customer segmentation. It is not based on product, but rather on buying preferences. The business logic of i:protect’s approach is overwhelming. If they can appeal to customers who don’t like to use the telephone to buy, their costs will always be lower than their mainstream competitors.
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Public Sector Employees Take Action Now Before Redundancy Strikes
Issued 4 January 2010
Just when there are finally signs that things are beginning to stabilise in private industry, Public Sector jobs look set to take a big hit. All political parties are now telling us that there will be swingeing budget cuts after the next election. If ever there was a time civil servants, local authority employees and healthcare workers should be thinking about protecting themselves from redundancy, it is now.
Dennis Haggerty the Marketing Manager of iprotectinsurance commented "Our message to customers has always been that there is no reason to risk losing your house or getting into serious financial difficulties because you are unable to work. Protect your family and your home with one of our low cost policies”. Many thousands have responded by taking out a Mortgage Protection or Lifestyle Protection policy with iprotectinsurance.co.uk over the years. However, very few of their policyholders are employed in the Public Sector.
At iprotect they believe this is because these type of jobs were previously immune from a downturn in the wider economy. Winchester based iprotect have dealt with hundreds of claims this year from people who had been made redundant for the first time in their lives. Individuals in private sector jobs previously considered perfectly safe.
Most people took out loans and ran up credit card bills during the good times. These commitments, as well as rent or mortgage repayments, still have to be met by men and women suddenly thrown out of work through no fault of their own. Families without savings have been plunged into a terrible spiral of debt. They could have avoided this by taking out iprotect’s Lifestyle Protection insurance for example. However, it is essential to secure this cover before an employer starts talking about cut backs and redundancies.
Dennis Haggerty commented on behalf of iprotect "We have letters from families with large mortgages to pay each month. They have left us in no doubt that they would have lost their homes should it not have been for their policy with us. We have included an extract from one of these letters under the ‘What our customers say’ pages our website. It is so important that people realise that this cover is available to them and how it can protect them from financial meltdown."
With the example of what happened in private industry, it is now vital Public Sector employees take the opportunity to buy this cover before it is too late. As soon as specific Government Departments are tasked with budget cuts, Underwriters will refuse to offer insurance to people in occupations or functions certain to be considered for redundancy. The same thing happened when the banks ran into trouble in 2008, everyone knew they would be cutting their workforce and overnight this insurance became impossible for bank staff to buy.
Insurance is all about spreading the risk. If 10% of people are made redundant and have to claim, their payments will be met by the premiums of the remaining 90% still working. This keeps the cover affordable. However, if the only people to take out this insurance were certain to claim, the risk could not be spread or shared between enough people to make the cover viable to offer. This is the reason Underwriters decline to insure people with a higher than average probability of being made redundant.
For Public Sector employees the most important issue is to act now before the post election budgets are disclosed and the window of opportunity to buy this cover is slammed shut.
This is a typical example of a Mortgage Protection quotation. The premium for a person age 30 is £20.90 per month for a policy would pay them £1000 each month, for up to a year, if they are unable to work due to accident, sickness or unemployment. This policy would have a 30 day excess period, which can be increased to 60, 90 or even 180 days to reduce premiums further. For more information, or to get a instant on-line quotation, visit www.iprotectinsurance.co.uk specialist providers of low cost Mortgage Protection and Lifestyle Protection Insurance.
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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 policie