You are Free to Switch insurance providers and save with i:protect – average saving £500 plus!*
- Big saving in monthly premium and no switching charge or arrangement fee
- Security of knowing there is no break in your cover when you switch insurance providers to i:protect
- Initial exclusion period is not applied and we confirm if you qualify for this in writing BEFORE you make any decision to go ahead
- You keep the same level of cover you have with your existing provider
- You can increase your monthly benefits by up to £200 more with i:protect
- Simple on line process, no pressure, no sales people will call
- This switching option is built into ALL of our protection products
- Your policy comes with a 30 day, no questions asked, money back guarantee
* £500 plus saving on Mortgage Payment Protection Insurance - see moneysavingexpert.com
Free to switch insurance providers
i:protect Free to Switch is a simple on-line process that enables you to switch insurance provider. It is built into the standard application process for our Mortgage Payment Protection and Lifestyle Protection Insurance products.
All you have to do: when prompted during the quotation simply confirm:
- that you have an existing payment protection policy in force
- you can meet the eligibility criteria (see full details below)
You can then switch your, Payment Protection, Income Protection or Mortgage Payment Protection Insurance to i:protect to save money. Most importantly, subject to confirmation, i:protect will confirm in writing that we will waive the usual initial 120 day unemployment exclusion period. Therefore you can switch your cover seamlessly and risk free. The Initial Exclusion Period is explained in more detail below.
What types of policy can I switch to save money?
You can switch cover and save money on any of the following policies without any gap in your cover:
- Mortgage Payment Protection Insurance (MPPI)
- short-term Income Protection Insurance (STIP)
- Payment Protection Insurance (massive savings on monthly paid PPI)
I am thinking of switching insurance providers what do I need to do?
First of all, what sort of policy do you have? If you have a Payment Protection Policy of or Income Protection policy both of these can be easily transferred to i:protect Lifestyle Protection Insurance using our seamless free-to-switch process.
If you have a Mortgage Payment Protection policy (sometimes called Mortgage Protection, Mortgage Insurance or MPPI); i:protect Mortgage Payment Protection would be your money saving option to use our free-to-switch process for an easy and risk free transfer to i:protect.
If you already have this cover and simply want to find out how much you could save by moving to i:protect, why not get an instant quote right now? please click on the ‘get a quote’ button above and follow the options.
It is well worth getting a quote if you can meet this Eligibility Criteria:
If you have an existing payment protection policy such as income, mortgage or loan protection, you can easily transfer to i:protect. If you choose i:protect, subject to some exceptions, the underwriter will waive the initial exclusion period (see definition below) when you meet the following conditions and can provide a copy of your existing insurance schedule if requested:
- You are able to provide the name of your existing insurer
- You can confirm that you have had the existing policy for more than 6 months
- You are applying for no more than £200 more monthly benefit than your existing policy
- You can confirm that your existing policy is still active and that it has not been cancelled
- You can confirm that you have not made a claim against your existing policy in the last 2 years.
Why switching to i:protect is a safe option
To protect you, Free to Switch policyholders are underwritten and cover is not granted (ie your policy does not start) until you receive confirmation from i:protect in writing. This process ensures your existing policy continues to cover you until you can make a seamless switch to i:protect.
If you change your mind you can cancel your new i:protect policy within 14 days, no premium will be charged and you can continue with your existing policy.
There are other providers of short-term Income Protection Insurance and other products designed to protect you against loss of income. For impartial information about insurance, please visit the website at www.moneyadviceservice.org.uk
Your Questions Answered
Q1. Why is it called Free to Switch?
We are pleased to tell you that the Underwriter has agreed to consider any customer who meets the Eligibility Criteria to switch cover from their existing provider. For all those accepted the change of cover is:
- FREE of any exclusion period
- FREE of any arrangement or booking fee
- FREE of concern there could be a gap in cover
This is why we call this ”Free to Switch” insurance providers. It has been built into our standard application process for all of our financial protection products
Q2. What is the advantage for me if I decide to switch?
You can take advantage of i:protects highly competitive rates and first class service because the switch to i:protect can be completed entirely on-line. There are no middlemen or commission paid to intermediaries. As you would expect, exceptions can arise and the insurer must therefore reserve the right to vary the terms and the exclusion period. However these exceptions are rare and only done where it is appropriate to meet individual circumstances.
A quotation only takes a few minutes and can be completed on line.
No sales staff will call, we offer a free of obligation quotation to all customers.
Q3. Explain the ‘Initial Exclusion Period’
i:protect Free to Switch customers can switch to a new policy without an initial exclusion period being imposed. This removes one of the biggest risks and disincentive to taking out a new policy. This is because if you take out a brand new policy, you generally cannot claim for unemployment for 90 or 120 days for Mortgage and Income Protection respectively. Whereas switching eliminates this problem.
Simply put, Initial Exclusion Periods, could put you at risk. They are applied to virtually all new policies. Underwriters will only issue a new policy with this exclusion applying. A notification of redundancy during this time would not be an allowable claim.
Therefore, to overcome the worry that this exclusion period would apply when switching providers, i:protect designed the free-to-switch insurance providers process. We want to make it clear that this is not a problem is you want to switch your existing policy to i:protect.
Please note you will not be able to increase your chosen benefit amount or reduce your excess period(s) within the first 90 days of your new policy.
*Money.saving.expert.com MPPI Buyers Guide explains how at least £500 can be saved by switching to a stand alone Mortgage Payment Protection provider and show iprotect as one of the cheapest in the UK. Also compare i:protect premiums through the independent and unbiased Money Advice Service price comparison tables for Payment Protection Insurance.