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September 2006 issue
Mortgage Magazine
Most policies provide 12 months cover, however it’s worth asking yourself how long it will really take you to find another job. The latest Labour Market Trends report from the Office of National Statistics reveals that 63% of the unemployed find work within six months of losing their job. The only company currently offering a choice of repayment periods is newly launched Mortgage Protection and Income Protection AntInsurance.co.uk that offers a short-term ‘band aid’ option of three or six months cover, as well as the standard 12. This option offers the cheapest standalone protection, and is useful if your employer already provides a favourable redundancy or accident package of if you only need short term cover to get yourself back up on your feet and working. Income and Mortgage Protection Insurance press articles. | |
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1st July 2006
Martin Lewis moneysavingexpert.com
Also in the Saturday Guardian
"Surprisingly, standard MPPI policies’ prices don’t depend on age, smoking or other factors that increase the likelihood of a claim. So a 22-year-old vitamin popping yoga-guru pays the same as a chain-smoking 62 year-old professional wing-walker."
Under 50s. "a small number of age related policies win out...AntInsurance is technically income protection but simply apply for the amount of cover which matches your monthly mortgage repayment..." |
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Martin Lewis (the Money Saving Expert) 21st June 2005
"Cunning loan insurance cost cuts"
FreeinsuranceUK quotes independently of age or other criteria, except your monthly repayments.
Pam Needham (Director of Ant Insurance) "we are soon to be launching caravan insurance!" |
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Breaking News 19 June 2006
Mortgage Solutions Online
Assurant Solutions creates short-term IP products
Assurant Solutions has created an age-banded income protection product for new online provider AntInsurance.co.uk which – for the first time – provides three and six month cover as well as the 12 month industry standard.
Pam Needham, director of AntInsurance.co.uk, said: “Our research revealed that two thirds (63%) of unemployed people find work in under six months , and so we decided to build a proposition that would allow consumers to pay for cover that they needed rather than for something that they would be unlikely to use. We wanted to cut the frills and the fanfare to offer plain and simple value for money.
“Given its track record of creating flexible insurance products that are focused on meeting individual customer’s unique circumstances, we felt that the team at Assurant Solutions was the logical underwriting partner to approach. We are delighted with the range of income protection options that Assurant Solutions has developed, which will allow AntInsurance.co.uk to deliver affordable and valuable protection to UK consumers.”
Assurant Solutions has designed and underwritten the product on behalf of AntInsurance.co.uk and will be handling the claims and administration.
This product is accessed via a one-page quote engine on AntInsurance.co.uk, generating tailored quotes in just 20 seconds or 10 clicks of the mouse. Consumers can mix and match accident, sickness and unemployment cover with different benefit periods according to their needs, circumstances and budget. Every policy has back-to-day one cover with a 30-day qualifying period.
Ian Moffatt, sales and marketing director at Assurant Solutions, said: “Assurant Solutions is bringing a new breed of protection products to the market that will bring about a sea change in our industry. Following the introduction of our innovative new Matrix range of mortgage payment protection products, our specialist team of actuaries and underwriters have successfully developed an income protection product which puts the customer’s needs at the heart of the underwriting process. We are delighted to work with AntInsurance.co.uk and help them bring a fresh new option to UK consumers, allowing them to choose a solution that will protect their own individual lifestyle in times of need.” |
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19 June, 2006
Mortgage Introducer. com
Assurant launches income protection product
Assurant Solutions has launced a three and six month income protection product.
The product will be launched via online provider, AntInsurance.co.uk and provides customers with three and six months cover as well as the 12 month industry standard.
Pam Needham, director of AntInsurance.co.uk, said: “Our research revealed that two-thirds (63 per cent) of unemployed people find work in under six months and so we decided to build a proposition that would allow consumers to pay for cover that they needed rather than for something that they would be unlikely to use. We wanted to cut the frills and the fanfare to offer plain and simple value for money.
Assurant Solutions has designed and underwritten the product on behalf of AntInsurance.co.uk and will be handling the claims and administration. Assurant Solutions is a specialist in creating insurance products that protect UK consumers’ income, health, home and possessions.
The income protection product is accessed via a one-page quote engine on AntInsurance.co.uk. The flexibility that Assurant Solutions has built in to the product range allows consumers to mix and match accident, sickness and unemployment cover with different benefit periods according to their needs, circumstances and budget. Every policy has back-to-day one cover with a 30-day qualifying period.
Assurant Solutions and AntInsurance.co.uk have worked together to introduce two return to work features:
- ‘Return to Work’ benefits help customers ease themselves back into work for up to three months in any 12-month period after any illness or accident by compensating them for the financial shortfall if they return to work part-time on a reduced salary.
- The ‘Temporary Return to Work’ feature is designed for customers receiving unemployment cover who would like to undertake temporary work for up to six months. The policy will not pay during the period of employment, but once the temporary employment concludes and the customer re-registers with the Job Centre Plus, it will continue payments as if there had been one continuous claim.
Ian Moffatt, sales and marketing director at Assurant Solutions, said: “Assurant Solutions is bringing a new breed of protection products to the market that will bring about a sea change in our industry. Following the introduction of our innovative new Matrix range of mortgage payment protection products, our specialist team of actuaries and underwriters have successfully developed an income protection product which puts the customer’s needs at the heart of the underwriting process. We’re delighted to work with AntInsurance.co.uk and help them bring a fresh new option to UK consumers, allowing them to choose a solution that will protect their own individual lifestyle in times of need.” |
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The Sunday Express, March 16th, 2003
"Cunning loan insurance cost cuts"
Having scoured the market Freeinsuranceuk is the cheapest standalone provider, its prices depend on the monthly repayments, it is a web only seller of policies for Marketing and Management Services Ltd a registered member of the General Insurance Standards Council.
..........Take a £5000 five year branch loan with Lloyds TSB and the insurance alone adds an extra £29 a month, the total interest and insurance cost over 5 years is £3,800. Take the cheapest insured loan on the market with Intelligent Finance and it costs just £1,705. Yet take the very cheapest uninsured loan for this amount, which is the Lombard Direct online 6.7% deal and get a PPI with
Freeinsuranceuk and it's £1,270 - that's less than a third of the cost of Lloyds TSB and £400 cheaper than the cheapest loan.
 Full article here
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The Guardian, March 5th, 2005
"Smashing the protection racket"
Brokers have taken on the banks by offering much cheaper cover for repayments, writes Phillip Inman.
..........John Needham, who runs one of the smaller independents,
Freeinsuranceuk, says that although his firm may be small (it signs about 100 policies a month), it provides a "Rolls-Royce" service. "I wanted to run an ethical firm after I retired from the police. It is a scandal what the banks get away with. We cover for loss of job for any reason, when you will find the banks try to wriggle out for any reason," he says. Like other independent operators it also covers long illnesses and back problems, which only some banks will include in their polices.
Click here for banks vs. independents price comparison chart.
Full article here
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