Lifeline for People Reeling from Huge Increases in MPPI Premium
Added: (Wed Apr 22 2009)
Pressbox (Press Release) -
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).