Rock Bottom Premiums Including Unemployment Insurance Made Easy On-line
Added: (Wed Dec 24 2008)
Pressbox (Press Release) -
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.