Uinsure is delighted to announce a reduction in its Mortgage Payment Protection Insurance (MPPI) rates. The reduction, available immediately, shows a commitment to Payment Protection Insurance and the invaluable safety net that it can provide at a time when 700,000 jobs are at risk.
Recent changes, as a result of a Competition Commission Ruling, published by the Office of Fair Trading, have altered the way that MPPI is both sold and administered. Many of the changes required have been in place with Uinsure for some time, including the use of annually reviewable contracts to ensure that the product remains suitable and to avert unexpected premium increases.
The biggest change is the introduction of a point of sale ban for financial advisers wishing to offer their clients PPI products. It has been feared that this will result in advisers ‘shunning’ the product, avoiding selling it due to increased compliance requirements. However, Uinsure is urging both advisers and clients to remember the benefits of such products and understand the difference between a MPPI policy and a potentially mis-sold single premium PPI policy of old.
Recent research from the Institute for Public Policy Research (IPPR) shows that an extra 100,000 people will lose their jobs this summer and unemployment is not set to drop for at least 18 months. Similar research from the Office for Budget Responsibility shows that one in seven (700,000) public sector workers will lose their jobs between now and 2015, with many having little or no financial safety net.
Uinsure’s MPPI policy will pay a monthly benefit to cover a mortgage and associated costs for either Accident & Sickness, or Accident, Sickness & Unemployment claims. It offers a choice of excess and waiting periods to allow a product to be tailored to a client’s needs, along with a standalone Bill Protector product for non-mortgage clients.
For more information about how the Competition Commission changes will affect you, please contact our sales team on 0844 844 3844 or email us at email@example.com
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