26
Protection news
Sandy McPherson,
head of marketing at
Bright Grey improves IP
Paymentshield, warns
of the dangers of
ignoring MPPI
offering
Bright Grey has improved its Bright Grey said: “We are delight- that customers will get added
The need for brokers to income protection offering by ed to have teamed up with value from their Bright Grey
impress upon clients the improving cover limits and HCML. The rehabilitation service plan.”
necessity of having adequate
including the services of HCML, will benefit those people who Improvements to Bright Grey’s
insurance in place is being
the rehabilitation case manage- require additional support in inc
rammed home each week by
ment company. order to get their life back on circle6
ome protection offering:
Maximum benefit increased
horror headlines in the press.
The rehabilitation service com- track. If a person has been away from £75,000 to £150,000 a
The latest is that those that
plements Bright Grey’s existing from work for a long time recov-
have taken out mortgages
Helping Hand and introduces a ering from an illness or accident, circle6
year
Maximum benefit for house
with sub prime lenders are
greater degree of support for get- it can be hard to get back into a persons and those who are not
ting people back on their feet. daily routine. receiving a salary, increased
most threatened with
Once it is decided that a claimant “The NHS has recently given
homelessness.
would benefit from the service, recognition to the fact that condi-
circle6
from £12,000 to £16,800
Maximum Cover Increase
A survey by YouGov
the HCML team will assess the tions such as lower back pain Option increased from £3,000
revealed that 22 per cent of
needs of the client and assign a require assistance by offering per annum to £8,000 per
these homeowners are Rehabilitation Case Manager. The complementary therapies to peo-
struggling with, or falling Case Manager will plan a pro- ple whose pain is not improving. circle6
annum
Applicants can now include
behind, on monthly mortgage
gramme of rehabilitation and At Bright Grey, we also recognise
benefits in kind when assessing
payments, with many forced
recovery to help the person that some people with long-term
their gross annual earnings.
to borrow from friends and
return as close as possible to their conditions require additional
(Benefits in kind is the name
family, use credit cards and
pre-injury or illness levels of support to help them to move on.
given to taxable benefits given
take out loans to keep the
health and fitness. “This improved proposition com-
by an employer, such as a com-
roof over their heads. This
Ian Smart, head of product devel- plements Bright Grey’s Helping
pany car, private medical cover
opment & technical support at Hand service and is another way
follows the news that only six
or loans).
people have been helped so
far by the government’s
LV= extends cover offer
Homeowner Mortgage
Support Scheme.
LV= has extended its offer to ing. The provider is now extending protection commented: "With the
The poll also shows many
remove the initial 60 day unem- its offer by a further six months recession biting, we know that
sub-prime borrowers feel
ployment claim exclusion for cus- until the end of 2009. consumers may be increasingly
their lenders are not doing
tomers who replace their existing At the same time, LV= is pub- concerned about their job security
unemployment cover with LV='s lishing its underwriting approach and that advisers need clarity and
enough to help, despite the
Mortgage & Lifestyle Protection for unemployment cover, to help certainty around which products
government urging all
cover. clarify, through a series of different are suitable for their clients. As
lenders to show compassion
Usually LV= would not pay a scenarios, whether an application unemployment continues to rise,
to those experiencing
claim for unemployment cover if for unemployment cover would be we are pleased to be able to extend
difficulty. At the same time the customer became unemployed accepted. the offer to give more customers
new research from the ABI within 60 days of their plan start- Chris McFarlane, LV= head of and advisers the chance to benefit."
shows that policyholders are
cancelling buildings &
contents cover and even life
Select & Protect launches MPPI
cover to save cash. Not only
is this a false economy it is
Select & Protect (S&P) has to be sold either alongside a mort- rently in the market, giving cus-
reckless.
launched a mortgage payment pro- gage or standalone, a major tomers a valuable multi-dimen-
What is clear is from these
tection insurance (MPPI) product demand in the marketplace with a sional mortgage support package
trends is the important role
available to all S&P registered bro- choice of Back to Day 1, 30, 60 or beyond just a financial sum in the
brokers must play in
kers. 90 day excess, cover for the self event of accident, sickness or
The new 5 Star Defaqto-rated employed with no occupational unemployment. We feel our MPPI
ensuring their clients protect
product, provided by FirstAssist, restrictions, a level of cover up to product will do all of this through
their biggest investment
offers three age bands. It’s features £2,500 and no restriction on the more holistic approach to the
through insuring themselves
are numerous and include full income. level, breadth and price of provi-
and their property and
Accident, Sickness and Bruce Reid, managing director of sion, which better meets the cus-
making proper provision to Unemployment (ASU) cover, Select & Protect, commented, “Our tomer’s needs and gives our bro-
make mortgage repayments Accident and Sickness (AS), or new MPPI product adds a wider kers a product they can have confi-
when they fall on hard times. Involuntary Unemployment (IU) scope to the features and benefits dence in recommending to meet
only. S&P’s MPPI will now be able available from MPPI products cur- those needs.”
July/August 2009 Mortgage Introducer
www.mortgageintroducer.com
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