There are now five options:-
Key features include:-
Simon Hood Chief Executive of Select & Protect commented:
“This new product has been designed to appeal to a greater number of homeowners than those who currently have cover. CML statistics indicate a 31% take up of MPPI but it is estimated that some 55% would be wise to have this cover.
To this end we believe that by not excluding any occupation this will assist take up together with other features of the cover.
For example, the 30 day deferred period back dated to day one is much more attractive than other products and the ability to transfer from an existing provider and gain immediate cover rather than the usual three month waiting period is also an added benefit.
The application process is very simple and our rates are very competitive priced.”
Hood adds:
“We sell our home insurance products solely through financial advisers. It is interesting that while 50% of mortgages are sold by intermediaries only 26% of MPPI policies are sold by them.
They might like to consider this point when they are advising their next client as there is still a great perception that the State will bail people out. It won’t until the homeowner has reached rock bottom.”
Select & Protect rates are all based on a 30 day deferment period but back dated to day one.
The policies are underwritten by Hiscox Insurance Company Ltd.
In order to boost awareness of this new cover Select & Protect are introducing a higher commission structure for the period to 31 December 2003.
This comprises 25% commission on every MPPI policy plus:-
an upfront £15 payment for every MPPI sale combined with a Select & Protect buildings and contents policy
or
an upfront payment of £10 for every standalone MPPI sale.
The upfront payments will be made on all business written before 31 December 2003.
