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British insurance launches shared ownership payment protection cover
Written by British Insurance
Wednesday, 06 August 2008
British
Insurance has launched a new Mortgage Payment Protection Insurance (MPPI)
policy for households involved in shared ownership schemes.
It is the
first time people who part-purchase a property have been able to buy a policy
that will meet their monthly mortgage and rental payments should accident,
sickness or unemployment occur.
Managing
Director, Simon Burgess, believes this product addresses years of
discrimination: “All householders should be able to protect the payments they
make and keep their home, whether it’s those with mortgages or those with rent
and buy agreements via Housing Associations.Insurers have traditionally offered this financial safety net to people
meeting a certain criteria, excluding people on lower incomes in social
housing, who are more financially vulnerable.”
The shared
ownership scheme is part of a Government program that aims to help more than
100,000 households into home ownership by 2010.It allows people to have a mortgage on the share of the property they
wish to buy, paying rent on the share they don’t own.
According to
the National Housing Federation, 70,000 new affordable homes are needed in England each
year to meet existing and future requirements and with predictions that the
average house price is rising by 25% over the next five years to £274.000,
demand for social housing will be even greater.
As the
number of shared ownership schemes escalates, so to, says Burgess is the need
for insurers to adapt their policies to protect the increasing number of people
buying properties this way.He
continues: “British Insurance is leading the way in designing comprehensive,
affordable products for those who most need them.I hope this will encourage other insurers to
follow suit and become more socially responsible – we all have a duty of care
to help everyone keep their homes in times of economic uncertainty.”
British
Insurance’s Mortgage Payment Protection policy has a five star rating from
research specialist Defaqto who after scrutinizing 103 MPPI policies placed it ‘at
the very top of the market’ for its wide-ranging cover and support
services.
As well as
offering back to one day payouts, age-rated premiums and a choice of cover
options, the policy caters for people who voluntarily leave work to become
careers for up to one year.
It provides
a free back to work service with self-help guides, access to a specialist
website and telephone advice via employment counselors.Claimants can get ongoing support and
guidance on work searches, career changes, state benefits, managing time
effectively, tips on CV preparation and help with interviews.
The policy
also offers free Health, Employment and Legal Protector cover, providing 24/7
health and legal helpline services and Legal Expenses in relation to employment
and bodily injury disputes.The legal
advice line aids people with personal legal problems, whilst the health and
medical helpline provides information on general health and non-diagnostic
matters such as allergies, side effects of drugs and health service waiting
lists.
A counseling
helpline offers a confidential service with onward referral to relevant
voluntary and professional services where appropriate.
Burgess
concludes: “The breadth of cover and services on my policies are wider because
I take less commission.Instead of
making vast profits I use the money to fund policy add-ons that give people a
helping hand and a bit of breathing space should they get into financial
difficulties”
Company Details
British Insurance PO Box 6164 Braintree CM77
7ZW Phone 08450 175 178 Fax 08450 175 065
Consumer Finance 
