PPI Insurers Need to do More for People Renting and in Shared Ownership
Payment Protection insurers must offer policies that provide a financial safety net and meet the monthly commitments of all householders, whether they're renting, in shared ownership schemes or have mortgages, says PPI lobbyist Sara-Ann Burgess from Burgesses.
Braintree, Essex (PRWEB) September 29, 2008
Payment Protection insurers (http://www. burgesses. com) must offer policies that provide a financial safety net and meet the monthly commitments of all householders, whether they're renting, in shared ownership schemes or have mortgages, says PPI lobbyist Sara-Ann Burgess from Burgesses.
Traditionally, only those with mortgages have been able to protect their monthly repayments should accident, sickness or unemployment occur, but with increasing numbers of people renting or opting to take advantage of shared ownership schemes, Sara-Ann believes insurers must be more socially responsible and offer a wider portfolio of products.
She comments: "We know there's a rental boom and demand for Housing Association schemes is high, yet there's little out there to protect householders' monthly payments should something happen to stop them meeting their financial commitments. Why are insurers ignoring a whole sector of society, who for one reason or another do not have a full mortgage, but are just as much at risk of losing their family home as everyone else?"
Independent PPI provider British Insurance was the first to recently launch policies for people in shared ownership schemes and those who rent. The policies offer back to day one payouts, a choice of cover options and cater for people who voluntarily leave work to become carers for up to one year.
Sara-Ann continues: "I applaud any provider who recognises the dynamics of home ownership are changing and introduces products that meet the needs of more consumers. In this current climate, everyone is at risk of losing their job, so the more householders who can protect their monthly commitments, the better."
British Insurance's policies also provide free Health, Employment and Legal Protector cover, 24/7 health and legal helpline services, plus Legal Expenses in relation to employment and bodily injury disputes.
Customers can get information on general health and non-diagnostic matters such as allergies, side effects of drugs and Health Service waiting lists and there's a free back to work service with self help guides, access to a specialist website, job vacancy database and telephone advice via employment counsellors.
Sara-Ann concludes: "Whilst not all those renting or in shared ownership schemes are financially vulnerable, many will be on lower incomes than those with mortgages so are in greater need for low-cost PPI. I'm delighted more is being done in this area and the support services will be a great help to those trying to find a new job. I hope other PPI providers will follow the lead of British Insurance."
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