Press Articles
Assurant Solutions creates public sector cover for Ant Insurance - 12th November 2007
2007: Assurant Solutions, a specialist in creating, underwriting and administering niche insurance protection products, has created a new scheme on behalf of Ant Insurance specifically designed for public sector workers. The new scheme is the first ASU (Accident, Sickness and Unemployment) income protection insurance product that takes employer benefit periods into consideration and only charges workers for the cover they need. Assurant Solutions, will also manage claims and administration for the scheme.
Director of Ant Insurance, John Needham, comments: "One-size-fits-all policies do not reflect the benefits packages of public sector workers, which are often very good. For example, many receive full sick pay for six months, and so an ASU policy that provides back to day one cover without differentiating the deferment period for the accident and sickness elements from the unemployment benefit means that many public sector workers are paying for payment protection cover they don't actually need. Cost, flexibility and suitability of cover are key issues for consumers and so it makes sense to introduce a specific scheme that delivers on all these fronts for public sector workers. Assurant Solutions has been a pioneer in the development of tailored, flexible insurance protection products and we are confident that this new scheme will give public sector workers access to affordable cover tailored to their needs."
Assurant Solutions has unbundled the three elements of the cover under both schemes - accident, sickness and unemployment and introduced tailored deferment periods for accident and sickness. This allows public sector workers to delay the payment of sickness or accident benefit until their employee benefit reduces or stops, yet still be able to receive unemployment cover from day one. Not only does this reduce the premium making it more affordable, but it also means that public sector workers are only paying for the cover they require.
Drazen Jacksic, Sales & Marketing Director of Assurant Solutions, said: "Supported by Assurant Solutions, Ant Insurance broke new ground with the introduction of online, short term ASU income protection policies to the market last year. We're delighted to be able to continue to deliver the innovative covers that Ant Insurance wants to bring to market, offering real value through tailored and flexible protection products."
Assurant Solutions specialises in creating insurance products including mortgage and loan payment protection, income protection, personal accident, extended property protection (warranty and product replacement), and credit card price and purchase protection. The business works with financial institutions, intermediaries, brokers and high street and home shopping retailers to design, develop, underwrite, administer and market these niche insurance lines.
Scotsman - 25th August 2007
"John Needham, of Ant Insurance, said his company has been contacted by at least one customer stranded by Paymentshield's move. He said: "We received a call from a Paymentshield customer who was feeling they had been left high and dry. In the current situation of rising interest rates, it is vital that people have cover. People affected, and customers of Nationwide, should contact an independent provider to find the right product. Everyone should look for independent cover rather than what is offered by their lender."
The Daily Telegraph - 27th July 2007
"How to protect your income in a crisis Flooding is just one of the unexpected events which can affect your livelihood, writes Stephen Spurdon..... TENS of thousands of victims of this summer's flooding have lost not just their property but also their livelihoods because they work from home. Fortunately, business interruption insurance is available for self-employed people .... Pam Needham, of income protection cover specialist Ant Insurance, said: "The potential to buy unsuitable income protection is huge.'' Ant includes an area on its website ( www.antinsurance.co.uk ) for the self-employed."
Daily Star - 24th July 2007
Firms selling internet loans with payment protection insurance must clean up there act, many were automatically including PPI by using pre-ticked boxes, so customers were buying cover without making the decision to do so. Now a Financial Services Authority ruling means the customer chooses whether or not to have the insurance..... but experts at Ant Insurance fear customers may try to save money by turning down PPI without understanding the benefits. John Needham of Ant said: "PPI is a valuable insurance when it is sold appropriately at a realistic price, but many borrower may not know they can shop around for better value insurance from stand-alone firms "
The Times - 19th May 2007
"Those who pay off loans early are often unable to obtain a refund of the insurance premium for the outstanding term. In March the FSA agreed with the industry that nil-refund clauses would be abolished and refunds should be calculated "fairly".
A cheaper option is to pay for PPI monthly. This is how standalone policies work. Brian Brown, of Defaqto, suggests that you shop around with providers such as AntInsurance....."
What Mortgage Awards May 2007 : Category: Best Provider MPPI
(We have been included in the MPPI category as Income Protection Insurance can be used in place of MPPI and there is currently no individual category for Income Protection Insurance)
"A new category in this year's awards is for insurance. Most of us will need to take out some form of protection insurance when we buy a home, but as insurance can often be an afterthought, many borrowers end up with expensive deals, or in the case of MPPI (mortgage protection insurance) insurance that is often inadequate for their needs. That is why we are recognising those providers of MPPI and life insurance who offer both an excellent level of cover and value for money"
MPPI vs Income Protection - What Mortgage Magazine May 2007
In some cases MPPI might not be the best product for your circumstances - an income protection (IP) policy might be more suitable. Pam Needham, director of AntInsurance says, "If you lose your income MPPI will pay only the monthly mortgage, leaving consumers to fund their other monthly expenses, such as food, credit cards and council tax, personally - a fact that many people forget, Income Protection bridges that gap by protecting any chosen amount up to 75% of net income so that consumers can protect not just their mortgage, but their other monthly outgoings as well under just one policy.
The Scotsman - 10th April 2007
Clearing the confusion surrounding payment protection insurance
PAM NEEDHAM - AntInsurance
BELOW are some of the biggest confusions surrounding payment protection and income protection insurance policies.
1 Typical confusion between income payment protection insurance (IPPI) with permanent health insurance (PHI) - also called long-term income protection: "When do I take the medical ... there is no list on your site of illnesses that you preclude?" IPPI does not require a medical and does not have a list of specific illnesses that are precluded, unlike PHI.
2 Not understanding the difference between IPPI, mortgage payment protection (MPPI) or loan payment protection insurance (LPPI):
"What I would like is one policy to cover the income protection side of things for accident, sickness and unemployment (ASU) for 12 months and another to provide loan protection for ASU for 12 months.
"I have a mortgage protection policy against unemployment with another company. Would I be allowed to take out an income protection policy against unemployment with yourselves and still keep my original mortgage insurance policy active?"
With IPPI these customers would not need another policy for loan or mortgage protection - it would be duplication of cover and a waste of money.
Money Market - 12th March 2007
One of the key points raised in the TV programme is the importance
of shopping around when looking for cover, says Pam Needham, director
at Ant Insurance. She says: "PPI can be a very valuable product
and consumers should not dismiss the products ..........
Income Payment Protection Insurance (IP), which pays out a percentage
of your salary each month to you personally to "replace your income".
As pointed out by Martin Lewis in the TV programme, Income Protection Insurance can offer a better value alternative to loan PPI as it "replaces" up to 75% of your income if you are unable to work due to accident, sickness or unemployment. Unlike Loan PPI, it is in the form of cash payment made to you each month and which you can use to pay for any monthly outgoings of your choosing including any loan payments.......
Martin Lewis - MoneySavingExpert - 08th March 2007
ANT Insurance voted best value for money PPI provider by moneysavingexpert.com
The cost is defined per £100 of your monthly repayment e.g. £5 per £100
means if your loan repayment is £200 per month, the PPI will cost you
£10. Most standard PPI policies cost £10-£30 per £100.
Policies are split into those which vary quotes based on your age, and those that charge a flat rate for all applicants. The following are the cheapest 30 day payout, back to day one policies, for full ASU (if you're looking for just unemployment or just accident and sickness, these are still the winners).
* Under 50s. Antinsurance (technically income protection, but simply apply for the amount of cover which matches your monthly mortgage repayment) is cheapest for anyone under 50, charging just over £1.70 per £100 for a 20 year old rising to £3.75 for a 49 year old.
The Scotsman - 5th March 2007
Pam Needham, director of the internet insurer Ant Insurance, said there was still "huge confusion" around insurance policies, with many people operating a "cross your fingers and hope" policy when putting in a claim.
She said: "A lot of people still don't know what they are paying for. The message we try to get out is go through our policy and if there are points you don't understand, phone and find out."
The Scotsman - 3rd Febuary 2007
Pam Needham, director and founder of AntInsurance, said: "I feel for the poor consumer and the confusion they are in over how to protect their income. After the Trevor McDonald programme the other week we were flooded with enquiries from worried people. PPI can work out very expensive as people normally have to pay for a minimum of 12 months' cover, which they might never need. We decided to offer the flexibility of short-term IPPI and most of the policies we have sold have been for three- or six-month periods.
"But education is a big issue, as many people don't immediately get the concept they can insure a section of their income."
Needham has come across people who have multiple policies, often covering the same things, having taken them out with different loans. Being "over-insured" in this way and can prove expensive.
Martin Lewis - Moneysavingexpert site. October 2006
Most Payment Protection Insurance (PPI) cover is pretty similar, though for those with specific issues, like the self-employed, the small differences can be a factor, so check.
As lenders needn't include the insurance cost in the interest rate, often they lower the rate, but load the insurance cost, making it look cheaper, but actually the overall cost is higher e.g. the Bank of Scotland's interest rate is lower than the Leeds, but for a £10,000 five year insured loan you pay £2,200 more because of its costly insurance.
The cheapest method is get the cheapest uninsured loan, and then a standalone PPI policy to cover it. This vastly undercuts buying them together. A growing number of firms, such as Antinsurance .....offer cheap policies.
Mortgage Magazine - September 2006
Most policies provide 12 months cover, however it's worth asking yourself how long it will really take you to find another job. The latest Labour Market Trends report from the Office of National Statistics reveals that 63% of the unemployed find work within six months of losing their job. The only company currently offering a choice of repayment periods is newly launched AntInsurance.co.uk that offers a short-term 'band aid' option of three or six months cover, as well as the standard 12. This option offers the cheapest standalone protection, and is useful if your employer already provides a favourable redundancy or accident package of if you only need short term cover to get yourself back up on your feet and working.
The Southern Telegraph - 31st July 2006
Short-term income protection is a little known but often better value protection for consumers - and unlike mortgage payment protection (MPPI) or payment protection insurance (PPI) which only cover a mortgage or loan repayment, income protection replaces the consumer's income. The AntInsurance.co.uk income protection policy is the only policy that allows customers to cover themselves for just 3 or 6 months if they consider themselves to have readily transferable skills as well as up to 12 months if they need longer term protection.
The Guardian - 1st July 2006
"Surprisingly, standard MPPI policies' prices don't depend on age, smoking or other factors that increase the likelihood of a claim. So a 22-year-old vitamin popping yoga-guru pays the same as a chain-smoking 62 year-old professional wing-walker."
Under 50s. "a small number of age related policies win out...AntInsurance is technically income protection but simply apply for the amount of cover which matches your monthly mortgage repayment..."
Mortgage Solutions Online
Press Release
19th June 2006
New breed of income protection ups the Ant-e!
UK's cheapest income protection product launches today
Given that almost two-thirds (63%) of unemployed people find work in less than six months , why should consumers pay for cover that is unlikely ever to be used? Today sees the launch of AntInsurance.co.uk, the first online insurance company to offer income protection for three or six months, as well as the industry standard of 12 months. Even based on 12 months cover, AntInsurance.co.uk offers the cheapest income protection on the market at 51% cheaper than the current market leader (see price comparison table in Notes to Editors).
AntInsurance.co.uk costs from 60p per £100 of monthly benefit - for just £6 a person can cover £1,000 of income a month. So, for the price of a lipstick or a cinema ticket, it's easy for people to protect their way of life. Compared to the current leading competitor, a person covering £1,000 of income per month could save £8,592 over a working lifetime (40 years).
Antinsurance.co.uk maintains good value for all its customers by passing
on the cost savings of its online approach, and is founded on the premise
that insurance should be affordable and appropriate for those who need
it most. Insolvency, for example, is most prevalent amongst younger
people , and so AntInsurance.co.uk offers age-based pricing with the
lowest premiums for its youngest customers.
As the policy protects income, any financial outgoing can be covered
by the policy: mortgage, loans, credit cards, utility bills, even the
school fees and the cleaner! Customers can, therefore, insure all their
essential outgoings with one straightforward policy. And because the
cover is not linked to the customer's mortgage or loan, they will not
be excluded for significant levels of debt (standard exclusions apply).
All of its policies have back-to-day one cover with a 30-day qualifying
period. The premium level charged at the start date varies according
to the customer's age - but thereafter will not vary according to age
for the duration of the policy.
Despite a level of flexibility and choice not available anywhere else online, AntInsurance.co.uk's simple one-page quote engine, means customers can generate tailored quotes in just 20 seconds or 10 clicks of the mouse. People can mix and match accident, sickness and unemployment cover with different benefit periods, according to their needs, circumstances and budget. If customers do need help, the site has 'live chat' and telephone support, which is manned by experienced and knowledgeable employees.
Pam Needham, director and founder of AntInsurance.co.uk, commented: "We discovered the value of income protection the hard way - a member of our family was made redundant without it. When we investigated the market, we were disappointed; we felt the policies were neither flexible nor affordable enough for people that really need income protection. We developed AntInsurance.co.uk with a raft of new flexible options. Then we cut the frills and fanfare to offer plain and simple value for money, which we could do by offering income protection direct over the Internet, with no middleman. This also makes it more accessible, given that the Internet is the first port of call for people planning to take financial advice ."
In addition to the above, and in-line with the FSA's recent industry recommendations that payment protection insurance should be more affordable, more suitable and more appropriate to the needs of today's consumers, AntInsurance.co.uk has developed two innovative Return To Work features:
- 'Return To Work' helps customers ease themselves back into work by compensating for the financial shortfall if they return part-time on a reduced salary
- 'Temporary Return To Work'. This feature is designed for customers receiving unemployment cover who would like to undertake temporary work for up to six months. The policy will not pay during the period of employment, but once the temporary employment concludes and the customer re-registers with the Job Centre Plus, it will continue payments as if it had been one continuous claim
Pam concludes: "Recent criticisms levelled by watchdog groups and regulators at poor protection products have prompted many UK consumers to steer away. This is dangerous as millions of UK consumers are at risk of indebtedness and default. This is a frightening predicament when you consider the average unsecured personal debt per adult in the UK is £4201 and that almost a quarter of the UK population has savings of less than £1000, and 55% have no savings at all . The one-size-fits-all type of payment protection currently offered just isn't good enough. The options and flexibility AntInsurance.co.uk provides is unique, and we're proud to be the first to bring affordable, accessible and valuable protection to the consumers who need it most."
-ends-
For more information and case studies (prepared to be interviewed and photographed) please contact SJ Douglas at Spotlight Communications on 07909546104 or at http://www.antinsurance.co.uk/
Notes to editors:
Price Comparison for £100 of monthly benefit
Notes to editors:
Price Comparison for £100 of monthly benefit
About AntInsurance
AntInsurance (www.antinsurance.co.uk) is a newly launched online income protection insurance company. It offers affordable and flexible income protection for any financial outgoing from a mortgage, to a car loan, to school fees. It is the only online insurance company to offer income protection for short periods of time: three or six months, as well as the industry standard of 12 months, and choice from a combination of accident & sickness and/or unemployment cover. Assurant Solutions provides claims, underwriting and administration services. AntInsurance.co.uk is part of FIUK.com Ltd, an established and successful provider of creditor insurance since 2000.