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."