This class of insurance is also known as Payment Protection or Mortgage Protection and is for short-term (12 months) protection.
Firth & Scott specialise in a range of Payment Protection policies.
Features include:-
To protect monthly mortgage payments against the borrower being unable to meet their monthly repayments as a result of Accident, Sickness or Unemployment.
To protect your customer's monthly repayments on any loan, credit card or utility bill.
To protect the insurerd with a monthly income if they are made Unemployed or have an Accident or become Sick, maintaining your customer's standard of living.
According to Government statistics, 755,000 people were made redundant in the UK between June 2002 and May 2003 - the equivalent of over 3,000 every working day.
According to the Institute of Fiscal Studies, nearly half of us do not save regularly and a third have no savings at all. This lack of saving could cause financial hardship in the event of sickness, accident or unemployment.
Over 320,000 people were killed or injured on UK roads in 2000*.
Nearly 3 million people suffered injuries at home in 2000 that warranted a visit to A&E*.
Over 47,000 employees suffered major injuries at work in 2001, with 736 resulting in death.**
These accidents could leave people unable to work for long periods of time.
When in good health, many people find it hard to envisage suffering from a major or critical illness but, if you are borrowing money, thinking about this now could save financial problems in the future.
* Royal Society of the Prevention of Accidents (Rospa)
** Health and Safety
