BIBA/Millennium Committed Payments Protection
The British Insurance Brokers’ Association (BIBA) and Millennium Insurance have launched a new payment protection plan for BIBA members to market. The plan is underwritten by Jubilee at Lloyd’s. The plan features:
• Accident, sickness and unemployment (ASU) cover to protect regular bill payments of from £200 up to £2,000 a month.
• Optional life cover from £2,400 to £24,000.
• Confidential and independent advice programme to help claimants back to work.
• Up to £50,000 help in appealing or defending employment or contract disputes and negotiating settlements for bodily injury or death.
• 24/7 helpline.
• Alternative lump sum plan pays £1,000 lump sum on notification of redundancy.
The plan is annually renewable and pays 22.5% commission each year.
Plus points: PPI benefits with optional life insurance and a range of help and legal services designed for BIBA members; Exclusive scheme for BIBA members.
Not so plus points: PPI is not suitable for all clients and long term income protection may be a better choice; Especially as PPI insurers can usually change terms quickly.
Website: http://www.biba.org.uk.
Rating (max 10): Innovation: 5. Overall: 5. Bronze.