S&P in new MPPI launch

Select & Protect has launched a new mortgage payment protection insurance (MPPI) product for brokers.

S&P claims the new product offers a wide range of features that many other providers cannot offer at this time.

The new product, provided by FirstAssist Insurance Services, will also address a number of broker demands to protect their customers comprehensively at a competitive price.

The company said it will enable brokers to provide valuable and appropriate mortgage payment protection to their customers with a much fairer deal based upon their age as the new product offers three age bands.

It claims to offer numerous features including so full Accident, Sickness and Unemployment (ASU) cover, Accident and Sickness (AS), or Involuntary Unemployment (IU) only. S&P’s MPPI will now be able to be sold either alongside a mortgage or standalone.

Bruce Reid, managing director of Select & Protect, said: “Our new MPPI product developed in association with MPPI specialists FirstAssist Insurance Services adds a wider scope to the features and benefits available from MPPI products currently in the market, giving customers a valuable multi-dimensional mortgage support package beyond just a financial sum in the event of accident, sickness or unemployment.

"We feel our MPPI product will do all of this through the more holistic approach to the level, breadth and price of provision, which better meets the customer’s needs and gives our brokers a product they can have confidence in recommending to meet those needs."

Reid continued, “Not only are we providing intermediaries with competitive levels of commission, we also make it very easy to sell either with a mortgage or on a standalone alone basis, a major USP of this product. With unprecedented sales support and online quote and buy systems, we pride ourselves on providing our intermediaries with all the tools they need to sell MPPI compliantly and in line with the growing interest from industry bodies such as the FSA.”

Alistair Hardie, managing director of Speciality Insurance at FirstAssist Insurance Services added: “At a time when other providers are withdrawing from the market or restricting cover, we remain fully committed. We are delighted to have been chosen to partner with Select & Protect to offer brokers and their clients a comprehensive, high quality and attractively priced proposition.

"The need for ASU cover has never been higher and with the signs of improvement in the mortgage market, we are confident the new product will be a great success.”