Released on: October 7, 2008, 12:10 am

Press Release Author: Burgesses

Industry: Financial

Press Release Summary: Recent research from price comparison site money supermarket
reveals that only one in seven Brits consider Payment Protection Insurance (PPI) as
crucial and almost a quarter do not know what it is.

Press Release Body: Recent research from price comparison site moneysupermarket
reveals that only one in seven Brits consider Payment Protection Insurance (PPI) as
crucial and almost a quarter do not know what it is. “This is extremely
concerning,” says PPI lobbyist Sara-Ann Burgess from Burgesses, “PPI is a financial
lifeline and could make the difference between keeping and losing your home if
you’re made redundant.”

Payment Protection Insurance provides a monthly income, to either pay bills or the
mortgage, if the policyholder is unable to work due to accident, sickness or
unemployment. Policies generally pay out for up to a year and some providers give
back to day one benefits, health and employment support services and Legal Expenses
cover.

Premiums are costed out per £100 of monthly cover, so purchasers looking for income
protection work out their monthly outgoings and calculate how much they need from
their policy to meet their financial commitments. Similarly, mortgage protection
covers the monthly mortgage repayments and loan protection meets the monthly cost of
any loan commitments.

Policies are now available to everyone as independent PPI provider, British
Insurance, recently added products for people in shared ownership schemes and rented
accommodation to its range.

Research also shows that 10% of respondents would buy PPI if they felt their job was
under threat and people in the finance and business sectors are more likely to have
policies, closely followed by those in construction and manufacturing.

Sara-Ann comments: “Don’t wait until your job is under threat to buy a policy – you
may be excluded from making a claim if the insurer finds you were under the threat
of redundancy at the time of purchase.
”Shop around as High Street providers do not always offer the best deals re; the
cover they offer or prices they charge. Prices for unemployment cover with
Independents start at £3.40 per £100 for Income and Loan Protection, and £1.60 per
£100 for Mortgage.”

She concludes: “People need to be more aware of the benefits of PPI – those who are
unaware of the financial protection it provides could be putting themselves and
their families at risk. In this case, ignorance isn’t bliss.”

Burgesses Limited
PO Box 6164
Braintree
Essex
CM77 7ZW
Sara-Ann Burgess
01371853027

Web Site: http://www.burgesses.com/news

Contact Details: Burgesses Limited
PO Box 6164
Braintree
Essex
CM77 7ZW
Sara-Ann Burgess
01371853027