BIBA appoints Millennium for PPI launch
The British Insurance Brokers’ Association (BIBA) has appointed Millennium Insurance as the exclusive provider of its new members’ scheme for payment protection insurance (PPI).
Millennium, which is the distribution arm of Direct Group, will provide a product to be sold on a standalone basis, with or without a mortgage or personal loan.
Key features of the Committed Payments policy will include:
Payments Protection – ability to protect regular bill payments of £200 to £2,000 per month.
Life cover (optional extra) – the ability to cover a fixed sum insured of £2,400 to £24,000.
Back to Work – confidential and independent advice programme offering practical assistance in returning to the workplace.
Legal Protection – help in appealing or defending employment or contract disputes and negotiating a settlement for bodily injury or death.
Helpline – 24/7 confidential legal advice on personal tax matters, general health and medical issues.
The insurance will be underwritten by Jubilee and BIBA members will be able to access Millennium Insurance online to obtain quotes.
Last week, the Competition Commission announced that it will be going ahead with its proposed ban on the sale of PPI alongside a consumer credit agreement, and for a period of seven days thereafter.
Further details are expected in July.
Category: BIBA News, Health Insurance News, Insurance News, Life Insurance News
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