24. May 2013
Most Insurers have an exclusion period when you incept a policy where you are unable to claim for the first 120 days, for example, for redundancy which can prohibit a policyholder transferring a policy if they already have cover elsewhere, but transferring your policy to us is easy.
It is a simple on-line process that is built into the standard online application process.
If you have a current Mortgage or Loan payment protection insurance with another provider and intend to cancel that policy once you have bought a similar insurance from us, you could also be eligible for a waiver of the initial exclusion period for unemployment claims.
Waiver eligibility check list:
• • Had your existing policy for 6 months or more
• • Applying for the same benefit amount as existing policy
• • Apply for the same excess period as existing policy
• • Existing policy is still in force and has not been cancelled
• • Existing policy has been claims free for the previous 24 months
• • Able to confirm above and provide name of existing insurer
Cover is not granted until you receive confirmation in writing.
No changes to benefit amount or excess period accepted within the first 90 days of your new policy. You may be asked to provide a copy of your previous insurance schedule at claim stage.
9. April 2013
Over the last few months, the words Payment Protection Insurance (PPI) have become better known for its mis-selling rather than for the product itself and the protection that it gives to the consumer.
Ant Insurance has strived to ensure that its easy to use website gives the consumer all the information required to make an informed decision on whether the policy will give them the protection they require, and the ability to complete the purchase from the comfort of their own home, in their own time, with no external pressure.
That’s not to say that help is not at hand when needed. The Ant Insurance sales helpline will allow the consumer to discuss which product, if any, suits their requirements and discuss any detail which they are unsure of. After the call you can then decide in your own time whether to purchase the policy – and then you have up to 30 days to change your mind and obtain a full refund (unless you have made a claim in the interim period).
Giving you the power to make informed choices is central to our company policy. There is no point in buying a policy if you do not understand if it will pay out when you need it.
4. April 2013
Ant Insurance is now a trading name of Garratts Insurance Brokers and we are delighted to add it to our portfolio of facilities. Ant has enjoyed an excellent reputation with both customers and insurers alike for many years, so the chance to “take over” the brand was too good an opportunity to miss.
The Garratt family has traded as Insurance Brokers continuously since 1877 and is therefore able to bring a wealth of experience to assist in Ant’s growth and development. Ant has always provided protection policies and remained within its area of expertise and thrived by doing so. Garratts are now able to give Ant its “legs” to allow it to enhance its product range but with Garratts Insurance providing the experience behind it.
Our intention is to create additional, bespoke, products aimed at enhancing the product range to assist our existing customers and attract new clients with excellent covers at competitive prices. We are currently finalising two additional products, a family Personal Accident and a Cancer cover product, to add to the site, which will both complement the existing products available.
Insurance providers need to ensure that the administrative and claims processes behind the policies are first class otherwise this can spoil the whole experience for the customer. Garratts and Ant have teamed up with Trent-Services (Administration) Limited who have a wealth of experience, and an unrivalled reputation, in this area. From the easy to use web site, through to premium collection, policy issue and claims handling, Trent will ensure a smooth, trouble free journey for our clients.
In short, Ant, Garratts & Trent are looking to provide you with some quality protection opportunities where the whole process from purchase through to claim settlement is as enjoyable as an insurance journey can be!
23. June 2010
The Royal Institution of Chartered Surveyors has reported that the concerns about post election cuts is now so great that homeowners are rushing to get their houses on the market and sold before the anticipated job cuts and taxes bite.
In that instance the home that you now have could potentially become a millstone around your neck.
Of course you could be one of the lucky ones either because you have sensibly put away savings that will help you continue with your mortgage payments were you to lose your salary, or your job is secure enough not to be subject to redundancy.
If however you do not fall into either bracket and you do not want to sell your home at what will inevitably be a loss in a buyers market, then Mortgage protection insurance will give you peace of mind.
Mortgage Protection Insurance is an insurance product designed to pay you a monthly sum, being a percentage of your salary, for the duration of your unemployment not exceeding 12 months.
Like all insurance policies however Mortgage Protection Insurance does have the provision that you must not be aware of your impending unemployment either before or during a set time after you purchase the policy; so it is important to think about buying Mortgage Protection Insurance whilst you are still employed. It is no use thinking about it when you become unemployed, it will be too late.
Shopping around for an independent provider is by far the cheapest option. A search on the internet for Mortgage Protection Insurance will bring up several independent providers with highly competitive rates.
It is important however to read the Terms and Conditions; however daunting this may be. The purpose of buying Mortgage Protection Insurance is to ensure that it pays out should you need it; failing to read the small print at the beginning could jeopardise that so print out the Terms and Conditions and ensure you read and understand that you are eligible and the requirements for claiming. If you are in any doubt then contact the Customer Services Centre and speak to an advisor for clarification.
Or alternatively you could go straight round to the estate agents and put your house on the market; but don’t hold your breath anytime soon for a quick sale!
25. April 2010
Insurance providers are most reluctant to impose rate rises on their current customers so it makes sense that if you are contemplating mortgage protection insurance or income protection insurance that you should get in quick. If the result of a hung parliament is extra unemployment, then insurance companies would have to pay increasing numbers of claims and in the past this has caused a rise in insurance rates. The message therefore is if you are contemplating obtaining mortgage protection insurance or income protection and you think a hung parliament will have a negative effect on employment affecting you, then you might consider getting your cover in place as soon as you can
23. April 2010
We hear a lot about mortgage insurance related cover. Articles abound about providing protection for homes so people can keep up their mortgages. However we hear little about renters and as any renter will tell you, they wish to protect the roof over their heads as much as mortgage holders. Some renters are paying the mortgage holder half the mortgage amount but they don’t enjoy the same protection as the mortgage holder. Renters cannot obtain mortgage payment protection insurance because they are not mentioned on the mortgage deeds.
The alternative to mortgage insurance is income payment protection insurance. With income protection it doesn’t matter that the renter doesn’t have a mortgage. The insurance is not tied to any mortgage or any loan, it is simply based on the income of the worker. Renters in work therefore have the option to take income protection and assuming they qualify, renters can cover hundreds of pounds a month paid personally into their bank accounts to use as they see fit. Should unemployment hit them, renters can potentially afford to keep up rental payments and keep their rented home over their heads.
22. April 2010
It seems a forgone conclusion that, whichever party win the election, the mortgage rate will go up. If the mortgage rates go up and the cost of borrowing goes up, the cost of office space and the cost of employing people will generally rise as well. We all hope the economy recovers but in order to reach recovery point, major redundancies are bound to occur and this spells misery for thousands of families.
There’s therefore never been a better time to obtain mortgage protection insurance or income protection insurance that protects jobs and homes from the effect of unemployment.
However, like all things in life, timing is key. If unemployment were to strike soon, have you left it too late to get cover? Most payment protection insurance providers have very long lead periods, some up to 6 months, so you need to have your policy in place well before that 6 month period arrives as if you don’t you may be unemployed nut your policy debars you from claiming until the end of your lead (initial exclusion) period.
The solution, in part, is to get your insurance in place early AND to get one with the shortest lead period possible, such as 2 months with Ant Insurance.
Don’t be fooled into believing the price of income or mortgage insurance is all you need to know as not all policies are the same. Always read the policy terms and conditions
16. April 2010
There is a lot of confusion between the insurance policies that are available and, with every UK household now looking at the state of their finances, now seems a good time to look at your insurance policies to find out if you are over insured or worse under insured.
There are two kinds of insurance cover. First there is “assurance” where you pay money on a monthly basis and you should get it back later in life, hopefully with some profit. This is called a Whole Life policy. The other is “Insurance” where you pay a certain amount each month for a set period of time and the money is repaid to you when a certain set of circumstances occur. These insurance polices are further split into Life policies and General insurance policies (Mortgage Protection Insurance falling into the latter group).
Firstly you need to find out what cover you already have. Many people have “endowment” policies and usually this is attached with a life cover, everyone should have home and contents, building and car insurance. You may have some form of policy to protect your income against redundancy or sickness such as Mortgage, Loan or Income Protection.
If you are uncertain, contact a good broker who will explain all the various policies and their differences but also be wary because they are “salesmen” and will and do use various techniques to perhaps provide you with policies that you personally feel you may not need. You must be your own judge and do your own risk assessment.
16. April 2010
The floods of recent years have left many homeowners with a nightmare not of their making. Insurance companies are now increasingly failing to offer cover to homes that have experienced flooding or are likely to experience flooding. This makes it a costly exercise if they remain but equally they are unable to sell. Even those who have never been flooded will suddenly find their insurance company unwilling to renew long standing cover if the house is now found to be built on a flood plain.
However it is not just existing buildings that cannot get insurance. Insurance companies are now failing to provide cover for new properties that are being built on flood prone areas and any cover that is supplied is extremely expensive. This means that developers will find it increasingly difficult to sell these properties as people now become very much more aware of the issues that can arise.
Tighter regulations by the insurance industry are causing builders to avoid high flood risk areas but as land is becoming in short supply this is having a knock on effect on the market supply. The other alternative is to provide homes that will be better protected against the flood damage.
The insurance industry through the ABI is to offer advice to enable planners and developers to build insurable properties in high risk areas. They are offering access to information regarding available flood preventative measures; these include such things are risk assessment, flood resilient building materials and raised floors
These guidelines come on the heels of the ABI’s announcement that a high percentage of small businesses could become uninsurable if there is not an improvement to the UK flood prevention.
Other insurances to consider helping secure your home and lifestyle are income protection and mortgage payment protection insurance.
15. April 2010
According to the Association of British Insurers, the UK insurance industry paid out £57m per day in 2008; between 1998 and 2008 general insurance claims increased by 41% from £15.6bn to £22bn.
These figures give the lie to the accepted version that insurance companies “never pay out on a claim” but the analysis of complaints suggest this not to be true. The FOS reported that PPI complaints tripled in 2009 but the vast majority related to the sale of the insurance policy rather than the claim.
So what is the truth? When purchasing a policy most people look for the bottom line; which one is the cheapest almost irrespective of which insurance policy is the best. This means that almost from the start the consumer has a policy that was not bought with their individual needs in mind rather focusing on their financial needs.
When the policy finally arrives some consumers will barely give it a second glance, consigning it to the document draw never to see the light of day again until the need to claim arises, by which time the lack of attention to detail at the buying stage could become an issue.
Buying an insurance policy can be difficult; it does take time and some considerable patience but if you consider the importance of it then this is time well spent. If when you purchase an insurance policy such as mortgage protection, you should always carefully check the details and make sure that it is suitable for your needs and that you understand the eligibility criteria both for applying and claiming, then you will be one of the lucky ones who will receive the monthly claim cheques when you lose your income or have occasion to claim.
The insurance industry, in spite of its poor press, is there for a reason and when the criteria is met they will pay out; but they cannot be wholly responsible if a consumer decides that the most important decision they may make can be reduced down to a quick glance and a cursory nod in the direction of the small print.