Select & Protect reiterate the importance of Unemployment cover for BDS Appointed Reprensentatives

Select & Protect are appealing to brokers not to let their customers down by failing to offer them Unemployment cover. The provider believes many brokers are still wary of the product following the bad press last year, despite this mainly being around PPI rather than MPPI.

Though the economy is slowly recovering after the recession, the reality of unemployment is still all too real. In the three months to January 2010, the unemployment rate fell by 0.1% to 7.8% according to the Office for National Statistics (ONS) but this still left the number of people who were unemployed at a staggering 2.45 million. In addition, Credit Action recently released statistics revealing that 1,841 people are made redundant every day.

Scott Fynn, Head of Marketing, said: “It’s great that we’re starting to see the slow signs of recovery from the recession, but as the Credit Action stats show, there’s still a long way to go. The number of people who were unemployed at the end of last year is shocking and it’s concerning to think how few of those were likely to have adequate cover to help them through the tough time of losing their job. The harsh reality is that thousands of people are still being made unemployed every week  and we believe that it’s up to the brokers to raise awareness and help ensure their customer’s are protected incase the worst happens.”

Fynn continues: “Becoming unemployed can be devastating, especially for homeowners. It can cause debts, mortgage arrears and could even lead to them losing their home. Having an MPPI policy with Unemployment cover can prevent all that. It means they can continue with their existing lifestyle and continue to look after the people they care about. That’s why we’re appealing to brokers to make MPPI part of their overall mortgage and GI illustration and offer every customer a quote. With the right provider, it’s not as expensive as people think, and the peace of mind it brings is priceless. What have you got to lose?”

Select & Protect offer Unemployment cover on its own or alongside Accident & Sickness cover as part of its 5 Star Defaqto Rated Mortgage Payment Protection Insurance. Brokers can get quotes using the provider’s free and fully compliant online trading platform at www.select-protect.co.uk/s2home.

For more information about Select & Protect visit www.select-protect.co.uk or call the Broker Accounts Team on 0845 345 9650.