Brokers urged to start selling competitively priced products
- 8TH JUNE 2007
While there is always some competition in almost every aspect of sales, one product stands out from the rest, payment protection insurance (PPI).
Payment protection insurance is taken out alongside a loan, credit card or mortgage to protect the policyholder’s monthly repayments should they find themselves out of work due to accident, prolonged sickness or unexpected unemployment.
However currently 80% of policies sold are sold by banks and building societies alongside the loan or credit card, and for an extortionate price. Not only this but many of the consumers are led to believe that they must take out the policy when they purchase the loan or credit card.
The vast difference in price for the policy premiums cab be up to 80% with standalone provider British Insurance being at the low end of this scale and the high street bank raking in huge profits at the other.
Simon Burgess from the company hits out hard with harsh words when it comes to the banks’ greediness and says “it is disgraceful how many consumers are being sold very poor quality products for a huge premium”, Simon strongly believes they are doing nothing more than ripping the consumer off in order to capitalise on profits and says he wants to see brokers start selling competitively priced products..
With the product currently under review by the Competition Commission we can all only hold our breath for the outcome of the investigation and hope that in the future sales and product pricings for payment protection insurance will be examined to ensure the consumer gets a better deal.
Until then purchase your payment protection insurance from the “good guy” in the sector Simon Burgess at British Insurance.
