RECESSION: Pinnacle urges home-owners to be prepared.


In tandem with widespread concern about the UK and global economies, leading Payment Protection insurer, Pinnacle Insurance plc, has published a report entitled 'Another UK Recession''. The report analyses past and present recessionary indicators and substantiates the need for homeowners to obtain Mortgage Payment Protection Insurance (MPPI) to cover mortgage repayments in the event of unemployment, debilitating sickness or accident.

Tony Claytor, Pinnacle's New Product Director, comments about today's economic realities:

"This report by our Actuarial Department indicates that Pinnacle's new Helpupay MPPI product couldn't have come at a better time for Britain's homeowners. The UK economy is moving into recession. Job losses are no longer a prediction, they're a fact, and they're happening now. Redundancy is not just an issue for Airline staff, it's occurring right across UK industry and commerce; the engineering sector is predicting 300,000 job losses* in the next 15 months alone.

Unfortunately, borrowers who think that the Social Services will pay their mortgage in the event of unemployment are in for a shock - most people won't receive a penny towards their repayments for at least 9 months. And with the average mortgage standing at around £500# per month, hard-won savings may soon disappear."

So, in light of these realities, what security does Helpupay MPPI offer the homeowner'

Tony Claytor's response is positive and enthusiastic:

"Helpupay Mortgage Payment Protection Insurance offers excellent benefits at a very reasonable price. For example, a 34-year-old can insure for £2.19 per month per £100 covered, meaning that a monthly mortgage repayment of £500 can be covered for just £10.95 per month. The homeowner's mortgage repayments and related expenses are covered for 12 months whilst a new job is secured, and furthermore, Helpupay also covers accident or sickness that necessitates a prolonged period off work."

How does Pinnacle offer such favourable terms' By dealing with the customer direct! A personalised quote can be obtained, and an application completed, via the Helpupay web site at www.helpupay.co.uk. An application for Helpupay can also be made by calling Freephone 0800 0350 292.

Editors Notes

Pinnacle's report, 'Another UK Recession'', can also be found on the Pinnacle Website.

All Helpupay policies comply with Council of Mortgage Lender's guidelines.
Applications for Pinnacle MPPI are subject to acceptance; unemployment benefits are not payable to claimants who had notice, or knowledge of, impending job loss/redundancy prior to the inception of their policy.

* Engineering Employers' Federation - 02.10.01.
# Council of Mortgage Lenders, April 2001