“Recession is knocking at the door” says leading insurer.


Leading Payment Protection insurer, Pinnacle Insurance plc, continues to voice concern about the consequences of recession for UK homeowners, suggesting that an economic downturn is on Britain’s doorstep. Pinnacle’s perspective is supported by the Federation of Information and Advice Centres’ (FIAC) predictions regarding house repossessions, and statistical evidence issued by the Chartered Institute of Purchasing and Supply.

Tony Claytor, Pinnacle’s New Product Director, comments about the immanence of recession:

“Hard on the heels of our recent report, ‘Another UK Recession'’, we now have more evidence to support our assertion that homeowners should obtain Mortgage Payment Protection Insurance (MPPI) to cover their mortgage repayments against redundancy and unemployment.

The FIAC predicts that mortgage repossessions could double in the next few years, with total repossessions rising to 45,000 by 2003 … compared to only 23,000 last year. And the Chartered Institute of Purchasing and Supply reports that manufacturing output in the UK shrank for the 9th consecutive month last October … when a 4.4% fall was the sharpest drop registered since 1991.

Coupled with the news that job adverts in the national press have plummeted to a 19 year low, it’s plain to see that homeowner’s who do not currently hold MPPI should seriously consider purchase of this vital cover in the very near future.”

Tony Claytor concludes:

“These reports by respected national organisations indicate that Pinnacle’s Helpupay MPPI couldn’t have come at a better time for Britain’s homeowners. Helpupay offers the discerning consumer first class Unemployment, Accident and Sickness benefits at a relatively low cost; mortgage repayments - and related expenses - are covered for 12 months whilst the homeowner recovers from sickness, injury, or a new job is secured.

For example, a 34-year-old borrower can insure at £2.19 per month per £100 covered, meaning that a policy for monthly mortgage repayments of £500 will cost just £10.95 per month. Furthermore a Helpupay MPPI policy can be purchased direct from Pinnacle irrespective of the mortgage, or re-mortgage, lender.”


How does Pinnacle offer such favourable terms' By dealing with the customer direct! A personalised quote can be obtained, and 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.

Pinnacle’s report, ‘Another UK Recession'’, can be found on their website at www.pinnacle.co.uk/publications/publication.php3.

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 of, or knowledge of, impending job loss/redundancy prior to the commencement of their policy.