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Pinnacle takes the online route

Pinnacle Insurance is joining the online insurance bandwagon with the introduction of Helpupay.

Helpupay is a mortgage payment protection insurance (MPPI) product and is aimed at all mortgage borrowers, as long as they are working for a minimum of 16 hours a week.

Although the plan is available online, it can also be taken out by phone and is therefore available for people who do not have access to a computer. There are two options available. The first is accident and sickness cover and the second is combined accident, sickness and unemployment cover.

Premiums for the options start at £0.93 for the accident and sickness element and £1.52 per £100 of cover for the combined element. The maximum monthly benefit is £1,000 over one year.

Helpupay’s low premiums are achieved in a number of ways. As it is available on the internet, Pinnacle is able to sell directly to the client and does not pay any commission. It also means that it is able to streamline administration and provide cover more quickly.

The product is similar to insureyourincome.co.uk, which was introduced by Goodfellows in August 2001. Both products are available on the internet, but insureyourincome.co.uk has three options available, accident and sickness, unemployment and combined accident, sickness and unemployment, with a maximum monthly benefit of £2,500. It has a minimum premium of £2.50 for every £100 and monthly benefits can be paid over one or two years.

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