New insurer City Connexions has now officially launched itself into the market with an MPPI product supported by former GE business Genworth Financial.
The product has been priced at £3.90 per £100 of mortgage repayment on a 12-month basis, covering accident, sickness and involuntary unemployment. Combinations are also possible, such as accident and sickness or unemployment as standalone cover. The accident and sickness benefits period can be extended to 24 months.
Pricing quoted on Citi Connexions website includes 24 months accident and sickness combined with 12 month involuntary unemployment at £4.75 per £100, 12 month accident and sickness at £2.75 per £100, and 12 month involuntary unemployment at £2.90 per £100.
The maximum sum insured is £2000 per month.
Genworth Financial is providing the claims handling using experience in risk management, compliance and controllership. The company spun out of GE Financial through a multi-billion IPO in 2004 as one of the largest payment protection providers in the US market, although it also operates in more than 20 other countries.
Michael Westacott chairman of City Connexions says the provider’s aim is products “that are innovative; consumer focused, offer attractive commissions and administered with state of the art IT support service”
”Joining forces with Genworth Financial has enabled us to develop a product that provides all of these features and we now look forward to providing the market with highly competitive alternatives. We are committed to the delivery of products that support networks in their continued endeavour in providing greater product and service value”.
Launched last year, City Connexions is targeting network and whole of market distributors. Besides Genworth, it has also signed up as a “partner” protection and mortgage network Personal Touch Financial Services. Aegon took a 10% stake in PTFS in January 2003, although it does not form part of the Dutch group’s Origen business, formed by the integration of IFAs Advisory & Brokerage, Aurora Financial Group, Elliott Bayley, Momentum Financial Services and Wentworth Rose.
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