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Liv Vic axes guaranteed rates on stand-alone CI

Liverpool Victoria has announced it is doing away with guaranteed rates on its MIMI stand alone critical illness policies and is striking angioplasty off the list of conditions covered.

The insurer says the changes reflect the claims experience of its reinsurer GE Frankona Re, as well as changing market conditions and improved diagnostic techniques.

While MIMI stand-alone critical illness rates will go, reviewable rates will still be available, as will guaranteed rates on combined life and critical illness cover, however, the maximum term will be reduced to 30 years on this product.

Life of another will be available within the MIMI Flexible Protection Plan from February 16 and guaranteed insurability options increases will be limited to 50 per cent of the sum assured, subject to an overall maximum of £150,000. The minimum MIMI premium will also reduce to £5 a month from £7.

Changes take effect from January 19, however, MIMI applications received between January 1 and February 13 will be provided at old rates and terms if received with the relevant client specific projection dated January 18 or earlier.

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