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Liverpool Vic&#39s Mimi eyes loan protection

Liverpool Victoria Life, formerly Permanent Insurance, is setting up a new-style comprehensive mortgage payment protection insurance product.

The product, called Mimi, offers a range of selected protection benefits to meet home and personal protection requirements.

It gets its name from the four kinds of cover called, Money if you become ill, Income if you are sick and cannot work, Money if you die or Income if you lose your job.

Discounts are available if more than one level of cover is taken and the product is designed to encourage borrowers and advisers to regard comprehensive cover as the norm.

Liverpool Victoria Life says the product is targeting a market where accident, sickness and unemployment cover is no longer made compulsory by many lenders and there is a growing awareness of the importance of health protection.

It is hoped the launch will also dovetail into the Government&#39s drive to increase sales of MPPI to 55 per cent of new borrowers by 2004 plus the ABI&#39s initiative, which is also aimed at increasing the level of cover. The product range will be sold under the banner of the Permanent Insurance range at Liverpool Victoria.

Sales and marketing manager Rod Macdonald says: “There is an increasing interest from IFAs and consumers in protection and there is a lot of work to be done.

“The product needed to offer flexibility but be straightforward enough for IFAs and their clients to understand it. We have reviewed our protection rates to ensure IFAs can recommend this package in the knowledge that all elements are competitively priced.”


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