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Mimi offers protection

Thursday, 28 June 2001.

Liverpool Victoria

Mimi

Type: Cafeteria-style protection policy covering critical illness cover, term assurance, income protection and mortgage payment protection.

CRITICAL ILLNESS

Minimum premium/cover: £7 a month/no minimum.

Maximum cover: Subject to negotiation.

Illnesses covered: Alzheimer&#39s disease (including senile and pre-senile dementia), angioplasty, aorta graft surgery, aplastic anaemia, bacterial meningitis, benign brain tumour, blindness, cancer, coma, coronary artery bypass surgery, Creutzfeldt-Jakob disease, deafness, heart attack, heart valve replacement or repair, HIV – assault, HIV – blood transfusion, HIV – occupation, kidney failure, loss of independent existence, loss of limbs, loss of speech, major organ transplant, motor neurone disease, multiple sclerosis, paralysis/paraplegia, Parkinson&#39s disease, rheumatoid arthritis, stroke, terminal illness, third degree burns.

Minimum-maximum ages: 17-79.

Charges: None.

Options: Permanent total disability cover, waiver of premium.

Commission: Initial 130 per cent of Lautro, renewal 2.5 per cent.

TERM ASSURANCE

Type: Level or decreasing term assurance.

Minimum sum assured/premium: £1,000/£7 a month.

Minimum-maximum term: Five years-45 years.

Charges: None.

Commission: Initial 130 per cent of Lautro, renewal 2.5 per cent.

INCOME PROTECTION

Minimum benefit/premium: £86 a month/£7 a month.

Minimum-maximum ages: 17-59.

Deferred periods: 1, 2, 3, 6, 12 or 24 months.

Charges: None.

Definition of disability: Own occupation, manual workers – suited occupation.

Options: Fixed or index-linked benefits, waiver of premium.

Commission: Initial 130 per cent of Lautro, renewal 2.5 per cent.

ASU MORTGAGE PROTECTION PLANS

Maximum benefit: 140 per cent of monthly mortgage payment.

Benefit payment term: 12 months.

Deferred period: Accident and sickness – 1, 2, 3, 6, 12 or 24 months, unemployment – 30 or 60 days.

Premium: 30 day deferred period – £2.63 per £1,000, 60 day deferred period – £2.13 per £1,000.

Commission: Initial 130 per cent of Lautro, renewal 2.5 per cent.

Tel: 0800 0286222.

Broker Panel:-

Miles Moseley – Managing director, MM Financial Management

Michael Both – Proprietor, Michael Philips

David Miles – IFA, The Mortgage & Pensions Centre

Malcolm Mitchell – Joint managing director – Plan Insure

Broker Ratings:-

Company&#39s reputation: 5.5

Premium rates: 7.8

Structure: 9.0

Range of illnesses: 8.8

Flexibility: 9.0

Charges: 8.0

Commission: 7.8

Product literature: 6.0

Mimi is a new cafeteria-style protection plan from Liverpool Victoria, covering critical illness, term assurance, income protection and accident, sickness and unemployment insurance.

Looking at how the plan fits into the market, the panel have differing opinions. Mitchell says: “The plan fits well into a restricted market place of menu based products and to some extent it finds its own market place concentrating as it does on the mortgage market.”

Miles feels that there are relatively few mortgage protection plans in the market that offer additional protection benefits.

Moseley calls the plan: “Nothing innovative, but useful to have all types of cover available under one contract.” Both says that the plan fits into the market extremely well.

When asked what type of client the plan is suitable for, Both and Moseley say that it would suit anyone with a mortgage. Both also mentions people with other debts, liabilities or family responsibilities.

Miles says: “The plan is suitable for any clients who wish to protect their mortgage against death, serious illness or unemployment and, in particular, for those who require additional benefits for family protection.”

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