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Paymentshield frees up protection menu

Paymentshield has introduced FreeFirst, a menu-style protection plan that has three parts — accident, sickness and unemployment (ASU) cover, life & critical illness cover and buildings & contents insurance.

The plan is aimed at homeowners with mortgages who need to protect their mortgage repayments in case they are unable to work or fall ill in the future.

The life & critical illness element allows policyholders to choose critical illness cover only, a combination of critical illness and life assurance or life assurance only. FreeFirst covers 12 conditions and is available on a single or joint life basis.

The maximum cover provided under the ASU element is £1,500 a month or 65 per cent of salary. Policyholders can choose a 30- or 60 day deferred period and benefits are paid for 12 months. They can also select accident, sickness and unemployment cover and unemployment only cover.

Liverpool Victoria has a similar protection plan aimed at homeowners called mimi. Like FreeFirst, mimi has critical illness cover, life assurance and mortgage payment protection, but it also has an income protection option. The critical illness element covers 20 more conditions than FreeFirst and has a waiver of premium option that FreeFirst lacks.

A non-smoking male aged 30 next birthday requiring critical illness only on a £100,000 sum assured over a 25-year term would pay £11.81 with FreeFirst and £12.20 with Mimi.


No barrier to Euro says Bank of England

The financial services industry is ready for the introduction of the Euro, according to a report by the Bank of England.In a forward to ‘Practical Issues arising from the Euro’, Bank of England director for Europe John Townend says there are no insuperable obstacles to joining the new currency. The report goes on to say […]

The ins and outs of contracting

Contracting out is a risky business these days. So too is contracting in and remaining in Serps or its replacement, the state second pension. But there are things we can do that will help customers to understand the risks they face. Re-educating them will be an important first step, particularly if they have been contracted […]

JPMorgan Fleming Asset Management – Investment Trust Personal Pension Account

Wednesday, 13 June 2001.Type: Individual personal pension.Minimum premium: Lump sum £1,000, monthly £100.Minimum-maximum ages: From birth-74.Fund links: Cash fund, Fleming managed growth, Fleming claverhouse and Fleming overseas.Charges: None.Allocation rates: 100 per cent.Minimum term: One month.Options: Income drawdown.Commission: Initial up to 3 per cent, fund based 0.5 per cent.Tel: 0800 413176.

Mortgage firms aghast as FSA goes ahead with red tape plan

The FSA is set to stun the mortgage industry this week by pressing ahead with proposals which force lenders to monitor the product information given to borrowers. Despite industry warnings that the move could be an admin nightmare which may eventually push brokers out of the mortgage market, the FSA has confirmed that lenders will […]


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