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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.

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