Liverpool Victoria

With Liverpool Victoria's MIMI flexible protection plan, Bill can include his mortgage protection and IP under one roof thereby saving on monthly policy charges. In addition, the plan is flexible, so he can add and remove cover when his circumstances change. Under MIMI, Bill could take advantage of the IP plan, accident and sickness cover together with critical illness cover. With a combination of these, Bill can become fully covered and, as his circumstances change, modify this to accommodate the changes.

Bill also needs to consider his pastimes as an additional reason for having a flexible plan. He may feel at the moment the cost for covering himself for full IP as much as he can currently afford. He needs to recognise any deferred period would need to be tied into any employer benefits for IP, but an added consideration will be his rock climbing and mountaineering activities. He may wish to opt for a longer deferred period whereby he may be offered full cover which may also receive a rating. If Bill wished to opt for a short deferred period, the policy may include an exclusion clause as a result of his adventurous hobby.

Examples of standard rates for a 26-year-old non-smoking male for a monthly benefit of £1,083 until age 65 are as follows. With a three-month deferment, guaranteed premium with level protection ' £19.24 a month. The same cover with index-linked protection would be £26.51. With a six-month deferment and level protection this would be £14.13 and with index-linked cover the monthly premium would stand at £18.61.