In October, City Connexions introduced a MPPI product to the market which is consumer focused and sells at 3.9 per cent per £100 monthly benefit for a full ASU back to day one cover; there is no excess period for unemployment.
Other features of the product include:
- Monthly benefit is not restricted by income. This means clients may have up to £2000 benefit cover without fear that it will be affected by income level.
- In the event of a disability claim, the benefit will not be affected should the claimant be in receipt of less than full income from his employer.
There are four contracts:
- 12/12 month full ASU – sells at 3.9 per cent
- 24/12 month full ASU – sells at 4.75 per cent
- 12 month sickness/accident – sells at 2.75 per cent
- 12 month unemployment – sells at 2.9 per cent
All contracts are “Back to Day One” following a thirty days waiting period and all transactions are online, with the facility to email clients with illustrations.
Non-indemnified commission rate:
32.5 per cent net of IPT for the life of the policy.
The policy is underwritten by Genworth Financial (GE).
Steve Butler, head of m2i, said: “At m2i we are continually aware that we have a responsibility to our members. We ensure that the products we offer through our panel of providers are FSA compliant, consumer focused and are designed to treat the customer fairly, we are therefore delighted to welcome City Connexions to our panel of MPPI providers and look forward to a strong business relationship.”
Mike Westacott, chairman of City Connexions, said: “With the ever increasing need for innovative, consumer focused products, providers must constantly focus on the needs of the market. By embracing today’s IT capability, it is now possible to react to market forces and provide the products that the market demands.
"Having already demonstrated this philosophy with our new MPPI product, we are turning our attention to the development of other innovative products. We are delighted with this new signing as it demonstrates the clear commitment that Mortgage 2000 has towards its members by ensuring that they are able to offer the best available solutions at all times. We look forward to a long and rewarding relationship with our new business partner.”
