LV= Mortgage & Lifestyle Protection awarded five stars

The new Mortgage & Lifestyle Protection product from protection specialist LV= has received a coveted five star rating from Defaqto, reflecting the innovation and flexible covers offered by the newly launched Mortgage Payment Protection and Living Expenses Protection plan.

Mike Powell, Consultant at Defaqto, said: "LV= has designed a product that is flexible, simple and easy to understand, and can be tailored to the consumer's needs. The Mortgage & Lifestyle Protection offering is a clear example of product development taking into account what consumers actually need, rather than a ‘one size fits all' approach like some other Mortgage Payment Protection Insurance (MPPI) products in the market."

Key points from Defaqto's independent report include:

The product is flexible, easy to understand, and can be tailored to the customer's needs.
Premiums are guaranteed, even for the unemployment cover.

All cases are ‘tele-interviewed' by specially trained staff with medical backgrounds, which means that the responsibility for non disclosure resides with LV= and the plan holder.

The product sets itself apart from the rest of the MPPI products by offering a long term contract, unlike others which can change the premium or terms and conditions at very short notice.

In addition, unlike most other MPPI products, the new LV= Mortgage & Lifestyle Protection product offers:

Cover for the full duration of the term selected for accident and sickness cover.

A long term contract which not only guarantees the premium, but also the benefits payable until the end of the term requested.

Additional Living Expenses cover that can end at a different time to the Mortgage Protection Cover, and index-linked.

No standard exclusions for Accident and Sickness cover.

Mike Powell continues: "The introduction of the Mortgage & Lifestyle Protection product from LV= is a massive step in the right direction for the MPPI market. LV= has taken the time to listen to its customers, financial advisers, and mortgage brokers throughout the product development process, and has developed a proposition that is not only clear to the customer, but also allows the financial adviser/mortgage broker to ensure that their customers are treated fairly."

Chris McFarlane, Head of Protection at LV= said: "This five star rating for our Mortgage & Lifestyle Protection product is welcome recognition of the work we have put in to developing not just an innovative product, but a product that meets consumer needs, especially in the uncertain times that we are currently living in. The response we have received from financial advisers has been extremely encouraging, and Defaqto's top rating is a further accolade for our already market leading product."

For more information about the Mortgage & Lifestyle Protection product available from LV= visit lvmlp.co.uk.