LV= makes improvements to income protection cover

LV= has announced it has enhanced its mimi income protection product features by significantly increasing maximum benefits by over 80% to £150,000 and by removing the only remaining standard exclusion across its income protection product range. This makes LV= the first provider in the intermediary market with no standard exclusions on life assurance, critical illness and income protection elements of their protection plan.

Other immediate income protection product improvements are:

The removal of HIV exclusion on:
Income Protection;
Mortgage Payment Protection – Health and Integrated Health

Increased maximum benefits to £150,000 a year (£12,500 a month), making LV= a serious contender for advisers’ larger cases for:

All occupation classes with level cover;

All occupation classes with index-linked cover (Income Protection only);

Occupation classes 1 and 2 beyond 60.

Own occupation definition available for clients whose occupation requires them to drive:
Subject to a loading at underwriting stage equivalent to 25 per cent of the Class 1 rate (provided their rate class offers them an own occupation definition).

Stuart Tragheim, Director of Intermediary Business at LV= said: “We are committed to continually strengthening our award-winning income protection offering. These improvements make us an even more compelling choice for advisers, with more comprehensive cover with no standard exclusions and our capability to cater for large cases.

“I am delighted by the developments and innovations we have introduced over the last year, which make our propositions more attractive and easier for advisers. Recent examples include our highly regarded telephone underwriting and online processing services, our added-value benefits – Healthy Steps and Extra Care – and recent enhancements to our Critical Illness cover.”