LV= improves its award winning income protection

LV= has announced that it is making significant improvements to its award winning income protection product range, to make the product simpler and more attractive to both financial advisers and their clients.

Protection specialist LV= has made the following enhancements to its income protection cover:

A simplified approach to business mileage – for most occupation classes, mileage will not affect the rate class, definition of disability or premium.

Enhanced rates for teachers and dentists.

Improvements to more than half of our guaranteed income protection (full cover) rates (for rate class 1).

Justin Harper, Head of Intermediary Marketing Strategy at LV=, said: “These improvements show our continuing commitment to make our protection solutions even more attractive, accessible and simple, as well as reinforcing our position as a leader within the income protection market.”

At the same time LV= has introduced further improvements:

Extending the policy lapse period from 30 days to 60 days.

Reducing over 50% of guaranteed Combined Life and Critical Illness rates premiums (54% reduced, 19% remain the same and 26% increased).

In addition changes have been made to the terms and conditions of the ‘Mortgage Payment Protection - Unemployment’ cover under the Flexible Protection Plan, including extending the policy lapse date to 60 days instead of 30 days.