LV= direct life cover

LV= announces the launch of its new direct life cover for people looking for a simple, cost-effective way of providing for their loved ones in the event of their death. The new application has been designed to allow most customers to be covered online immediately, and costs from as little as £5 a month.

Around 48 per cent of Brits have no life cover in place that would help their families should the worst happen, and many still assume that life cover is either too complex or expensive and would rather not bother. However, with the average cost of bringing up a child at over £200,000 this suggests a protection gap that could leave their dependants exposed.

LV='s new life cover application is designed to be quick, simple and straightforward, reflecting the needs of many time-pressed families. The process is in two stages: first people tailor their cover and get a quick quote, which should take less than two minutes, then they go on to complete the application, normally within 15 to 20 minutes. Plain English is used throughout the process to make things as easy to understand as possible, and LV= also has UK based service agents on the telephone to provide that bit of extra support if needed.

LV= has also focussed on ensuring there are no nasty surprises for dependants if they need to make a claim. This is done by asking applicants all the relevant questions up front and having no standard exclusions. This gives families peace of mind that their dependants are covered.

Mark Jones, LV='s head of protection, said: "Life cover doesn't have to be complex or expensive, and we know that there are thousands of people who want a simple, easy to understand life insurance product that's going to pay out should the worst happen to them. Some people may have more complex financial circumstances and in this case we'd suggest that they seek specialist advice from a qualified adviser. This product caters for those who don't want advice, and just want  affordable, reliable cover."

The plan is available as either level or decreasing cover, and can be purchased online at LV.com or via the telephone. It also comes with a terminal illness payout benefit, which means consumers diagnosed with a terminal illness before the end of the plan can opt to be paid out their lump sum prior to death instead (for a slightly reduced amount), providing an extra layer of flexibility and peace of mind during a difficult time.

Mark Jones continued: "Clearly no-one likes to think of themselves or their loved ones dying or being diagnosed with a terminal illness, and sadly all too often people assume it'll never happen to them and run the risk of leaving their families in financial difficulty. Our new life insurance plan is a quick and simple way of getting life cover, leaving people to get on with their lives."