Life Protection
Whether your client wants to protect their home, family or business if they died Life Protection from LV= can help.
Life protection from LV= will pay out a lump sum if the people covered by the policy die or are diagnosed with a terminal illness before the end date.
This can be used to pay off a mortgage or loan, ease financial worries for your client's family or even protect a business.
Cover options
- Single life, joint life or two single life policies in one plan.
- Level, inflation-linked or decreasing cover.
- Optional Waiver of Premium.
- Can be taken out on life of another basis
Other features
Terminal illness benefit
We'll always pay out on death. However we'll also pay out if your client is diagnosed with a terminal illness up to 12 months before the end of the policy. A terminal illness is an incurable illness where life expectancy is less than 12 months. Once we have paid a terminal illness claim on the policy, it will automatically end.
Guaranteed premiums
For Life Protection the premiums are guaranteed on all cases, providing peace of mind over future affordability for your client.
Guaranteed Increase Options
Your client can increase the amount of cover within certain limits. The events which are covered by our Guaranteed Increase Options are:
- marriage or civil partnership
- childbirth or legal adoption of a child
- divorce or dissolution of civil partnership
- mortgage increase or extension
Full details are in the Life Assurance Policy Conditions.
Important things you should know
- Please bear in mind that this protection plan has no cash-in value at any time.
- If your client chooses level cover, it is fixed when your plan starts, and doesn’t change. This means it won’t keep up with inflation and is likely to buy less in the future.
- If your client stops paying their premiums, their cover may cease.
- The lump sum paid on a claim will normally be paid to your client’s estate and would be subject to inheritance tax. However, the plan can be placed into trust – see our literature page for our selection of trust forms.