information

We use cookies to give you the best possible experience online. By continuing to use our website, you agree to receiving our cookies on your web browser. Visit our cookie policy page to find out more and how to change your cookie settings.

skip to main content

Catch up with the latest press releases from LV=

Large green heart

LV= Extends Offer to Remove 60 Day Exclusion on Mortgage & Lifestyle Protection Unemployment Cover

Press release: 06/03/2009

Special offer extended for a further three months for all customers switching their existing unemployment cover before 30 June 2009.

LV= has extended its offer to remove the initial 60 day unemployment claim exclusion for customers who replace their existing unemployment cover with LV=’s innovative Mortgage & Lifestyle Protection cover. Usually new customers would have to hold their policies for at least 60 days before they were able to make an unemployment claim.

The offer was introduced for an initial three month period in January. Whilst a number of other Mortgage Payment Protection Insurance (MPPI) providers have restricted the sale of their products to within 30 days of a mortgage or a re-mortgage, LV= will extend the offer by a further three months, so that policies taken out on or before 30 June 2009 benefit.

The Mortgage & Lifestyle Protection product offers financial advisers and their clients the following:

  • Protection for both mortgage and living expenses cover;

  • Accident and sickness cover that pays out until the client gets better, no matter how long it takes, up to the end of the policy term (most MPPI products limit payout to 12 months);

  • Unemployment cover paying out for up to 36 months over the lifetime of the plan, with a maximum of 12 months for any one claim (most MPPI products will only pay out for a maximum of 12 months in total);

  • The peace of mind of guaranteed premiums, together with guaranteed terms and conditions, and a contract that will not be cancelled by LV= (with most MPPI products, the insurer can increase the premiums, change the terms and conditions or even cancel the cover).

Under the extended special offer from LV=:

  • A claim under unemployment cover will continue to be considered even if made within the first 60 days of taking out a new Mortgage & Lifestyle Protection plan (that has included the unemployment cover option).

  • Customers will be provided with up to the same monthly level of unemployment benefit that they had under their previous plan, or the cover provided on their Mortgage & Lifestyle Protection plan (if lower);

Chris McFarlane, LV= Head of Protection comments: “The realities of the current employment market and wider economic climate are such that it is vital for people working in all sectors to ensure they have the right protection in place. Advisers have already recognised that our five star Defaqto rated [1] Mortgage & Lifestyle Protection provides superior cover to traditional MPPI, and we have decided to extend the offer to give more customers and advisers the chance to benefit.

“With increasing numbers of people feeling insecure in their employment, as the unemployment rate recently hit 6.5% [2], our market leading cover is more relevant than ever. Not only does our Mortgage & Lifestyle Protection offer customers real long term protection, it is also backed up by great service and training. The extension of this special offer will help advisers provide the best solution to their customers.”


Notes to editors:

[1] Mortgage & Lifestyle Protection was given a five star Defaqto rating in June 2008.
[2] Unemployment figures sourced from the Office of National Statistics, March 2009: http://www.statistics.gov.uk/cci/nugget.asp?ID=12


Terms and conditions

  • This offer is valid for all LV= Mortgage & Lifestyle Protection applications that we receive, or policies with a start date, until 30 June 2009.

  • The previous policy must be cancelled by the policyholder (once the new policy is in place). This offer is not available if the previous insurer has cancelled the contract.

  • This offer does not apply to any previous credit card payment protection unemployment cover.

  • Please note: Any payment in the event of a claim will start at the end of the waiting period selected under the Mortgage & Lifestyle Protection plan.

  • All claims are subject to maximum cover rules.

  • In the event of a claim the customer will need to provide either:
    - the policy document(s) for the previous cover, or,
    - written permission to contact the previous insurer if the document(s) are not available, or they do not contain the required details.


LV=

LV= is a trademark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs over 3,800 people, serves around 3.2 million customers and members, and manages around £7 billion on their behalf. LV= is the UK’s largest friendly society (Association of Friendly Societies key statistics 2008, total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority and entered on the Financial Services Authority Register No. 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF www.LV.com.