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LV= enters relevant life cover market

Press release: 01/07/2013

Protection specialist LV= is launching a standalone relevant life cover product that allows employers to set up life cover either for their employees or company directors1 in a tax-efficient manner.

LV=’s Relevant Life Cover is based on LV=’s standard Flexible Protection Plan (FPP) Term product, which includes terminal illness cover and guaranteed insurability options. It has the same flexible application options, including online, tele-interview or paper2, and high financial underwriting limits3. However the cover must end before the insured reaches 75 and the policy can only provide life and terminal illness cover, and must be written into trust from outset.

LV= offers a continuation option which means that if the insured leaves employment the policy will be cancelled, but if they still require cover it can be re-issued as a normal life protection policy with the insured as the policy owner instead. If the insured moves to a new employer a new Relevant Life Cover policy can be set up, and taken over by the new employer4.

Employees that are insured under a Relevant Life Cover policy automatically qualify for the LV= Executive Assistance Plan which offers unlimited access to a telephone counseling service, a legal issue helpline and a confidential health and wellbeing advice line. These benefits are unique to the LV= product.

Mark Jones, LV= Head of Protection, said: “Relevant life cover is a way that smaller businesses that do not offer a group life scheme can provide their employees with cover in a flexible and cost-effective way, as the premiums are considered to be an allowable business expense and as the policy is written into trust from outset the benefits are usually paid free from inheritance tax.

“LV=’s Relevant Life Cover is designed to help employers to attract and retain the best people within their business by offering their employees valuable life protection at a reduced cost to the business. The continuation option means that the employee can feel confident that they are able to remain protected even if they change employer.

“The LV= Executive Assistance Plan is automatically included which means that employees are able to benefit from having the policy even if they do not make a claim.”

LV= has launched a calculator which enables advisers and their clients to work out, not only the savings that can be made, but also calculates the maximum cover available. LV=’s Relevant Life Cover calculator can be found at

For further details on the LV= range of protection products go to

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