LV= extends and revamps flexible protection plan

• Adds Family Income Benefit with monthly benefit payments, including guaranteed increase options and improved terminal illness cover
• With new Enhanced Children’s Cover including additional child-specific conditions, pregnancy complications and increased payments.

LV= is making a series of improvements to the LV= Flexible Protection Plan, its menu-based approach to providing income protection, critical illness cover and life protection.

Building on the award-winning LV= Protection range, the new changes include.

Life and Critical Illness with Enhanced Children’s Cover

As an alternative to its standard children’s cover, LV= introduces the option to take out Life and Critical Illness with Enhanced Children’s Cover.  This includes child specific conditions, payments for pregnancy complications and increased payout levels:

• cover for an additional 10 child-specific conditions likely to occur during birth and early infancy including Type 1 diabetes, cerebral palsy and Down’s Syndrome. This brings the total number of conditions to 95 for children.
• £5,000 payment if the life insured is diagnosed with one of six pregnancy-related complications
• increased children’s payouts -  50% of the parent’s cover, up to an increased maximum amount of £35,000, per child  per policy

LV= introduced a series of improvements to its Life and Critical Illness Cover in January 2020 with more comprehensive cover for 87* conditions (and 85 conditions for children), increased enhanced claim payments for 17 conditions and improved cancer coverage including a cancer diagnosis payment.

About LV= Family Income Benefit

LV= has updated its Family Income Benefit and added it to the LV= Fastway quote and apply system and LV= Flexible Protection Plan, with:

• guaranteed benefits paid monthly (instead of quarterly) with option to commute to a reduced lump sum at and throughout a claim
• added guaranteed increase options for life events, including new family members and rental changes

Emotional and practical support for all protection policyholders

LV= offers members a range of daily benefits with the need to make claim including two 24/7 Member Care Line services - the Health and Wellbeing Line and the Legal Advice Line. Plus LV= Doctor Services, provided by Square Health, with app-based access to remote GP, physio and mental health specialists, second opinion for people diagnosed with a serious illness, mental health support and discounted health assessments.

Debbie Kennedy, Director of Protection at LV=, said:

“The dynamics and make up of families are diverse and ever changing – and so are their protection needs. We believe that contemporary protection requires more than a single insurance policy and offer more than just a financial safety net.

I’m delighted that we are offering more cover and support for new, growing and established of families – with child-specific critical illness cover, support for expectant mothers and through our Family Income Benefit, provision of an income after a parent passes away. 

“These changes strengthen our Flexible Protection Plan, enabling advisers to easily design an all-round financial protection solution - with the daily difference of emotional and practical support - tailored to the unique needs of their clients and family.”

Notes to editors

*20 of these conditions are covered under one additional payment condition – ‘Less advanced cancers’