Protection specialist LV= is extending both its payment break and premium and cover reduction options until 31st December 2021.
Initially launched to support LV= members facing financial difficulties, the payment break and premium and cover reduction supports policyholders unable to keep up with premiums due to the effects of the coronavirus pandemic.
Since April 2020, around 350 customers have benefited from either the Payment Break or the Premium & Cover Reduction, with around 9 in 10 retaining their cover once the option ends.
Both options are available for qualifying existing members with LV= protection policies. Specially trained LV= staff are on hand to talk with members to understand their situation, signpost existing options and services available through their existing policy before considering any payment break or premium and cover reduction.
While members are on a payment break their policy and cover remains in place. They are covered and still able to access services and make a claim on the usual way, in line with the terms and conditions of their policy. Payment breaks are offered a month at a time, for up to six months with no requirement for premiums to be repaid.
The premium and cover reduction option allows members to reduce their monthly premium by decreasing their cover, for a period of six months. LV= then automatically increases the amount back to the original cover, without the need for further underwriting.
Eligible customers who start a payment break or premium and cover reduction option in December 2021 can receive support until June 2022.
“We were the first to introduce a payment break of this type, and have kept this and our premium reduction option under constant review throughout the pandemic, ensuring wherever possible, that policyholders have access to the support they need and are able to keep their valuable existing cover in place.
This extension until the end of 2021, with support up to mid-2022, is well-timed and can assist those who are self-employed or currently on furlough, providing an additional safety net and peace of mind beyond the end of September when the Government schemes are set to end.”
Since March 2020, LV= paid over £12 million in coronavirus claims, assisting around 1,400 families.
LV= already provides a wide range of emotional, practical and financial options and services to help policyholders deal with challenging situations, including:
LV= Doctor Services (included as standard on all protection policies) with access to six expert medical services, all available through a convenient app including: — Remote GP 24/7 – appointments around the clock for every day health concerns through to serious conditions.
LV= Member Care Line (included as standard on all protection policies) provides free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it's needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis.
LV= Member Counselling Line provides free day-to-day support for dependants age 16-23, while a Legal Advice Line can provides free and confidential legal advice on a range of personal legal matters such as those relating to employment, consumer contracts, property issues, motoring, landlord and tenant, family and wills and probate.
LV= is a leading financial mutual and serves over 1.3 million members with a range of financial products. When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We offer our services direct to consumers, as well as through IFAs.
LV= Doctor Services, LV= Member Care Line and LV= Counselling Line are provided by third party companies. These services are not regulated by the Financial Conduct Authority or the Prudential Regulation Authority. They are non-contractual benefits and can be changed or withdrawn by LV= at any time.
LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Financial Services Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria group of companies. Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237 is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, register number 110035. Registered address: County Gates, Bournemouth, BH1 2NF.