Protection specialist, LV=, is today announcing several new improvements to its Income Protection product which will increase access for consumers and cover even more eventualities.
The changes include introducing Fracture Cover, with payments up to £2,200  and a Death Benefit of £10,000 . Both of these will now be automatically included as part of the contract, at no additional cost, and with no further underwriting or application forms.
LV= has also added a Premium Payment Holiday, which means customers will not need to pay their premiums for up to six months if they are made involuntarily unemployed or leave work to become a full-time carer. This helps ensure customers can keep their cover in place and will also benefit advisers who will not lose commission because of a lapsed policy.
Another addition is a Teachers Sick Pay Guarantee to offer simple, tailored income protection payments for teachers who, like many public sector employees, have sick pay arrangements that change depending on length of service.
The mutual is also increasing the maximum amount that customers can protect, so they can now cover up to a maximum of 60% of their earnings, and removing the minimum cease age.
Myles Rix, Managing Director of Protection at LV=, said: “Taking out income protection is one of the best ways for consumers to improve their resilience to financial shocks and we recognise that in these current uncertain times our customers need protection against the widest range of possibilities. We’ve listened to advisers’ and consumers’ concerns and extended our cover so it protects against more eventualities. We believe the changes we’ve made will offer wider access, greater certainty and added value, and will appeal to advisers and their clients alike.”
LV= income protection is available on LV= Fastway – the insurer’s new quote and apply system – which makes the process as easy, and quick, as possible for advisers, ensuring more clients are protected sooner.