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LV= extends and revamps flexible protection plan

21 July 2020 | Press release


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

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 a 24/7 member care line with access to legal, medical and counselling experts. 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.”

FOR UK FINANCIAL ADVISERS ONLY
Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237. County Gates, Bournemouth, BH1 2NF, UK