"Advisers told us that their clients are looking for more affordable income protection and our new 12-month option meets that need"
LV= has extended its budget income protection product to include an option with a 12-month claim period.
LV= says the new addition is aimed at "budget conscious clients" and will offer all the existing benefits such as parent and child cover and doctor services.
In line with LV=’s existing full income protection and 24-month budget income protection products, the new 12-month option can be claimed on a number of times during the life of the plan and has no standard exclusions.
The 12-month option is available to clients who select guaranteed premiums and can also be combined with other protection plans such as critical illness cover.
Debbie Kennedy, protection director at LV=, said: “The new 12-month option marks a further step in our longer term strategy to help clients protect their most valuable asset – their income. We’re making valuable protection more accessible and flexing cover and benefits to fit the evolving world of work and needs of clients.
“Our income protection is designed to give clients real peace of mind if they are ever in a situation where they can’t work due to illness, but also includes a range of benefits that provide a helping hand even when clients are working.
“Advisers told us that their clients are looking for more affordable income protection and our new 12-month option meets that need as well as offering our value-added features and member benefits from day one.”