LV= revamps flexible protection offering

Rozi Jones
20th July 2020
Kennedy, Head of Protection, Royal London
"We believe that contemporary protection requires more than a single insurance policy and offer more than just a financial safety net."

LV= is making a series of improvements to its Flexible Protection Plan, covering income protection, critical illness cover and life protection.

As an alternative to its standard children’s cover, LV= will now 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 will include an additional 10 child-specific conditions likely to occur during birth and early infancy including Type 1 diabetes, cerebral palsy and Down’s Syndrome, bringing the total number of conditions to 95.

Additionally, LV= has increased children’s payouts to 50% of the parent’s cover, up to an increased maximum amount of £35,000, per child. LV= will also provide a £5,000 payment if the life insured is diagnosed with one of six pregnancy-related complications.

Finally, LV= has updated its family income benefit, with guaranteed benefits paid monthly (instead of quarterly) with option to commute to a reduced lump sum at and throughout a claim, as well as an added guaranteed increase options for life events, including new family members and rental changes.

In January, LV= made a series of improvements to its life and critical illness cover 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.

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.”

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