This is to protect those renting when they are unable to work.
LV= has expanded its income protection plan to include people renting in private accommodation.
Its Income Protection for Renters pays a monthly benefit to renters if they are unable to work due to illness or accident.
Debbie Kennedy, director of protection at LV=, said: “Millions of families live in rented accommodation and our research indicates that many worry about what would happen if injury or illness meant they couldn’t work and pay their rent.
“Dealing with a landlord is not the same as dealing with your bank or building society and in some cases you can find yourself in a default situation far quicker than expected when renting.
“It is important that our protection plans meet customer needs and our rental proposition provides this flexibility of cover.
“Policyholders can change their amount of cover easily if their rent increases or if they move to a new property, and their cover moves with them without any further underwriting if they buy a house.
“Policyholders will also benefit from the LV= helpline that provides free legal advice to renters who have disputes with their landlord.”
The cover comes with a parent and child cover, offering a lump sum payment if a policyholder’s child is diagnosed with a specific condition
It also has an unemployment payment holiday feature, so policyholders won’t have to pay their premium for up to six months if they become involuntarily unemployed.
