Usually new customers would have to hold their policies for at least 60 days before they were able to make an unemployment claim.
The offer was introduced for an initial three month period in January. Whilst a number of other Mortgage Payment Protection Insurance (MPPI) providers have restricted the sale of their products to within 30 days of a mortgage or a re-mortgage, LV= will extend the offer by a further three months, so that policies taken out on or before 30June 2009 benefit.
The Mortgage & Lifestyle Protection product offers financial advisers and their clients the following:
· Protection for both mortgage and living expenses cover;
· Accident and sickness cover that pays out until the client gets better, no matter how long it takes, up to the end of the policy term (most MPPI products limit payout to 12 months);
· Unemployment cover paying out for up to 36 months over the lifetime of the plan, with a maximum of 12 months for any one claim (most MPPI products will only pay out for a maximum of 12 months in total);
· The peace of mind of guaranteed premiums, together with guaranteed terms and conditions, and a contract that will not be cancelled by LV= (with most MPPI products, the insurer can increase the premiums, change the terms and conditions or even cancel the cover).
Under the extended special offer from LV=:
A claim under unemployment cover will continue to be considered even if made within the first 60 days of taking out a new Mortgage & Lifestyle Protection plan (that has included the unemployment cover option).
Customers will be provided with up to the same monthly level of unemployment benefit that they had under their previous plan, or the cover provided on their Mortgage & Lifestyle Protection plan (if lower);
Chris McFarlane, LV= Head of Protection comments: “The realities of the current employment market and wider economic climate are such that it is vital for people working in all sectors to ensure they have the right protection in place. Advisers have already recognised that our five star Defaqto rated1 Mortgage & Lifestyle Protection provides superior cover to traditional MPPI, and we have decided to extend the offer to give more customers and advisers the chance to benefit.
“With increasing numbers of people feeling insecure in their employment, as the unemployment rate recently hit 6.5%, our market leading cover is more relevant than ever. Not only does our Mortgage & Lifestyle Protection offer customers real long term protection, it is also backed up by great service and training. The extension of this special offer will help advisers provide the best solution to their customers.”
