The insurer is introducing fracture cover with payments up to £2,200 and a death benefit of £10,000, which will both be added to the contract at no additional cost.
LV= has extended the cover on its income protection product.
The insurer is introducing fracture cover with payments up to £2,200 and a death benefit of £10,000, which will both be added to the contract at no additional cost.
The mutual is also increasing the maximum amount that customers can protect to 60% of their earnings, while it has removed the minimum cease age of 50.
Myles Rix, managing director of protection at LV=, said: “Taking out income protection is one of the best ways for consumers to improve their resilience to financial shocks and we recognise that in these current uncertain times our customers need protection against the widest range of possibilities.
“We’ve listened to advisers’ and consumers’ concerns and extended our cover so it protects against more eventualities. We believe the changes we’ve made will offer wider access, greater certainty and added value, and will appeal to advisers and their clients alike.”
LV= has also added a premium payment holiday, meaning customers will not need to pay their premiums for up to six months if they are made involuntarily unemployed or leave work to become a full-time carer.
Another addition is a teachers sick pay guarantee to offer simple, tailored income protection payments for teachers who, like many public sector employees, have sick pay arrangements that change depending on length of service.
