The LV= ‘pass it on’ competition sets out to find and share simple and successful adviser techniques for making customers aware of the importance of protecting their income and the need to take action.
The competition will run for one month from May 28th to June 28th and entries can be submitted at www.lv.com/passiton. The first prize winner, selected from all entries by an independent judge, will win a holiday worth £2,000 as well as a £1,000 donation to a charity of his or her choice. LV= will also give every entrant a comprehensive protection selling skills eBook, with an extra surprise incentive for the first 100 ideas received.
LV=’s innovative MLP has proved a hit with advisers in its first year. It offers genuine long term protection for homeowners who wish to protect their mortgage and other regular outgoings against loss of income in the event of accident, sickness and/or unemployment.
Chris MacFarlane, LV= head of protection, said: “We designed MLP specifically for mortgage advisers and their clients, to give them a better alternative to traditional MPPI and ASU type contracts. Using our income protection expertise, we have redesigned the quote and application process, making it quick and easy both for adviser and client.
“The feedback we’ve received from advisers on MLP has been hugely positive. We are delighted that, as its reputation spreads, the number of applications is increasing fast – almost doubling in the last three months compared with the previous quarter. However, we recognise that despite an increased risk of loss of income in these troubled times, it is difficult to persuade cash-strapped clients to consider taking out a new policy.
“We are therefore always looking for ways to support advisers, such as our offer to remove the initial 60 day exclusion period for people switching their unemployment cover to MLP, and the case study DVD ‘The Day Our Lives Changed’ that we made to be shown to potential IP clients. We’re sure that advisers have a lot of their own effective techniques and strategies to share, and we want to encourage and reward them for doing so through our ‘Pass It On’ campaign.”
LV= Mortgage & Lifestyle Protection offers a range of features, including:
A choice of Accident, Sickness and Unemployment or just Accident and Sickness cover
High quality disability cover
- Accident and sickness cover that pays out until the plan-holder is able to go back to work, until the plan ends or the plan-holder dies (whichever is sooner), and is not limited to 12 or 24 months like most traditional MPPI policies.
- The plan pays out if the plan-holder cannot do their own job (not if they cannot do ‘any job' or any ‘suited job' as may be the case in many other income protection policies). We believe that this is the most realistic and most easily understood definition of incapacity.
Optional unemployment cover
- The plan can include up to 36 months’ unemployment cover over the lifetime of the plan, with a maximum of 12 months at a time for any one claim. (Many other policies in the market will only pay a maximum of 12 months.)
Guaranteed Premiums
- Premiums are guaranteed for the term of the plan. There are no premium reviews or age banded increases, no matter how many claims the plan-holder makes. This obviously gives the plan-holder ongoing peace of mind knowing that their premiums will never increase. In contrast, traditional MPPI is a reviewable contract, where premiums may be increased in the future.
