LV= has made a series of changes to the LV= Flexible Protection Plan, its menu-based approach to providing income protection, critical illness cover and life protection.
The changes include enhanced children’s cover for life and critical illness products, as an alternative to LV=’s standard children’s cover.
This includes: cover for 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 for children; £5,000 payment if the life insured is diagnosed with one of six pregnancy-related complications; and increased children’s payouts – 50% of the parent’s cover, up to an increased maximum amount of £35,000 per child per policy.
LV= also introduced a series of improvements to its life and critical illness products in January 2020, with more comprehensive cover for 87 conditions, increased enhanced claim payments for 17 conditions and improved cancer coverage including a cancer diagnosis payment.
LV= has updated its Family Income Benefit and added it to the LV= Fastway quote and apply system and LV= Flexible Protection Plan, with: guaranteed benefits paid monthly (instead of quarterly) with the option to commute to a reduced lump sum at and throughout a claim; and added guaranteed increase options for life events, including new family members and rental changes.
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.”