Protection specialist, LV= has announced that it is making improvements to its income protection product range, to make the product simpler and attractive to both financial advisers and their clients.
LV= has introduced a simplified approach to business mileage – for most occupation classes, mileage will not affect the rate class, definition of disability or premium. It has enhanced rates for teachers and dentists and more than half of the company’s guaranteed income protection rates were also improved.
LV= has further extended the policy lapse period from 30 days to 60 days and has reduced over 50% of guaranteed combined life and critical illness rates premiums.
In addition changes have been made to the terms and conditions of the ‘Mortgage Payment Protection – Unemployment’ cover under the flexible protection plan, including extending the policy lapse date to 60 days instead of 30 days.
Justin Harper, head of intermediary marketing strategy at LV=, said: Those improvements show our continuing commitment to make our protection solutions even more attractive, accessible and simple, as well as reinforcing our position as a leader within the income protection market.