Insurance and investment group LV= has launched its new Mortgage & Lifestyle Protection product, designed to protect customer's mortgage payments and living expenses.

Mortgage & Lifestyle Protection offers cover against accident, sickness and unemployment with level mortgage payment protection and the choice of level or index-linked living expenses protection all under one plan. Mortgage cover and living expenses cover can run to different terms because people’s need for protection may not end when their mortgage does.

Chris McFarlane, head of protection at LV=, said: While many people may think they are buying long term cover when they take out Mortgage Payment Protection Insurance (MPPI), the reality is that most current MPPI policies only pay out for a limited period, 12 or 24 months, which means they could stop when a customer needs it most.

People cannot rely on the state to help them make ends meet, with the current incapacity benefit paying just GBP63.75 per week – not a lot to cover your mortgage and living expenses. We believe we can offer consumers peace of mind with our innovative protection solution.