LV= has added guaranteed insurability options, back to work support and career break options to its Income Protection (IP) offering.
The guaranteed increase option means policyholders can increase their cover without any medical or financial underwriting if they:
- Increase their mortgage;
- Get married or register a civil partnership;
- Have or adopt a child;
- Have an increase in basic salary as a result of promotion, changing employer or gaining qualifications.
The provider says its back to work addition may provide financial support and advice to help policyholders return to work with confidence, while the career break option gives policyholders coverage (for up to a maximum of £1,500 a month) if they decide to take a break from work.
If they then return to the same job within 24 months they'll be able to go back to their original amount of cover and premium without the need for any medical questions, provided no claim has been made during this period.
