LV= tweaks IP options

The benefit guarantee on the product has increased from £1000 to £1500 and the new GIO offers up to a maximum of £20,000 cover increase.

The latter means clients can increase the amount of annual benefit they are insured for without medical underwriting if they receive a significant increase in salary.

The new GIO aims to accommodate salary increases by 20% or more; it can only be used once during the term of the policy.

Mark Jones, head of protection at LV=, said: "A client's income can go up and down. If it goes down, then when a client comes to claim, it's possible they may be earning less than when they applied for their IP cover. If this happens, the benefit paid out would generally reduce as the client would be deemed to be over insured."

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• Income Protection