LV= reveals details of business protection range

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LV= has revealed the details of its business protection range as it launches the key person, shareholder and partnership insurance, as well as loan protection.

LV= has also introduced a series of business trusts, option agreements and support guides, with the products designed for small and medium sized businesses.

LV= will provide specialist underwriting and service teams as well as an account management team to provide technical support and avdvice.

LV='s plans for in the business protection market were revealed earlier this month

LV= has also developed a calculator for advisers to use with clients wotk out the potential value of their business, the cover required and how to split it.

Clients taking out life or critical illness cover will have a choice of level, inflation linked or decreasing amount, while a relevant life policy can be level or inflation-linked.

The critical illness for business mirrors the individual policy, and includes free children's cover.

All the policies have the choice of guaranteed increase options on the amount of cover, with no further underwriting for increases of up to 50% of the original cover amount and £250,000 overall.

Policyholders will automatically qualify for access to LV= Business Care with a 24/7 legal advice line covering areas including HR, contracts and health and safety.

Myles Rix, managing director of LV= Protection said: "The number of small and medium business in the UK is growing and the way that businesses operate continues to evolve.

"However, it remains important that business owners, new and old, take steps to guard against leaving themselves financially vulnerable if, for example, a key person were suddenly unable to work.

Rix added: "We are committed to working with advisers to raise awareness of business protection and grow the market and have developed tools that we believe will help advisers to discuss and demonstrate the value and benefit of these policies."

Further reading:

LV= sees protection sales rise by 50%

L&G sees increase in Relevant Life Plan applications

Business protection now available with Aviva

 

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