LV= expands ‘Flexible Protection Plan’ option for income protection, critical illness and life
Enhanced children's cover - including additional child-specific conditions, pregnancy complications and increased payments has been added - alongside family income benefit (FIB) and enhanced terminal illness cover.
Available as part of its menu-based approach to income protection, critical illness and life insurance, under its ‘Flexible Protection Plan' option, LV= has introduced the option to take out life and critical illness with enhanced children's cover.
This includes child specific conditions, payments for pregnancy complications and increased payout levels.
It covers an additional 10 child-specific conditions likely to occur during birth and early infancy including Type 1 diabetes, cerebral palsy and Down's Syndrome, bringing the total number of conditions to 95 for children.
A £5,000 payment if the life insured is diagnosed with one of six pregnancy-related complications and increased children's payouts - 50% of the parent's cover, up to an increased maximum amount of £35,000, per child per policy.
LV= introduced a series of changes to its life and critical illness cover in January 2020 with more comprehensive cover for 87 condition (20 under one additional payment condition) and 85 conditions for children, increased enhanced claim payments for 17 conditions and improved cancer coverage including a cancer diagnosis payment.
Family income benefit
LV= has updated its family income benefit and added it to its LV= Fastway quote and apply system and LV= Flexible Protection Plan, with guaranteed benefits paid monthly (instead of quarterly) with option to commute to a reduced lump sum at and throughout a claim, and added guaranteed increase options for life events, including new family members and rental changes
Debbie Kennedy, director of protection at LV=, said: "The dynamics and make up of families are diverse and ever changing - and so are their protection needs. We believe that contemporary protection requires more than a single insurance policy and offer more than just a financial safety net.
I'm delighted that we are offering more cover and support for new, growing and established of families - with child-specific critical illness cover, support for expectant mothers and through our Family Income Benefit, provision of an income after a parent passes away.
"These changes strengthen our Flexible Protection Plan, enabling advisers to easily design an all-round financial protection solution - with the daily difference of emotional and practical support - tailored to the unique needs of their clients and family."
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