Payment break option available for customers unable to pay premiums during coronavirus crisis
The first insurer to do so earlier this year, LV= introduced payment breaks in April across its income protection, critical illness, life insurance and business protection policies to support members experiencing financial difficulties. About £25,000 of premiums have been waived helping more than 160 LV= members maintain their cover, said the protection provider. Initially granting payment breaks gradually up to three months, LV= has increased the limit to six months. Data from LV='s Wealth...
Nearly half of annual salary
However the average household believes it can last 90 days
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