LV= extends payment break option to April 2021

Adam Saville
clock • 2 min read

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 and Wellbeing Monitor showed that a fifth (20%) of people surveyed have seen their income fall ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

CIExpert calls on industry to push for single plans

CIExpert calls on industry to push for single plans

Requirement for advisers to justify joint life plans

Jaskeet Briah
clock 04 November 2024 • 3 min read
Half of men uninformed on prostate cancer symptoms

Half of men uninformed on prostate cancer symptoms

45-54-year-olds had the greatest lack of awareness

Jaskeet Briah
clock 28 October 2024 • 3 min read
The COVER Review 2024: New partnerships, products and consumer trends

The COVER Review 2024: New partnerships, products and consumer trends

Episode four

COVER
clock 25 October 2024 • 1 min read