Adviser demand has prompted LV= to extend its offer of free critical illness (CI) cover for new customers taking out an income protection (IP) plan to the end of the year.
It says IP sales via its Flexible Protection Plan in Q1 are up by over a third compared with the same period last year.
Under the plan, customers taking out a new IP policy receive free lump sum CI cover equivalent to three times their monthly IP benefit. The offer originally applied to February only.
"Advisers have told us that our free CI offer enables them to revisit their existing clients to ensure their protection needs are being met," LV= head of protection Chris McFarlane says.
- On diagnosis of a critical illness that meets our policy definition and survival for at least 14 days, LV= will pay the customer a lump sum of three times their monthly IP benefit.
- LV= only cover the critical illnesses defined in their policy, and no others.
- The free CI cover is as defined under the existing Flexible Protection Plan CI cover option (except for Total Permanent Disability). Free children's CI cover is included.
- The free CI cover applies for as long as the IP cover is in force.
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