LV= has extended its offer to remove the initial 60 day unemployment claim exclusion for customers who replace their existing unemployment cover with Mortgage & Lifestyle Protection cover. Usually new customers would have to hold their policies for at least 60 days before they were able to make an unemployment claim.
The offer was introduced for an initial three month period in January. Whilst a number of other Mortgage Payment Protection Insurance (MPPI) providers have restricted the sale of their products to within 30 days of a mortgage or a re-mortgage, LV= will extend the offer by a further three months, so that policies taken out on or before 30 June 2009 benefit.
The Mortgage & Lifestyle Protection product offers:
- Protection for both mortgage and living expenses cover
- Accident and sickness cover that pays out until the client gets better, no matter how long it takes, up to the end of the policy term (most MPPI products limit payout to 12 months)
- Unemployment cover paying out for up to 36 months over the lifetime of the plan, with a maximum of 12 months for any one claim (most MPPI products will only pay out for a maximum of 12 months in total)
- The peace of mind of guaranteed premiums, together with guaranteed terms and conditions, and a contract that will not be cancelled by LV= (with most MPPI products, the insurer can increase the premiums, change the terms and conditions or even cancel the cover)
Under the extended special offer from LV=:
- A claim under unemployment cover will continue to be considered even if made within the first 60 days of taking out a new Mortgage & Lifestyle Protection plan (that has included the unemployment cover option)
- Customers will be provided with up to the same monthly level of unemployment benefit that they had under their previous plan, or the cover provided on their Mortgage & Lifestyle Protection plan.
Income protection insurance: News update: 07/04/2009