LV= is offering free critical illness cover to anyone taking out an income protection policy under the LV= Flexible Protection Plan within the next three months. New customers will receive a free lump sum CI benefit equivalent to three times their monthly IP benefit.
Chris McFarlane of LV= says, "Protecting your regular income should be at the heart of sound financial planning. Worryingly, there is a clear consumer misconception that critical illness cover will provide the protection you need if you are unable to work due to long-term sickness or an accident. In many cases the real need is for a regular continuing income, rather than a lump sum payment provided by critical illness cover. There are conditions that are not covered under critical illness policies, for example a back injury, that could leave you experiencing financial difficulty if you are unable to work.”
This special offer aims to promote income protection and encourage you to protect your regular monthly income, but it also recognises that you can additionally benefit from a small lump sum payment to help you adjust if you have a serious illness.
Income protection insurance: News update: 06/02/2009