LV= is offering free Critical Illness cover under the LV= Flexible Protection Plan to new Income Protection customers who take out a policy by the end of April 2009
New policyholders will automatically receive free critical illness lump sum over equivalent to three times their monthly income protection cover.
Robin Willison at LV= says, "We believe that protecting your regular income should be at the heart of sound financial planning. Worryingly, there is a misconception that critical illness cover will provide the protection people need if they 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 the lump sum payment provided by critical illness cover. In addition, there are certain conditions that are not covered under critical illness policies, for example a back injury, that could leave people experiencing financial difficulty if they are unable to work and don't have the right cover in place. Now more than ever, it is important to understand the importance of protecting your regular income in case you are unable to work for a long period. This special offer aims to promote income protection and encourage more customers to protect their regular monthly income, but it also recognises that customers can additionally benefit from a small lump sum payment to help them adjust if they had a serious illness, for example, to convert a car or bathroom."