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LV= announces improvements to prices

Protection specialist LV= has announced improvements to its rates on life and critical illness.

In some cases premiums have been reduced by over 13%.

The table below indicates how premiums have changed across the different products: 

Product

Average rate reduction

Percentage of rates changed

Life Protection

(Decreasing & Level Term Assurance)

3.9%

99% reduced, 1% increased

Standalone Critical Illness

1.6%

82% reduced, 7% unchanged, 11% increased

Accelerated Critical Illness

2.5%

Guaranteed rates: 98% reduced, 2% increased

Reviewable rates: 80% reduced, 7% unchanged, 13% increased

A female non smoker aged 35 next birthday opting for Level Term Assurance, for a £150,000 sum assured, over a 25-year period now costs £9.99 per month, a reduction from £10.24 previously.

Chris McFarlane, Head of Protection at LV= comments: "At a time when protection is more important than ever, we are committed to providing simple, flexible and affordable solutions to customers. We know that consumer perception of price is a major barrier to taking out protection, but actually cover can be much more affordable than consumers think, and even £10 per month can go a long way towards providing a reasonable level of protection."

Customers choosing LV= to provide their protection cover also get online health assessment and advice service Healthy Steps.

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LV= announces improvements to prices
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