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.
Life insurance: News update: September 2008
