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12 Jul 2020

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Income Protection News

LV= reviews unemployment protection in light of rising redundancies

Insurance operator LV= has reviewed its protection products and waived the clause that made it impossible for people to claim within 60 days of their cover starting even if they were made redundant.

The 60-day exclusion is being extended to consumers who switch their unemployment protection to the firm's mortgage and lifestyle protection cover before December 31st 2009.

LV= has also published its underwriting approach for unemployment cover using a series of different scenarios in a bid to shed light on whether an application for cover would be accepted.

According to LV= head of protection Chris McFarlane, it is vital for advisers to be clear and know the best products to recommend in light of current redundancy fears among consumers as the economy continues to suffer.

He said: "As the unemployment rate recently hit 7.2 per cent, our market leading cover is more relevant than ever and can help advisers protect their clients in these difficult and uncertain times.

"By publishing our approach to underwriting unemployment cover, we are helping advisers choose the right solution and, in turn, giving customers greater confidence that their plan will pay out when it matters most."

Unemployment cover ensures a percentage of one's salary is paid if redundancy occurs.

 

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