LV= has improved its whole of life policy, LifeTime+.

The changes made to the policy include an increase in the number of guaranteed increase options (GIOs), from seven to ten, and the addition of terminal illness cover.

Under the three new GIOs, clients can now increase the value of their cover without further underwriting if their inheritance tax liability increases as a result of inflation, market movement, or a salary rise. In addition clients can now replace their death in service benefit at the point of retirement.

LV= will pay the terminal illness benefit in advance if a client is not expected to live more than 12 months. However, for those using their whole of life policy as an inheritance tax planning tool their payment can be written in trust, so as not to increase the value of their estate and their tax liability.

LV= provides a choice of paper or online applications. Those advisers whose clients require more than £1m worth of cover will have access to LV=’s experienced large case team and will be allocated a dedicated case handler.

Clients that purchase an LV= whole of life policy automatically qualify for access to LV=’s member benefit services which includes unlimited access to a telephone counseling service, a legal issue helpline and a confidential health and wellbeing advice line. These benefits can be used by the policyholder and their family members as soon as their policy is live.

Mark Jones, LV=’s head of protection, said: “Post-RDR there is a growing demand for holistic financial planning and we have enhanced our whole of life cover in response. Our product can be used by those who want to fund all or part of the tax liability that may be payable on their death, or want protection that will pay out whenever they die.

“By widening our GIOs advisers can feel confident that their clients and their families will have the right level of cover even if their circumstances change.”